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  • 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

    1st April

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

     

    1st June

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

    ·         Purchase Cash Rs 50,000 Rs

     

    1st August

    Received 50,000 Cash from Debtors (All Debtors)

     

    1st Dec

    ·         Sold Goods for cash Rs 2,40,000

     

    31st 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

    2nd Apr

    Withdraw cash 25,000 from HDFC Bank

     

    2nd 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

     

    1st Sep

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

     

    31st 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

    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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