Solutions to Practical Tally Study Chapter-1 (Tally-119)

 

Note: Due to Educational Mode Tally all entries in one date

 

Create Company

 

Create Company “M D Marketing Company” Ludhiana-Punjab India by using alt+F3 or create Company

 

Creation of Ledger Accounts

 

There are two accounting heads for each accounting transaction in Practical Tally Study Chapter-1 (Tally-119) total 16 accounting entries need the following ledger accounts

 

Open Ledger accounts by using  GOT-A L C

 

Sno

Accounting Ledger

Under Group

Photo

1

N Aggarwal Capital A\c

Capital Account

1

2

ICICI Bank

Bank Accounts

2

3

Cash

Already in Tally

3

4

Computer A\c

Fixed Assets

4

5

Security Deposit

Current Assets

5

6

Furniture A\c

Fixed Assets

6

7

Scooter A\c

Fixed Assets

7

8

Mobile Phone

Fixed Assets

8

9

Cooler A\c

Fixed Assets

9

10

Purchase Local Pb

Purchase Accounts

10

11

Input CGST A\c

Duties & Taxes-GST-Central Tax

11

12

Input SGST A\c

Duties & Taxes-GST-State Tax

12

13

Maharaj & Company-Ldh

Sundry Creditors

13

14

Shakti Enterprises-Delhi

Sundry Creditors

14

15

Purchase Interstate GST

Purchase Accounts

15

16

Input IGST A\c

Duties & Taxes-GST-Integrated Tax

16

17

Cartage Inward

Direct Expenses

17

18

Medical Aid

Indirect Expenses

18

19

Drawing A\c

Capital A\c

19

20

Packing Expenses

Direct Expenses

20

21

Donation A\c

Indirect Expenses

21

22

Misc. Expenses

Indirect Expenses

22

23

Entertainment Expenses

Indirect Expenses

23

 

 

Entry.101

Mr. N. Aggarwal started business in the name of M\s M D Marketing Co. with Rs.5,00,000/- by cheque and deposited the same in ICICI Bank by opening a new account.

Sol:101

A) Two Accounts:

  1. N. Aggarwal Capital A\c
  2. ICICI Bank

B)  Accounting Journal Entry

 

ICICI Bank ………Dr 500000.00

N.Aggarwal Capital A\c……Cr 500000.00

 

C) Tally Voucher-Receipt (F6)

 

D) Tally Entry:

 

Account: ICICI Bank

Particulars: N Aggarwal capital A\c (See Photo-24)

Entry.102

Mr. Aggarwal withdrew Rs.50,000/- from ICICI bank for office use.

Sol:102

A) Two Accounts:

  1. Cash A\c
  2. ICICI Bank

B)  Accounting Journal Entry

 

Cash A\c ………Dr 50000.00

ICICI Bank……Cr 50000.00

 

C) Tally Voucher-Contra (F4)

 

D) Tally Entry:

 

Account: ICICI Bank

Particulars: N Aggarwal capital A\c (See Photo 25)

Entry.103

He purchased computer worth Rs.75000/- for office by paying a cheque no 550501.

Sol:103

A) Two Accounts:

  1. Computer A\c
  2. ICICI Bank

B)  Accounting Journal Entry

 

Computer A\c ………Dr 75000.00

ICICI Bank……Cr 75000.00

 

C) Tally Voucher-Payment (F5)

 

D) Tally Entry:

 

Account: ICICI Bank

Particulars: Computer A\c  (See Photo -26)

Entry.104

He deposited rental security for office Rs.50,000/- by cheque number 550502.

Sol:104

A) Two Accounts:

  1. Security Deposit A\c
  2. ICICI Bank

B)  Accounting Journal Entry

 

Security Deposit A\c ………Dr 50,000.00

ICICI Bank……Cr 50,000.00

 

C) Tally Voucher-Payment (F5)

 

D) Tally Entry:

 

Account: ICICI Bank

Particulars: Security Deposit A\c (See Photo 27)

Entry.105

He issued a cheque number 550503 to purchase the following assets:Furniture Rs.25000/- , Scooter Rs.40000/-, Mobile Phone Rs.15000/- and Cooler Rs.5000/-.

Sol:105

A) Two Accounts:

  1. Furniture  A\c

Scooter A\c

Mobile Phone A\c

Cooler A\c

  1. ICICI Bank

B)  Accounting Journal Entry

 

Furniture  A\c …….Dr 25000.00

Scooter A\c…………Dr 40000.00

Mobile Phone A\c.Dr 15000.00

Cooler A\c…………..Dr   5000.00

ICICI Bank………………..Cr  85000.00

 

C) Tally Voucher-Payment (F5)

 

D) Tally Entry:

 

Account: ICICI Bank

Particulars:

Furniture  A\c …….Dr 25000.00

Scooter A\c…………Dr 40000.00

Mobile Phone A\c.Dr 15000.00

Cooler A\c…………..Dr   5000.00

(See Photo 28)

Entry.106

He purchased the following goods on credit from M\s Maharaj & Company, Ludhiana Punjab: Invoice no 35

Items

Quantity (in Piece)

Rate Per Piece (Rs.)

Value

Input CGST

Input SGST

Total

Speaker

100

600

60000

6%

6%

67200

Sol:106

A) Two Accounts:

  1. Purchase Local GST  A\c

Input CGST A\c

Input SGST A\c

  1. M\s Maharaj and Company-Ldh

B)  Accounting Journal Entry

 

Purchase Local GST  A\c….Dr 60000.00

Input CGST A\c……………….Dr   3600.00

Input SGST A\c……………….Dr    3600.00

Maharaj and Company…………..Cr  67200.00

 

C) Tally Voucher-Purchase (F9)

 

D) Unit of Measure: pc (Create By using I U C)-(See Photo-29)

E) Stock Item: Speaker (Create By using I I C and GST Rate 12%) (See Photo-30 & 31)

 

F) Tally Entry: (See Photo-32)

 

Party Account Name : Maharaj & Company

Name of Item: Speaker

Qty: 100

Rate 600

Amount : Automatically Rs.60000/-

Press  two enter

Input CGST: amount automatically Displayed as 3600/-

Input SGST: amount automatically Displayed as 3600/-

 

 

Entry.107

He purchased the following goods on credit from M\s Shakti Enterprirses., Delhi: Invoice No 130

Items

Quantity (in Piece)

Rate Per Piece (Rs.)

Value

Input IGST

Total

Perfume

100

400

40000

12%

44800

Sol:107

A) Two Accounts:

  1. Purchase Interstate GST  A\c

Input IGST A\c

  1. M\s Shakti Enterprises-Delhi

B)  Accounting Journal Entry

 

Purchase Interstate GST  A\c….Dr 40000.00

Input IGST A\c……………….Dr   4800.00

           Shakti Enterprises-Delhi…………..Cr  44800.00

 

C) Tally Voucher-Purchase (F9)

 

D) Stock Item: Perfume  (Create By using I I C and GST Rate 12%) (See Photo-30 & 31)

 

E) Tally Entry: (See Photo-33)

 

Party Account Name : Maharaj & Company

Name of Item: Perfume

Qty: 100

Rate 400

Amount : Automatically Rs.40000/-

Press  two enter

Input IGST: amount automatically Displayed as 4800/-

 

Entry.108

He purchased the following goods on credit from m\s Maharaj & Company, Ludhiana: invoice No 45

Items

Quantity (in Piece)

Rate Per Piece (Rs.)

Value

Input CGST

Input SGST

Total

Seat Cover-1

50

1500

75000

9%

9%

88500

Seat Cover-2

100

2000

200000

9%

9%

236000

 

 

 

 

 

Total

324500

Sol:108

A) Two Accounts:

  1. Purchase Local GST  A\c

Input CGST A\c

Input SGST A\c

  1. M\s Maharaj and Company-Ldh

B)  Accounting Journal Entry

 

Purchase Local GST  A\c….Dr 275000.00

Input CGST A\c……………….Dr   24750.00

Input SGST A\c……………….Dr    24750.00

Maharaj and Company…………..Cr  324500.00

 

C) Tally Voucher-Purchase (F9)

 

E) Stock Item: Seat Cover-1 & Seat Cover-2 (Create By using I I C and GST Rate 18%) (See Photo-30 & 31)

 

D) Tally Entry: (See Photo-34)

 

Party Account Name : Maharaj & Company

Name of Item: Seat Cover-1

Qty: 50

Rate 1500

Amount : Automatically Rs.75000/-

 

Name of Item: Seat Cover-2

Qty: 100

Rate 2000

Amount : Automatically Rs.200000/-

 

Press  two enter

Input CGST: amount automatically Displayed as 24500/-

Input SGST: amount automatically Displayed as 24500/-

 

Entry.109

He paid cartage inward Rs.500/- in cash on purchase made.

Sol:109

A) Two Accounts:

  1. Cartage Inward A\c
  2. Cash

B)  Accounting Journal Entry

 

Cartage Inward A\c ………Dr 500.00

Cash……Cr 500.00

 

C) Tally Voucher-Payment (F5)

 

D) Tally Entry: (See Photo -35)

 

Account: Cash

Particulars: Cartage Inward A\c 

Entry.110

He paid cash Rs.280/- for medical aid to staff.

Sol:110

A) Two Accounts:

  1. Medical Aid A\c
  2. Cash

B)  Accounting Journal Entry

 

Medical Aid A\c ………Dr 280.00

Cash……Cr 280.00

 

C) Tally Voucher-Payment (F5)

 

D) Tally Entry: (See Photo -36)

 

Account: Cash

Particulars: Medical Aid  A\c 

Entry.111

He take cash Rs.2000/- for personal use.

Sol:111

A) Two Accounts:

  1. Drawing  A\c
  2. Cash

B)  Accounting Journal Entry

 

Drawing A\c ………Dr 2000.00

Cash……Cr 2000.00

 

C) Tally Voucher-Payment (F5)

 

D) Tally Entry: (See Photo -37)

 

Account: Cash

Particulars: Drawing A\c 

Entry.112

He paid Rs.7500/- in cash for packing material.

Sol:112

A) Two Accounts:

  1. Packing Expenses A\c
  2. Cash

B)  Accounting Journal Entry

 

Packing Expenses A\c ………Dr 7500.00

Cash……Cr 7500.00

 

C) Tally Voucher-Payment (F5)

 

D) Tally Entry: (See Photo -38)

Account: Cash

Particulars: Packing Expenses A\c 

 

Entry.113

He paid Rs.1100/- as donation to a charitable trust.

Sol:113

A) Two Accounts:

  1. Donation A\c
  2. Cash

B)  Accounting Journal Entry

 

Donation A\c ………Dr 1100.00

Cash……Cr 1100.00

 

C) Tally Voucher-Payment (F5)

 

D) Tally Entry: (See Photo -39)

Account: Cash

Particulars: Donation A\c 

Entry.114

He paid Rs.550/- in cash for old clothes for dusting.

Sol:114

A) Two Accounts:

  1. Misc. Expenses A\c
  2. Cash

B)  Accounting Journal Entry

 

Misc. Expenses A\c ………Dr 550.00

Cash……Cr 550.00

 

C) Tally Voucher-Payment (F5)

 

D) Tally Entry: (See Photo -40)

Account: Cash

Particulars: Misc. Expenses A\c 

Entry.115

He paid Rs.70/- in cash for tea to customers.

Sol:115

A) Two Accounts:

  1. Entertainment Expenses A\c
  2. Cash

B)  Accounting Journal Entry

 

Entertainment Expenses A\c ………Dr 70.00

Cash……Cr 70.00

 

C) Tally Voucher-Payment (F5)

 

D) Tally Entry: (See Photo -41)

Account: Cash

Particulars: Entertainment Expenses A\c 

Entry.116

He paid Rs.700/- in cash for sweeper & watchman.

Sol:116

A) Two Accounts:

  1. Misc. Expenses A\c
  2. Cash

B)  Accounting Journal Entry

 

Misc. Expenses A\c ………Dr 700.00

Cash……Cr 700.00

 

C) Tally Voucher-Payment (F5)

 

D) Tally Entry: (See Photo -42)

Account: Cash

Particulars: Misc. Expenses A\c