GROUP B(PRAC 3 TALLY)

Creation of Ledgers with appropriate groups using Tally Create M/s Satyam
Company Ltd.’ Company in your computer which deals with various computer
peripherals and accessories. Create the following Ledgers in the same. Cash in
Hand, Bank Account, Salary & Allowances, Plant & Machinery, Pre-paid
Expenses, Purchase Account, Sales Account, Bank Loans (Liabilities), Abc
Ltd(Customers), Xyz Ltd (Vendors), Provisions, Investments, Commission
Received, Discount Received , Wages Account, Advertisement, Sales Return,
Printing & Stationery, Depreciation, Furniture, Goodwill, Outstanding Expenses

Procedure:
Single Ledger Method
From Gateway of Tally, go to Accounts Info.
Then go to Ledgers.
Now, under Single Ledger, select the option Create.
Now you will see a simple Ledger Creation window in which you will
have to enter certain details about the ledger.
Name – The first option is the Name of the ledger. Enter the name of
the ledger, for example, Furniture A/c or Building A/c.
 Under – Every ledger requires a group to operate in. For example,
Furniture A/c and Building A/c will be under Fixed Assets group as
they are both Fixed Assets.
You have to select a group that is required as per your ledger.
Inventory values are affected – If you have a ledger which requires
inventory or in simple words, stock to be maintained, set this option
to Yes.
For example, you are selling sim cards, your ledger will be Sim
Cards.
There must be a quantity to sell i.e. stock or inventory and so you
must set Yes to Inventory Values are affected.

Mailing Details – You have to fill in the mailing details like Name,
Address, Country and Bank Details for the ledger.
It is for the ledgers such as debtors and creditors which require these
kind of details.
Ledgers such as Furniture or Building do not require these details
because they are not humans and therefore they do not have any
mailing details.
Tax Registration Details – Similar to mailing details, these details
are also of people and not for ledgers like furniture, building etc.
Tax registration details include PAN which is required on any tax
related documents.
Opening Balance – This is the opening balance of the ledger if any.
Any balance of the ledger which is being carried forward from the
previous year will have to be entered as the opening balance.
This was the last step which was required to create a ledger under
Single Ledger Method.

Ledgers required to be created are as follows:

Name of Ledger                Under Group

Bank Account                     Bank Accounts

Salary & Allowances          Indirect expenses

Plant & Machinery              Fixed assets

Prepaid Expenses              Current Assets

Purchase Account              Purchase Account

Sales Account                    Sales Account

Bank Loans(Liabilities)       Loans(liabilities)

ABC Ltd                              Sundry Debtors

XYZ Ltd                              Sundry Creditors

Provisions                           Provisions

Investment                          Investment

Commission Received       Indirect Income

Discount Received             Indirect Income

Wages Account                  Indirect expenses

Advertisement                    Indirect expenses

Sales return                        Sales account

Printing & Stationary          Indirect expenses

Depreciation                       Indirect expenses

Furniture                             Fixed Assets

Goodwill                             Fixed Assets

Outstanding Expenses           Current Liabilities