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  • Cash Bank Book in Tally Prime - How to Pass Voucher in Tally Prime

    By Adhyan Guruji → Saturday, December 12, 2020

     

    Introduction of Vouchers

    Tally-Prime


    ·         Basic Rule for Accounting (Help in Journal Entry)

    ACCOUNTS

    Personal

    Real

    Impersonal

    Nominal

    (Revenue or Expenses)

     


         Ü  PERSONAL ACCOUNTS– Account which related to persons individual firms or companies etc. debtor or creditor are personal accounts. e.g..

     

    ·         Firm purchase goods from Ram Narayan

    à(Ram Narayan is sundry creditor) Which Receive amount of purchase goods

     

    ·         Firm sold good to Divakar

    à(Divakar is a sundry debtor) who pay Amount to the firm

     

    Ü  IMPERSONAL ACCOUNT– Accounts that are not personally such as machinery Account, Cash Account, rent, etc. These can be divided further into two accounts

     

    ð  Real Account –Real Account which relates to tangible or intangible assets of the firm.

    Tangible e.g.   - Land & Building, Stock, Cash, etc.

    Intangible e.g.  - Goodwill, Trademark, Patents

     

    ð  Nominal Account- Account which relates to Expenses, Loss, Gain, Revenue, etc. These are salary Account, interest paid, Commission received,s, etc

    ð  Real Account –Real Account which relates to tangible or intangible assets of the firm.

    • Tangible e.g.   - Land & Building, Stock, Cash, etc.
    • Intangible e.g.  - Goodwill, Trademark, Patents

     

    ð  Nominal Account- Account which relates to Expenses, Loss, Gain, Revenue, etc. These are salary Account, interest paid, Commission receives, etc.


    Ø  Rules For Debit and Credit

    Types of accounts

    Rules of debit

    Rules of credit

    (a)    For Personal Accounts

     

    Debit the Receiver (Sales)

     

    Credit the Giver (Purchase)

     

    (b)   For Real Account

    Debit what comes in

    Credit what goes out

    (c)    For Nominal Account

    Debit all expenses and losses

    Credit all gains and income


    .

    Ø  Journal Entry and Types of Voucher

    Journal Entry is where two or more than the account is treated as Dr. (By) and Cr. (To).

    VOUCHER #1

    §  CONTRA (F4)

     

    The entry is related to company self-transaction. There is no payment or received comes in Contra voucher. Here is some example of contra voucher.

    Ex-1

    Paid cash into bank / Deposit into bank/ cash sent to the bank

    Bank A/c     Dr.

    Cash A/c                      Cr.

     

    Ex-2

    Withdraw from Bank / Withdraw from Bank for Office use / Cash drawn from Bank.

    Cash A/c     Dr.

    Bank A/c          Cr.

    VOUCHER #2

    §  Payment (F5)

    The entry which is related to Payment of any amount (cash or by Cheque) comes under this voucher.

    Example-1

    Paid cash to Kapil / Issue cash in favor of Kapil

    Kapil A/c                      Dr.

    Cash A/c                                  Cr.

    Noteà(Kapil is creditor(लेनदार)who received the money from the company side and cash amount decrease in company current cash balance)

    Example-2

    Paid Rent / Paid Salary / Paid Electric Bill / Paid Wages (Any Exp. Direct/Indirect)

    Rent A/c                      Dr.

    Cash A/c                                  Cr.

    Note à If Payment made by Cheque, We put Bank A/c in Place of Cash A/c, because the deduction from the bank side when payment mode is Cheque)

    Example-3

    Purchase goods by Cheque

    Purchase A/c               Dr.

    Bank A/c                                  Cr.

    Note à if the Product/Item name shows with the purchase then we put the name of an item otherwise in goods purchase we only place (Purchase A/c Dr.)

    Example-4

    Withdraw from Bank for Personal or Private Use.

    Drawing A/c                Dr.

    Bank A/c                                  Cr.

    Note àwhen withdraw Amount for personal or private use, this amount is decreased from the available capital A/c so we place Drawing A/c in Dr. Side when withdrawing for personal or private use.

     

    VOUCHER #3

    §  Receipt (F6)

    The entry which is related to Receive any amount (cash or by Cheque) comes under this voucher.

    Example-1

    Mr. X commenced business with cash / Mr. X started Business with cash

    Cash A/c                      Dr.

    Capital A/c                              Cr.

    Note à when the owner invest the amount in start business  we pass as capital in Voucher and after invest capital in the business cash A/C balance is available for other transaction e.g. Purchase goods or Pay any Expenses)

    Example-2

    Received cash from Sunil

    Cash A/c                      Dr.

    Sunil A/c                                  Cr.

    Noteà(Sunil is Debtor(देनदार)who paid  the money to the company A/c and cash amount increase in company current cash balance or bank balance  (If received by Cheque))

     

    Example-3

    Received Commission by Cheque / Interest received on Bank Balance.

    Bank A/c                      Dr.

    Commission Rec A/c               Cr.

    (Or)

    Bank A/c                      Dr.

    Interest Rec A/c                      Cr.

    Example-4

    Received cash for Product sold / cash Sales / Sold goods for cash

    Cash A/c                      Dr.

    Sales A/c                                  Cr.


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  • Profit & Loss and Balance Sheet Maintain - Tally Prime

    By Adhyan Guruji → Wednesday, November 11, 2020


    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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