Question

In: Accounting

Q3. Create a Company trading computer accessories with your Student ID & Name, address, College Email...

Q3. Create a Company trading computer accessories with your Student ID & Name, address, College Email ID and phone number for the year ended 31st Mar, 2020, and enter the following transactions using appropriate vouchers in Tally ERP 9 software: (3 Marks + 7 Marks)
1st Jan 2020, Started his business with an investment of RO 45,000 in cash.
2nd Jan 2020, Purchases computer accessories of RO 20,000 on credit from Mr. Salim.
31st Jan 2020, Sold computer accessories worth RO 15,000 for cash.
1st Feb 2020, Sold goods on credit to Mr. Abdullah worth RO 20,000.
2nd Feb 2020, Mr. Abdullah returned defective goods worth RO 5,000.
1st Mar 2020, Returned defective goods to Mr. Salim worth RO 3,500.
2nd Mar 2020, Received cheque from Mr. Abdullah for RO 15,000.
(answer by use tally.ERP9 program)

Solutions

Expert Solution

To create a company in Tally.ERP 9

Steps

Actions

Instructions to be followed

Step 1

To open Tally Software

Double click on tally icon from your desktop.

Step 2

To go to Create Company Screen

To do this Select Create company from the Company Info. Menu using up and down arrow key and press Enter Key.

Step 3

To fill up the Details in Company Creation Screen

In this company creation screen, you should enter all the details of the company that you been asked for.

· From Gateway of Tally, go to Accounting Vouchers.

· Select Receipt Voucher in tally because as a business, you are receiving money from your personal account into the business.

______________________________________________________________________

Ø Select F2 and change the date as 1 Jan 2020

Ø On the Credit Side, you have to select the Capital Account which is a ledger created under Capital Account.

Ø Enter the amount of ₹45000.

Ø On the Debit Side, select Cash and enter the amount of ₹45000.

Ø Press Enter a few times and save the entry.

_______________________________________________________________________

Ø Select F2 and change date as 2 Jan 2020

Ø Go to Gateway of Tally > Accounting Vouchers > F9: Purchase . ...

Ø In Party A/c name as Mr. Saleem(Create a ledger as sundry creditors with Alt + C) , select the supplier's ledger i.e, Mr. Saleem.

Ø Select the purchase ledger applicable for local taxable purchases.

Ø Select the required items i.e, computer accessories, and specify the quantities and rates i.e, Rs.20000/-

Ø Press the Enter

__________________________________________________________________________________

Ø Select F2 and change date as 31st Jan 2020

Ø Go to Gateway of Tally > Accounting Vouchers > F8: Sales ...

Ø In Party’s A/c Name field select Cash

Ø Select the item i.e, computer accessories Amt of Rs.15000/-

Ø Press the Enter

_________________________________________________________________________________

Ø Select F2 and change date as 1st Feb 2020

Ø Go to Gateway of Tally > Accounting Vouchers > F8: Sales ...

Ø Press F2 and change the date to 14-07-2012

Ø In Party Details screen, you can enter the Customer Name and Address. If you have customer ledger which is already created, then select the same from the List of Ledger Accounts to auto fill the details. To select the ledger click M: Party List button or press Alt+M. Create a sundry debtors as Mr. Abdullah (Alt+ C Create a ledger)

Ø Select the item i.e, computer accessories Amt of Rs.20000/-

Ø Press the Enter

____________________________________________________________________________

Credit Notes in Tally.ERP 9

To enable the option for debit notes in Tally, follow the steps below.

Step 1

From Gateway of Tally, press F11 – Shortcut for Company Features

Step 2

Under Accounting Features screen > Under Invoicing, set the option Use debit/credit notes to YES.

Step 3

Set the following tile to YES for:

“Use invoice mode for Credit notes”

Step 1: From Gateway of Tally, we have to follow to Accounting Vouchers screen

Step 2: Press CTRL + F8 on the keyboard or just select Credit note from the side table using mouse pointer.

Step 3: Create/getting the ledgers ready

o Sales return ledger – Under Sales Accounts or having assumed that the given example is Inter State sale, then instead of creating Sales return account and crediting the same we can use the ledger used for passing Inter State sales as on a net it will reduce the sales.

o Recipient or Party or Debtor ledger would already be created at time of sales so it’s not required to create a new ledger at this stage

Ø Select Debtor Ledger as Mr. Abdulla Amt Rs.5000/-

Ø Change date with F2 as 2nd FEB 2020

__________________________________________________________________________

v Debit Notes in Tally.ERP 9

v To enable the option for debit notes in Tally, follow the steps below.

Step 1:

From Gateway of Tally, press F 11 – Shortcut for Company Features

Step 2:

Under Accounting Features screen > Under Invoicing, set the option Use debit/ credit notes to YES.

Step 3:

Set the following tile to YES for:

“Use invoice mode for Debit notes”

Step 1: From Gateway of Tally, we have to follow to Accounting Vouchers screen

Step 2: Press CTRL + F9 on the keyboard or just select Debit note from the side table using mouse pointer.

Step 3:

Purchase return ledger – Under Purchase Accounts or having assumed that the given example is Intra state sale, then instead of creating Purchase return account and crediting the same we can use the ledger used for passing Intra state purchase as on a net it will reduce the purchases.

·       Suppliers ledger would already be created at time of purchase so it’s not required to create a new ledger at this stage

Select a ledger of Mr.Saleem Enter Amt Rs.3500/-

Press F2 and enter the date of transaction to 01.03.2020

________________________________________________________________________

Recording a Receipt Entry

o Go to Gateway of Tally > Accounting Vouchers.

o Select F6: Receipt from the button bar or press F6.

· For example, if your company receives money from a customer for an earlier transaction say sales, and the same is passed through a Receipt Voucher:

o Credit the customer account i.e, Mr Abdulla and debit the Cash account, Debit the Bank account where you need to deposit the money Amt Rs.15000/- (Create a Bank Account with Alt + C)

o Change date as 2 nd March 2020

__________________________________________________________________________________

THANK YOU


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