• Profit & Loss and Balance Sheet Maintain - Tally Prime

    Reporter: Adhyan Guruji
    Published: Wednesday, November 11, 2020
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    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  àCr.

    §  Sales Return or Return Inward is same                 à Sales A/c          àDr.

    • Drawing or Proprietor Drawing is same               à Capital A/c     àDr.
    • 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 à6,100)


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