Question

The following balance sheet has been prepared from the books of Pearl on 1 – 4 – 2018.

During the year the following transactions took place:

(a) Wages paid by cash Rs. 4,000 

(b) Salaries paid by cheque Rs. 10,000 

(c) Cash purchases made for Rs. 4,000 

(d) Good purchased on credit from Yazhini Rs. 30,000 

(e) Goods sold on credit to Jothi Rs. 40,000 

(f) Payment made to Yazhini through NEFT Rs. 6,000 

(g) Cash received from Peter Rs. 10,000 

(h) Cash sales made for Rs. 4,000 

(i) Depreciate buildings at 20% 

(j) Closing stock on 31.03.2019 Rs. 9,000

You are required to prepare trading and profit and loss account for the year ended 31-03-2019 and a balance sheet as on that date using Tally.

Answer 1

1. To Create Company Company Info > Create Company 

Type the Name as Pearl and keep all other fields as they are and choose. “Yes” to accept

2. To maintain accounts only Gateway of Tally F11 Accounting Features > General > Maintain Accounts only: Yes > Accept: Yes

3. To Create Ledger Accounts with Opening Balances 

Gateway of Tally > Masters > Accounts Info > Ledgers > Single Ledger > Create

Note: Cash account need not be created as it is a default ledger. Only the opening balance has to be recorded by altering the cash account.

To record the opening balances of cash 

Gateway of Tally > Masters > Accounts Info > Ledger > Single Ledger > Alter 

After creating the Ledgers and recording the opening balances of ledger accounts the balance sheet of Pearl is shown as in the following figure.

3. To Create Ledger Accounts for Transactions

4. To enter transaction through vouchers Gateway of Tally > Transactions > Accounting Vouchers . 

Example: Wages of Rs. 4,000 paid by cash

F5: Payment Voucher 

Account: Cash 

Particulars: Wages A/c 

Amount: Rs. 4,000 

Narration: Wages paid by Cash 

Accept: Yes

In the similar way, recorded the other transactions. Use payment voucher for salaries paid and payments to yazhini. 

Use purchase voucher for credit sales to Jothi and Cash sales. Use Receipt voucher for cash received from Peter. 

Use Journal voucher for depreciation.

5. To record closing stock: 

Since maintain accounts only is set to ‘Yes’ and integrate accounts and inventory is set to ‘No’ under accounting features. Stock has to be recorded manually. Hence the closing stock has to be recorded by altering the stock account and while entering the date of closing stock, the date of opening stock has to be entered. 

The following procedure is to be followed: 

Gateway of Tally > Masters > Accounts Info > Ledger > Single Ledger > Alter > Stock > Closing Balance > Date (Opening date) > Amount > Accept: Yes

6. To view reports (i) To view Profit and Loss Account 

F10 A/c Reports > Profit and Loss A/c > Alt F1 (detailed) (or) 

Gateway of Tally > Reports > Profit and Loss A/c > Alt FI (detailed)

(ii) To view Balance Sheet 

F10 A/c Reports > Balance Sheet > Alt FI (detailed) (or) 

Gateway of Tally > Reports > Balance Sheet > Alt FI (detailed).