Tally Final Project

July 14, 2017 | Author: mastermind_asia9389 | Category: Debits And Credits, Expense, Voucher, Cheque, Value Added Tax
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PRACTICAL EXERCISES" 2 Recording Transactions of Sample Data of "Swayam Agencies Pvt. Ltd."

The following example shows how to record transactions in Tally .ERP 9 :Mrs Soumya Satpathy, an MBA from BHUBANESWAR , started her own agency called SWAYAM AGENCIES PVT. LTD. on Apr il 1, 2008, to deal in the wholesale trade of sta bilizers and pumps of different capacities. :Mrs Soumya Satpathy wants to maintain her accounts using Tally.ERP 9. She maintains the books of account un der the accrua l system of accounting. Transactions recorded for Swayam Education by Mrs Soumya Satpathy for the year 2008- 2009 are as follows : You are required to: • Record

the transactions

• Prepare

financia l sta tement

CREATION OF COMPANY-SWAYAM EDUCATION-LEVEL- I Field Data to be Entered Directory Accept what is displayed by default Number Na me Income Mailing Name Tax Address E-mail Address Use Indian VAT Applicable From VATTin Local Sales Tax Number Inter-State Sales Tax Unfil ed Notes Page 1

Number Currency Symbol Maintain Financi al Year from Books beginni ng

from TallyVault Password Use Security Control

Swayam Agencies Pvt. ltd. Swayam Agencies Pvt. ltd. At: Janpath, Bhunaneswar, Orissa, INDIA PIN:754001 swayam [email protected] Yes 01.04.2008 11111111 111 This field is automatically skipped. 555555 55 ABCDE 1111A R s Accounts with Inventory 01-042008 01-042008 Skip the field (Leave blank) N o

Page : 1

SWAYA M

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CHART OF ACC OUI\'TS- Swayam Agenci es Pvt Ltd. SI. No. Ledger Under Group Assets Cell Phone Computer Electrical Fittings Furniture & Fixtures Motor Vehic les Data Tech Services Java Trading Company Seacrest Trading Company Soft Touch Traders State Trade Corporation, Sun-Shine Traders BBSR Bills Receivable Prepaid Insurance Salary Advance Security Deposit ICICI Bank Petty Cash

Fixed Assets Fixed Assets Fixed Assets Fixed Assets Fixed Assets Local Debtors Local Debtors Outstation Outstation Debtors Outstation Debtors Outstation Debtors Current Debtors Assets Current Assets Loan&Advance Deposit(Asset) (Assets) Bank Account Cash in Hand

Liabilities Input VAT @12.5 per cent Input VAT @ 4 per cent Output CST @ 4 per cent Output VAT @ 4 per cent Output VAT @ 12.5 per cent VAT Adjust ment Ale Electricity Charges Payable Rent Expenses Payable Salary Expenses Payable VAT Payable A 2 Z Traders Icon Enterprises Pacific Merchants WinTech Information X-Tech Services Systems Bills Payable Capital Soumya Satpathy Capital Ale Soumya Satpathy Drawings Page : 2

Unfil ed Notes Page 3

Duties & Taxes Duties & Taxes Duties & Taxes Duties & Taxes Duties & Taxes Duties & Taxes Provisions Provisions Provisions Provisions Local Creditors Outstation Outstation Creditors Outstation Creditors Outstation Creditors Current Creditors Liabilities Capital Accounts Capital Accounts SWAYAM

Revenue

Expenses

[email protected] 12.5 per cent Sales @ 4 per cent Sales-CST Discount Received Income Interest Received Income Input [email protected] 4 per cent Purchase [email protected] 12.5 per cent Account Purchase @ 4 per cent Account Purchase - CST Account Carriage Inward Expenses Expenses Advert isement Expenses Expenses Bank Charges Expenses Conveyance Expenses Expenses Depreciation Expenses Expenses Donation Expenses Expenses Electricity Expenses Expenses Exhibition Expenses Expenses Insurance Expenses Expenses Interest Due Expenses Printing & Stationery Expenses Rent Expenses Expenses Salary Expenses Unfil ed Notes Page 4

Sales Accounts Sales Accounts Sales Accounts Indirect Indirect

Tax On Purchase Purchase Purchase Direct Indirect Indirect Indirect Indirect Indirect Indirect Indirect Indirect Indirect Indirect Indirect Indirect

Expenses Shop Maintenance Expenses

Telephone Expenses Expenses

Indirect

Indirect Expenses

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SWAY.AM

List of Transactions :(SAMPLE EXERCISES) APRIL 2009

1) 1-42009 Mr. Swayam Satpathy started a Swoyam Agencies by bringing in Capital of Rs.15,00,000 by cheque and deposited the same in ICICI Bank by openi ng a new account. Note : Mr. Swayam Satpathy wants to have separate Vouchers for Bank Payment and Receipts. He also wants separate Serial Numbers to be displayed for Bank Receipt (i.e. BK-REC I 001108-09 )and Bank Payment (i.e.BK-PMT I 0011 08-09 ).Hence, Two new Voucher Types - Bank Payment under Payment and Bank Receipt under Receipt - have to be created. Step 1 : Create Voucher Type 'Bank Receipt' Create the Bank Receipt under Receipt Vouc her Type : 1. Go to Gateway of Tally.ERP 7Accounts Info 7 Voucher Type 7 Create 2. The Voucher Type creation screen is divided into three sections depending on the various settings 3. Give the name of the new voucher type, e.g., Bank Payment. · = ifiifflj · 4ieh$i £W.encl!S x The Complete Voucher Creation Screen displays as shown : Bank Payment (al/as) : I Type or Voucher Abbr

Gene r al . Pd yme nt : BKPMT

Melhod of Voucher Numbering ? Autom atic Use Advance Configuration ? Yes Use EFFECTIVE Dales for Vouchers ? Make 'Oplional' as defaul1 Unfil ed Notes Page 6

Print afte1 saving Voucher No

?

Nome of Class

? No Use Comrnon Nanation ? Yes Na11a1ions for each enlry ? No ltert1t1on Secondil Starting Nurrber w1atn or NumencalPan

Prefill wlttl ZERO NO. BK.PMT/1/08-09 Restan Nun1be1lng Prefix Details Suffix Details Applicable Starting Particulars Appli Particulars Particulars From Numbe1 Appli cable Fr cable om F1om l·Apr-2006 1 Y••rly

Apr-2008 BK PMT/

1-

1·Apr-2008

108-09

C•lculator 4.

Likewise create Bank Receipt Voucher Type as displayed above.

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SWAYAM

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Step 2: Make an Entry of the Transaction in a Bank Receipt Voucher. 1. Go to Gateway of Tally.ERP 7 Accounting Vouchers 7 F6 : Receipt 7 Select Bank Recei Voucher Type list to view Bank Receipt Voucher entry screen.

.

-=

.... ! ·l:U.NO BK-REC/1108-09

..

x 1·Apr-2008 Tuesday

Account ICICI Bank Cur&/ · 15.00,000.00 Dt P:irttcul:irs

Amount

sw.-iyam Satpathy C:ipital Aic Cur &I : 15,00.000.00 Ct

15,00.000.00

Narration: Ch.No. :187962 being cheque deposited in ICICIBani\.

15.00.000.00

C clll tor

ODBC Server

[email protected] '? Yes •r No -

2) 3-4-2009 M r. Swayam withdrew Rs.50,000 cheque for Shop Expenditure from ICICI Bank . ( Cheque No- 123451) Step 1: Make an Entry of the Transaction in a Contra Voucher. Go to Gateway of Tally.ERP 7 Accounting Vouchers 7 F4 : Contra to view the Contra Voucher Sere Enter the Transaction as shown below : -.· .

!•·. 1 r .-·1, •

,.•.!··..... No.1 ""

""

" lioolf l•U l'l..'I

l'·''""

x 3-Apr-2008 Thursday

Account · Cash Cur Bal . 50,000.00 D r Parti cul ars nt

Amou

ICICIB:ink Cw &/ . 14,50,000.00 Dr

50,000.00

Narration: 50.000.0 0 Ch. No. 12345 1 being cash withdrawn ror Shop Expenditure. Servef .:.11cul:ito1

ODBC Unfil ed Notes Page 8

Accept ? Page : 5 www.Tallv9Book.com

Yes o No

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3) 5-4-2009 M r. Swayam purchased Furniture and Fixture worth Rs. 1,50,000 for the Shop by cheque. {Ch. No- 123452) Step 1 : Create Voucher Type 'Bank Payment' Create the Bank Payment under Paymen t Voucher Type : Go to Gateway of Tally.ERP 7 Accounts Info 7 Voucher Type 7 Create to bring up the vouch creation screen. 1. Name: Bank Payment 2. Type of Voucher : Select Payment from the list of Voucher Types. 3. Method of Voucher Numbering ? :Select Automatic from Type of Numbering list. 4. Use Advanced Configuration : Yes 5. Prefix Details - Particulars : type BK-PMT/ 6. Suffix Details - Particulars :type /08-09 Note: See the voucher creation Screen of Receipt Voucher in transaction SI. No-1 Step 2: Make an Entry of the Transaction in a Bank Payment Voucher. Go to Gateway of Tally.ERP 7 Accounting Vouchers 7 FS :Bank Payment to view the Bank P Voucher Screen and Enter the Transaction as shown below:

Account : ICICI B:ink Cur &I . 16.00,000.00 Dr Partieul9.SOO.OO Dr Amount Cell Phone CJ.Jr Bal · S. 0.00 Dr Computer Cur Bal . 25.000.00 Dt Electri c31 F itting s CJ.Jr Bal . 5.000.00 Dr Motor Vehicle C 2 Wheel er) Cur Bal 40.000.00 Dt C:>lcul:uor

5.50 0.00 25,00 0.00 75.5 5.00 00.00 0.00 ODBC server

Page : 7 NarratJon; Ch No •123454 being amount paid towards purchase or various [email protected] 12.5 . VAT/T sx Clssa: Purch'[email protected] 12.5% Name. of Item Quantity Am ount

Rate p er

100 N os. G00.00 nos. 60,000.00 Unfil ed Notes Page

Input VAT @12.5% N a rration:

12.50 % T,500.00 www.Tally9Book. Com

Page: 8 www.Tallv9Book. com

67,501).(}0

SWAYAM

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8) 21-4ase t e lo owing tems f rom A2Z Traders on cred.1t. 2009 Mr.Swayam urch Input VAT Total Quanti Rote Value Item Hiqh Capacity Stabi lizers ty 40,000 12.5% 45,000 100 400 Open Well Pumps 50 150 75,000 4% 78,000 Submersible Pumps 2 4% 2 ,08 ,000 100 200 0 3,31,000 Gross Total ,00,000 0 STEP-1: Make an entry of the transaction in a Purchase Vouc her : Go to Gateway of Tally.ERP Ac counting Vouchers F9 :Purchase to view the Purchase Voucher and Enter the Transaction as shown below : 1. Click the As Invoice button (The entry has to be recorded as a Purchase Invoice with Item wise) 2. Click the Item Invoice button 3. Type P-A2Z-02 in Purchase Bill No. 4. Press F2 to change the Voucher Date to 20-4-2009. 5. Press F12 : Configure & Change the option " Use Common Ledger Ale for Item Allocation" to remove the Purchase Ledger next to Party's Ale Name option in Purchase Voucher} Configure Invoices I Oelivery Hotes t Orders Accept Supplementary Details (Address Details, 0eS(Jalch Delails etc) Use Common Ledger Ne for Item .AJlocation Use Defaults for Bill Allocat ions Use Excise Formal Use Additional Descriplion(s) for Item Name .AJlow separate Buyer and Consignee names

? Yes

? Yes ? Ho ? Ho ? Ho

Party's Ale Name :Select A'JZ Traders. Name of Item: Low Capacity Stabilisers. 8. Quantity : 100 Nos. 9. Rate :400. 10. Amount: Amount of 40,000 is automatically displayed 11. Press Enter to view the Acc ounting Details scree. 12. In the Accounting Details screen, select [email protected] 12.5% f rom the list of Ledger Accounts. 6. 7.

Untiled Notes Page 10

Upto: Rs. 40,000.00 Dr

P"rticul rs

VAT/Tax Class

[email protected] 12.6%

Purch ses @ 12.5 o

Amount

40,000 .00

Cur Bal : 1,00,000.00 Dr

40,000.oo l

www.Tally9Book. Com

Page : 9 www.Tallv9Book.com

SWAYAM

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13. Retain the amount displayed and accept the Accounting Details screen. As per above procedure or steps, Enter other Two Items as shown in below screen : pt ..2008 Mond 21.Aay Name of lreni nt Party's Ale Name A2Z Trndets Cuff!tnl. Bof.ance 01,5aitOO Ct 11,11 u,..aarr s..tlh15 Open W ell Putrt p$ S• 111&1al>le Pumps

011.Jntl

A m ou

Rate er

100 Nos. 400.00 ll•s. .l0.000.00 50 Nos. 1,500.00 lies. 75.000.0

-0 100 Nos. 2.000.00 llu. 2.00.000 250 Nos 3.31.000. .00 Na-n ation. 00 3,15,000.00 4 % 11.000.00 9) 22-4-2009 1Z.50 % S.000.00 Mr. Swayam paid Carriage Inward Expenses of Rs.500 in cash on purchase made on 20-4-2009 and 21-4-2009. Step 1: Make an Entry of the Transaction in a Payment Voucher. Input [email protected]\I '• lnp •lt VAT @12.5"+

Go to Gateway of Tally.ERP 7 A ccounting Vouchers 7 F5 : Payment to view the Payment Voucher and Enter the Transaction as shown below : x .. . ... . . .. .... " I



No 1

12-Apr-:2008

Tuesday Account · c:ish

Cur Bal : 4!>.500.00 Dr Particulars

Amount

carrl:ige Inward Expensu

500.00

Cur Bal. 500.00 Dr Narratjon: being the amount paid towards Carriage Inward Expenses on Purchase made on 20-4-2006 and 21-4-2006 .

500.00_ Accept '? Yes , No

Page : 10 www.Tallv9Book.com

SWAYAM

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10) 27-4-2009 M r. Swa am t ransfer red Rs. 10,000 to Pett Cash from Cash to meet the da to da ex enses. Step 1: Make an Entry of the Transaction in a Contra (F4) Voucher . Go to Gateway of Tally.ERP 7 A ccounting Vouchers 7 F4 : Contra to view the Contra Voucher Ser; Enter the Transaction as shown below : !::\ T ally 9 (cl Tally Sohnlons FZ·LLC. 1988 2006 TallyGo ld Mu fti Use1 hnp:··wJMly$oht1ions.com 2007 f :Pnnl f:Export IQ:Upload • :J:lim:J•• NO.2

Sl. No.: I!!.: Help x 27-Apr-2008 sunoay

Ar.coum ·P•tty C3sh C,.,, &J · 10.000.00 Dr P;1rticulnrs Cosh Cur&/ : 3'J.W0.00Dr

Amount 10.000.00

Narrabon: Amount transfer from Cash to Petty Casn to meet tile day to day expenses.

10.000.00 Accept? Y •s

No

11) 28-4-2009 M r. Swayam wi thdrew Rs.5,000 in cash for personal use. Step 1: Make an Entry of the Transaction in a Payment Voucher. Go to Gateway of Tally.ERP 7 Accounting Vouchers 7 F5 : Payment to view the Enter the Transaction as shown below : n Payment Voucher a d I• -' •fl • ... ,L' JU&.J. •..... x I • No.2 28-Apr-2008 "' Monday

-· ...

....

Account . Cuh Cur Bal · 44,501>.00 Dr Partieu1:1rs Amoun t Swam Satpath y On.wing IVc 5,000.0 0 Untiled Notes Page 13

Cur Bal : 5,000.00 Dr Narration: www.Tally9Book. Com 0 Being amount withdrawn by Mr.Swayam Satpathy ror persona l use.

5,000.0 Acc ept ? Yes r No

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SWAYAM

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12) 30-42009 VAT adjustment entry. At the end of evel}' month, VAT Adjustment entl}' has to recorded. To record the Adjustment , Input and Out Tax accounts are Credited and Debited, respectfully to nullify their Balances and the net balance is trans VAT Adjustment account. A Debit Balance of VAT Adjustment account indicates that the excess Input being carried forward to the next month and a Credit Balance indicates that VAT is Payable. As per Accounting conventions The Journa l Entry for the transaction is as follows . VAT Adjustment Ale Dr. Rs.23,500 To [email protected] .5% Cr. To [email protected]% Cr.

above

Rs.12,500 Rs.11,000

As per Tally.ERP conventions Create Ledger VAT Adjustment Ale (under Duties and Taxes) as details below : Go to Gateway of Tally.ERP 7 Accounts Info 7 Ledger 7 Create to view the ledger creation screen. 1. Name : VAT Adjustment A/c Under :Duties & Taxes Type of Duty I Tax : Select VAT from Types of Duty I Tax lust VAT I Tax Class : Not Applicable Inventory Values are affected ? : No. 6. Accept ? Yes or No ? 7 Press Y or Enter

2. 3. 4. 5.

Note : Since the VAT/Tax Class is not applicable the percentage of calculation automatically appears as 0. (To know the Tax amount that is to be adjusted, go to Gateway of Tally.ERP> Display> Statutory Re VAT Reports> VAT Computation) x Pa 1 Iic u I a r s

Purchases B. lnpul Tax Excess Input Credit Bl()Ughl Untiled Notes Page 15F0tward

Sw ly.lm Agencies Assessil 1-A r-2008 1o 30-ATax r-2000 Am hle ount Val ue

II II2 75 II 000.00 3,75.00 0.00 www.Tally9Book. Com

Input [email protected] 4% Tot alInput Ciedit

Page : 12 www.Tallv9Book.com

IIII 11 ODO.DO 23.50 0.00

SWAYAM

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Untiled Notes Page 16

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Step-1 : Make an Entry of the Transaction in a Journal Voucher . Go to Gateway of Tally.ERP 7 Accounting Vouchers 7 F7 : Journal to view the Journal Voucher Sci' Enter the Transaction as shown below : x 30-Apr-2008 weooes day P3rtlcul;irs

Debit

C redit

23,500.00

By VAT Adjustment Cur Bal · 23,500.00 Dr

To Input VAT @12.5

12,500.00

Cur Bal : 0.00 Cr

To Input VAT @-4%

11,000.00

Cur Bal : 0.00 Cr

23.500.00

Narration:

23.500.00

VAT Adjustment entry for April 2006 . Accept ? Y es Jr No

13) 30-4-2009 Make an entry for the Salary Due of all staff for the month of April 2009. The deta ils are as follows: Name Rahul Bhatt Ja i ram Sengupta Shishir Mathur Ajith V Nair

Salary Paid Rs. 2,400 Rs, 2,100 Rs. 1,500 Rs. 900

Number of Days 18 18 18 18

Note : Create the all above ind i vidua l staff Ledger Account under Loan & Advance ( Asset) Make a Transaction in Journal Voucher ( F7): Go to Gateway of Tally.ERP 7 Accounting Vouchers 7 F7 : Journal to view the Journal \ Screen and Enter the Transaction as shown below :

Page : 13

SWAYAM

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information

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MAY 2009 14) 1-52009 Mr. Swayam paid Salaries through cheque for April 2009 . ( Ch. No123455). The details are as follows : Nu mber of Days Nom e Salary Paid Rs. 2,400 Rs, 2,100 Rs. 1,500 Rs. 900

Rahul Bhatt Ja i ram Sengupta Shishir Mathur Ajith V Nair

18 18 18 18

Note: Cost Center has to be created in each employee's name.Ensure that Maintain Cost Centers is set to YES in F11 : Features> Accounting Features. Cost/Pr ofit Centre$ M anageme nt Maintain Payroll

? No

Maint ain Cost Centres Use Cost Centre for Job Costing ? No More than ONE Pay roll / Cost Category ? Ho Use Pre-defined Cost Cen1reAllocatons during Ent ry ? No Cost Center Cost Centers are the Cost objects for which Expenses are incurred under various account heads and t control can be effectively established by keeping track of the Cost at one place. Similar to Cost Center, you can have Revenue Centers to keep track of Revenues. Example of Cost Centers • Departments of an organization . For example, Finance, Marketing, Manufacturing, • Product of a Company.For example: Tally.ERP 9 , Income Tax, Service Tax • Individuals. For example :Salesman A , Salesman B , Salesman C. Step-1 Create Cost Centers : Go to Gateway of Tally.ERP 7A ccounts Info 7 Cost Centers 7 Multiple Cost Centers 7 Create to v multi Cost Centers creation screen. 1. Under Cost Centre : All Items 2. Enter the details as shown in the following table... SI.No. 1) 2) 3) 4)

Name of Cost Center Rahul Bhatt Jairam Sengupta Shishir Mathur Ajith V Nair Untiled Notes Page 19

Und erPrimar Primar y Primar y Primar y y

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x Under Cost Centre D All Items S.N o.

Name of Cost Centre

Under

a Primary o Primary o Primary o Primary

1. RahulBhatt 2. Jairam Sengupta 3. Shlshlr Mathur

4. Ajit V Niiir

Accept ? Y es m No 3.

Accept? Yes or No? -7 Press Y or Enter

Step-2 Create Salary Expenses (under Indirect Expenses) : Note: Set the field Cost Centers are applicable ? to Yes at the lime of Salary expenses ledger creation. Led er Alteration Name : Salary Ex penses (OlilM} Under

: Indirect Ex penses

Inventory values are affected Cost cent res are applicable

? Ho

Step-2 Make en entry of the Transaction in a Bank Payment voucher (FS) : 1. Go to Gateway of Tally.ERP Accounting Vouchers F5: Payment >select Bank Payme voucher type list 2. Press F2 to change the Voucher Date to 1-5-2009. 3. Select "ICICI Bank" in the Header Account> then Select "Salary Expenses" in Particulars head and value of Rs.6,900 in Amount column and press Enter key to view the Cost Center Allocation sere enter the details as shown in the followin table. Name of Cost Center Amount Rahul Bhatt 2,400 Jairam Sengupta 2, 100 Shishir Mathur 1,500 Ajith V Nair 900

Untiled Notes Page 21

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4.

Press Enter to accept the Cost Center allocation entries. The Bank Payment Voucher sc reen will be as below ...

,A.ccount: ICICIBani< Cur Bal. 11,92,600.00 Dr P
View more...

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