Financial_Year

Financial_Year

By Adhyan Guruji → Saturday, November 27, 2021

 

Tally Prime

Multi Financial Year Reporting

 

Example-

XYZ firm Starts Accounting Entries in Tally Prime Software from 2018- Pass Entries between 2018 to 2020 in XYZ Firm and calculate the Profit/loss and Balance sheet as per financial year.

Pass Opening Balance in (2018) Ledger

(Outstanding Parties and other Ledgers Amount at the end of 2017 Year)

Outstanding Creditors List

Arun Patel       -           90,000 Rs

Sunil Pal          -           56,000 Rs

 

Outstanding Debtors List

Mahesh Soni   -           55,000 Rs

Vikram Bhatt   -           4,50,000 Rs

Gagan Kumar  -           85,000 Rs

 

Cash & Bank Report

Cash Balance   -           76,700 Rs.

HDFC Bank      -           1,35,600 Rs

 

Fixed Assets

Printer                         -           30,000

Furniture                     -           80,000

Tools & Equipment’s   -           50,000

 

Capital Previous Balance is 8,16,300 Rs

Financial Year - 2018

1^st April

Owner Invest Capital in Business 1 Lacs and deposit 50,000 in HDFC Bank

 

1^st June

·        Paid 20,000 Rs to Party (All Creditors)

·         Purchase Cash Rs 50,000 Rs

 

1^st August

Received 50,000 Cash from Debtors (All Debtors)

 

1^st Dec

·         Sold Goods for cash Rs 2,40,000

 

31^st March

Adjustment the 5% Depreciation on ALL Assets

 

Check the Balance sheet for Year 2018-2019 and Outstanding Report of Payable/ Receivable

 

Net Profit of firm in 2018 is 1,82,000 and 

Balance sheet is 12,04,300

 

Outstanding Receivable                                                        

Gagan Kumar                         :           35,000 Rs                   

Mahesh Soni                          :           5,000 Rs                      

Vikram Bhatt                          :           4,00,000 Rs

 

 Outstanding Payable

 Arun Patel                  :           70,000

Sunil Pal                      :           36,000

Now, Change the financial Year 2019-2020 for pass following entries.

 

Financial Year - 2020

2^nd Apr

Withdraw cash 25,000 from HDFC Bank

 

2^nd May

·         Paid to Arun by Cheque 24,500 Rs and 19,200 Rs to Sunil.

·         Purchase Goods Rs 90,000 and Sold Goods Rs 1,80,000

 

1^st Sep

Received Cash from Vikram Bhatt 90,000 Rs & 25,000 as cheque from Gagan Kumar.

 

31^st Mar

Adjustment the 5% Depreciation on Assets

Calculate the Profit/Loss and Balance sheet for Year 2019-2020 and Outstanding Report of Payable/ Receivable

 

Net Profit of firm in 2018 is 82,400 and Balance sheet is 12,43,000

 

Outstanding Receivable                                                         

Gagan Kumar                         :           10,000 Rs                   

Mahesh Soni                          :           5,000 Rs                     

Vikram Bhatt                          :           3,10,000 Rs

 

Outstanding Payable

 Arun Patel                  :           45,500

 Sunil Pal                      :           16,800

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

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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