GROUP B (PRAC 7 TALLY)

Creation of a Company using Tally

Create M/s Creative Sales & Services Company in your computer using Tally accounting package.

Use following details and also pass entries in appropriate vouchers for the year 2013.

Details

Name of company: M/s Creative Sales & Services

Mailing Name: M/s Creative Sales & Services

Address: 512, Shivaji Park, Creative Building,

Mumbai,

State: Maharashtra

PIN Code: 400 002

E-Mail Address: creative@gmail.com

Use Indian Vat: VT2013

Income Tax Number: SN2013

Local Sales Tax Number: MH2013

Inter-State Sales Tax Number: OT2013

Currency: Rs.

Maintain: Accounts and inventory

Financial year from: 01/04/2013

Books beginning from: 01/06/2013

Use Security Control: No

Base Currency Information

Base Currency Symbol: Rs.

Formal Name: Bharatiya Rupees

Number of decimal places: 2

Show amounts in millions NO

Is symbol suffixed to amounts: NO

Put a space between amounts and symbol: NO

Pass following entries in the same

Date Particulars

2013 June

1. Started business with cash Rs. 2,00,000 printer worth Rs. 5,000,

Scanner Rs. 5,000 and Computer Rs. 20,000.

1. Paid into State Bank of India Rs. 1,00,000.

2. Bought Motherboard on credit from Universal Company Rs. 8,000 at 6%Trade discount.

11. Sold Motherboard to Mr. Vishvajeet of Rs. 8,000 at 5% Trade discount.

12.Goods worth Rs. 1,050 burnt by fire.

13.Paid house rent Rs. 2,000 and Postage and Telegrams Rs. 5,000.

16.Received cash of Rs. 7,500 from Mr. Vishvajeet in full settlement of his account.

20.Drawn from State Bank of India Rs. 5,000 for personal use and paid cash of Rs. 7,400 to Universal

Company in full settlement of their account.

Solution:

Step I Createion of Company.

1.Select create company from company info

2.Company creation window appears

3.In that window add the above details of the company and accept click – yes.

Go to Features press F11 then Statutory and Taxation

Enable Value Added Tax -Yes
Set/Alter details- Yes
Enter TIN number:VT2013 and Inter-State Sales Tax Number:OT2013
Enter the PAN Number SN2013

Step II:

Creation of Ledger

1. from gateway of tally master – select Account info

2. from account Info window select ledger option

3.Select Create option under single ledger category

4.The ledger creation window get opened.Type in all the details about every new ledger created and accept.

Ledgers required to be created are as follows:

Name of the Ledger Capital Account Printer Scanner Computer State bank of india Universal Company Loss by fire Mr. Vishvajeet Discount allowed House rent Postage and Telegrams Sales Purchase Stock Drawings Discount Received

Under Group Capital Account Fixed assets Fixed assets Fixed assets Bank Account Sundry Creditors Indirect Expense Sundry Debtors Indirect Expense Indirect Expense Indirect Expense Sales Purchase Current Assets Capital Indirect Income

Step III creating unit of measure
From gateway of tally, master- select inventory info option.
Select unit of measure -create option.
In unit creation window type details for
Symbols.           Pcs.
Formal name.     Pieces
Decimal place.     No

Step IV creating stock items.
From gateway of tally, master- select inventory info option.
Select stock item - create option
In the stock item creation window fill the given fields as
Name   Motherboard
Unit       pcs
Under    primary

Step V: Voucher Entries:

1. From gateway of tally transactions- select accounting vouchers

2. Select Voucher type depending upon the said transaction and date.

Following voucher entries have been passed to maintain book of accounts

Opening balance have been entered for respective ledger A/c at the time of creation of ledger A/c

Voucher Entries

Date	Particulars	Account
1-6-2013 F6 Receipt	Acc:Cash A/C Dr. To Capital A/C	200000
1-6-2013 F7 Journal	By Printer A/C Dr.  By Scanner A/C Dr. By Computer A/C Dr. To Capital A/C	5000 5000 20000
1-6-2013 F4 Contra	Acc:State Bank of India A/C Dr. To Cash A/C	100000
2-6-2013 F9 Purchase	Purchase A/C Dr. To Universal Co A/C	7520
11-6-2013 F8 Sales	Mr Vishvajeet A/C Dr. To Sales A/C	7600
12-6-2013 F7 Journal	Loss by Fire A/C Dr. To Stock A/C	1050
13-6-2013 F5 Payment	House Rent A/C Dr. Postage & telegram A/C Dr. Acc:To Cash	2000 7000
16-6-2013 F6 Receipt	Acc:Cash A/C Dr. Discount Allowed A/c Dr. To Vishvajeet A/c	7500 100 7600
20-6-2013 F5 Payment	Drawing A/c dr. Acc:To bank A/c	5000
20-6-2013 F5 Payment	Universal Company A/c Dr. To Discount Received A/c Acc:To Cash A/c	7520 120 7400

Step VI: Display Balance Sheet

Balance Sheet (reports – Balance Sheet)