Question

The following balance sheet has been prepared from the books of white on 1.4.2018

During the year the following transactions took place:

(a) Wages paid by cash Rs. 4,000 

(b) Rent paid by cheque Rs. 10,000 

(c) Cash purchases made for Rs. 6,000 

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

(e) Goods sold on credit to Kala Rs. 50,000 

(f) Payment made to Mathi by cheque Rs. 10,000 

(g) Cash received from Venkat Rs. 60,000 

(h) Cash sales made for Rs. 12,000 (i) Depreciate Buildings @ 10% 

(j) Closing stock on 31.03.2019 Rs. 30,000

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

Following steps are to be followed to enter the transactions in Tally ERP9. 

1. To Create Company Company Info > Create Company 

Type the Name as White 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 balance of cash: 

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

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

3. To create ledger accounts for transactions

4. To enter transactions 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, record the other transactions. Use payment voucher for rent paid and payments to Babu. 

Use purchase voucher for credit purchase from Babu and Cash purchases. 

Use Sales voucher for credit sales to Venkat and Cash sales Use Receipt voucher for cash received from Venkat 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 > Ledgers > 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 FI (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 F1.