Profit & Loss and Balance Sheet Maintain - Tally Prime
Profit and Loss Account maintain in Tally Prime
What is Profit & Loss Account and Balance Sheet?
Profit and Loss statement (P&L), is a financial report that shows a company's revenues and expenses over a given period of time, Company time period between 1st April for Present Year up to 31st March for next year.
A balance sheet is a statement of the financial position of a business which states the assets, liabilities, and owners' Capital at a particular point in time. In other words, the balance sheet illustrates the business's net worth.
·
Major Key Points
o
How to create Ledger Entry and check P&L A/c and Balance Sheet
o
How to Delete and Modify in Ledger
o
How to check Trial Balance
o
Short cut keys for Modify Ledger / Delete Ledger or Details Ledger
How to do P&L Question in
Tally just follows the below rules
F Create New company
F Set features Maintain Inventory – ‘No’
F Gateway of Tallyà Create à Ledger
Insert all Ledgers which are given
in question with Correct Group and Amount
F Gateway of Tallyà Profit & Loss A/c à Press (Alt + F2) changer
period in 1 year.
F Gateway of Tallyà Balance sheet à Press (Alt + F2) changer
period in 1 year
Note
(Remember these points otherwise P&L or Balance sheet Invalid)
§ Purchase
Return or Return outward is same à Purchase A/c à Cr.
§ Sales
Return or Return Inward is same à Sales A/c à Dr.
- Drawing or Proprietor
Drawing is same à Capital A/c à Dr.
- Closing
stock
Entry must be define with opening stock, Press Esc Key for Ledger screen
and from Gateway of Tally press Enter on Alter then Enter on Ledger Select
opening Stock then Press 5 times enter (insert closing date e.g.
31-3-2021) and Fill Closing Stock amount (e.g. 7000) press 4 times enter
for save
If Some Mistake in amount or
Group Maintain, then
Gateway of Tally à Charts of Accounts à Ledger à Press Alt+H Key (for Change View) – Enter on Multi Alter à All Items,
Enter Correct Amount or Group in
wrong entry then. Press (ctrl + A) to
save or accept changes you change in ledger alter otherwise entry Not Save
or Change.
Practical Example
Prepare the Trading & Profit and Loss A/C or Balance sheet
as on 31stMar2020.
|
Particular |
Rs. |
|
Particular |
Rs. |
|
Capital |
3,600 |
|
Salaries |
600 |
|
Machinery |
700 |
|
General
expenses |
200 |
|
Sales |
8,200 |
|
Rent |
500 |
|
Purchase |
4,000 |
|
Return
outward |
50 |
|
Sales
return |
100 |
|
Debtor |
3,000 |
|
Stock
1-4-2019 |
1,000 |
|
Cash |
400 |
|
Drawing |
400 |
|
Carriage
on sales |
200 |
|
Wages |
1,000 |
|
Advertisement |
200 |
|
Carriage
inward |
50 |
|
Creditor |
500 |
|
|
|
|
Closing
Stock |
2000
|
(Ans. G.P à 4,100, N.P à 2,400, Balance Sheet à 6,100)
Watch Video -
Complete Course with all PDf and Question - Visit Premium Website
