Header Graphic

பொன்மொழிகள்!     

 

 

 

About Tally  

 

v     Tally  is developed in India (Bangalore)

 

v     Tally is Accounting Software

 

v     Latest Version: Tally  ERP 9

 

v     Last Version: Tally 9

 

v     Previous Versions: Tally 8.1, Tally 7.2, Tally 6.3, Tally 6.0, Tally 5.4, Tally 4.5.

 

 

Advantages in Tally  

 

v     No Programming concept

v     Accounts maintain with Stocks

v     Automatic Reports generation

v     Customized Printing options

v     Maintain Godowns

v     Maintain cost centers

v     Price Level

v     Re-Order level

v     Maintain Expiry date for Stocks

v     Export & Import options

v     Retailers Bill printing

v     Payroll

v     Job Costing

v     Sales Tax

v     Income Tax

v     Value Added Tax

v     Excise Duty Tax

v     Tax Deducted at Source

v     Tax Collected at Source

v     Fringe Benefit Tax

v     Service Tax

v     Multi Language

v     Multi User Operating

v     Etc..

 

 

BASIC ACCOUNTING CONCEPTS 

 

What is Accounts? 

 

·        An account is a Language of Business. 

 

·        Financial accounting is art of recording, classifying and summarizing in a significant manner and it terms of money transactions and events. 

 

·        Business transactions may relate to the receipt and payment of cash, purchase or sales of goods on credit, incurring an expense or receiving an income or relating to miscellaneous items 

 

 Why Accounting is must for Business? 

 

·        Reliable Record 

·        Calculation of Profit & Loss 

·        Calculation of dues 

·        Control over assets 

·        Control over borrowings 

·        Ascertainment of the growth of business 

·        Ascertainment of the financial position 

·        Fixing the selling price 

·        Taxation 

 

 Method of accounting 

 

·        Single Entry System 

  

·        Double Entry System 

 

  

 

 

·        Personal Account 

 

It deals with the accounts relating to persons. 

Example: Kumaran A/C,  TVS Ltd A/C 

 

            There are 3 types of Personal account 

 

1. Natural Person : 

                              Example : Kumaran A/C, Mrs.Padma A/C 

2. Artificial Person : 

                               Example : TVS Ltd A/C, WCC (Pvt)  Ltd A/C 

3. Representative Person : 

                              Example : Tax, Outstanding Bills (Liabilities) 

·        Real Account 

Purchase and Sales of Assets 

Assets May be Fixed Assets or Current Assets (Stock) 

 

·        Nominal Account 

Income or Expenses 

Gain or Loss 

 

Example: Electricity Bill, Telephone Charge, Bills Receipt 

 

 

Basic Terms used in Accounts 

 

·        Debtor [ Dr.] – Customer 

·        Creditor [ Cr.] – Supplier 

·        Capital – Investments from Owner 

·        Goods – Stock (Currents Assets) 

·        Fixed Assets (Long term Assets) 

                   1) Movable ( Bus, Lorry etc) 

                   2) Immovable ( Land, Buildings, Machines etc) 

·        Liabilities ( Dues) 

·        Income 

·        Expenditure ( Service for Assets) 

·        Expense ( It means an expenditure whose benefit is finished or enjoyed) 

·        Drawings (Amount or goods withdraw by the owner for personal use) 

·        Loss ( Expenditure more than income) 

·        Profit ( Income more than expenditure) 

·        Turnover (Total Income) 

·        Ledger ( Books Keeping for Accounts) 

·        Voucher ( Transaction Document) 

 

Golden Rules for accounting 

 

·        Personal A/C 

                   Dr. – The Receiver 

                   Cr. – The Giver 

·        Real A/C 

                  Dr. – What Comes in 

                  Cr. – What goes out 

·        Nominal A/C 

                  Dr. – All Expenses or Loss 

                  Cr. – All Incomes or Gains 

 

Accounting Cycle 

 

·        Recording ( Transaction by Voucher) 

·        Classifying ( Ledger A/C) 

·        Posting  

·        Consolidating ( Trail Balance) 

·        Preparing Reports 

 

     

 

BASIC STEPS FOR MAINTAIN ACCOUNTS IN TALLY 

 

Step 1 

 

Company Creation  

 

Enter the company details like Company name , address, Date Business started, Financial year, Currency Symbol and Setting Security Password etc..

  

 

Step 2 

 

Ledger Creation 

 

For Book keeping Purpose we need all necessary Ledgers in Tally, these ledgers called Account Heads. These Ledgers maintain with separate groups for easy classification and summarizing

 

For Example

            Salary is Ledger under the group of Indirect Expenses 

            Commission Received  is Ledger under the group of Income 

            E.B Bill is Ledger under the group of Indirect  Expenses 

            Sales Tax is Ledger under the group of Duties & Tax 

            Land is Ledger under the group of Fixed Asset 

            Stock is Ledger under the group of Current Asset 

            Loan  is Ledger under the group of Liability  

            All Suppliers under Sundry Creditors 

All Customers under Sundry Debtors 

All Purchases under Purchase Account 

All Sales under Sales Account

 

There are 28 Predefined Account Groups in Tally 9 

 

                 15 Groups are Primary

                 13 Groups are Under any one of  Primary Group

 

 Step 3 

 

Voucher Entry 

 

The Transaction Document Called Voucher. In manual Accounts Keeping mostly voucher used only for Payments. But  in Tally each type of Transaction having separate Voucher.

Example

 

Voucher Name 

Keyboard 

Shortcut 

Purpose of Voucher 

Contra

 F4

Bank Transaction and Internal Cash Transactions

Payment

 F5

Payments for Suppliers , Expences and Outstanding etc. By Cash or Cheque

Receipt

F6

Received cash or Cheque from Customers , Income  and Outstanding etc.

Journal

F7

This is Adjustment Voucher for any kind posted entries and we can raise bills without any transactions.

Sales

F8

Sales of Current Asset and Fixed Assets

Purchase

F9

Purchase of Current Assets and Fixed Assets

 

 

The Following Vouchers are Special Vouchers, these are only optional use in Tally 

 

  1. Memorandum
  2. Reversing Journal
  3. Purchase Order
  4. Sales Order
  5. Credit Note
  6. Debit Note
  7. Receipt Note
  8. Delivery Note
  9. Rejection In
  10. Rejection Out
  11. Stock Journal
  12. Manufacturing Journal

 

Other General Keyboard Shortcut  

 

F2                          - Voucher Date

Alt + F2                - Change Date Period

F1                          - Select Company

Alt + F1                - Shut Company

Alt + F3                - Company Info

Alt + D                  - To delete any Transaction and Account/ Inventory heads

Alt + C                  - To create any Heads at the time of Vouchers Entry

 

 

 Step 4 

 

Reports 

 

  1. Day Book
  2. Trail Balance
  3. Profit and Loss account
  4. Balance Sheet
  5. Outstanding Reports
  6. Cash Book
  7. Bank Book
  8. Cash Flow
  9. Fund Flow
  10. Stock Related Reports … etc.

 

 Excise 1 – Business Name : WCC Enterprises, Madurantakam 

 

1.         1-4-2004          Received Capital by cash from Magesh  3, 00,000

2.         2-4-2004          Paid for Building Rs. 1,00,000

3.         3-4-2004          Opened a SBI Bank Account with Rs-1,00,000

5.         4-4-2004          Paid for Machines by cheque Rs.50,000

6.         5-4-2004          Credit Purchase from Krishna Traders Rs.75,000

7.         6-4-2004          Credit Sales to Ravi & Co Rs. 90,000

8.         15-4-2004        Paid for Salaries Rs. 25,000

9.         15-4-2004        Paid for Rent Rs. 12,000

10.       5-4-2004          Credit Purchase from Praveen Traders Rs. 60,000

11.       6-4-2004          Credit Sales to Kumar & Co Rs. 75,000

12.       17-4-2004        Cash Sales 10,000

13.       18-4-2004        Paid for Wages Rs. 3,000

14.       19-4-2004        Paid for Carriage Inwards Rs.2,000

15.       27-4-2004        Paid  to Petty Cash Rs. 4,000

16.       29-4-2004        Received Cheque from Ravi &co and Kumar&co (Full Settlement)

17.       29-4-2004        Paid  by Cheque to Krishna Traders and Praveen Traders (Full Settlement)

18.       29-4-2004        Paid by Petty cash for Postage Stamps Rs. 1,400

 

 

Excise 2   -   ACCOUNTS WITH INVENTORY (STOCK)  

 

Vasanth & Co  Electricals Started a Business of Electrical Items and Home Appliances.

 From 2001

 

 

1.4.2001                    Received Cash For Capital Rs. 5,00,000 

 

1.4.2001                    Deposited into UCO Bank Rs. 2,00,000 

 

1.4.2001          Credit Purchases from Govind Electricals in.No.123 

 

Ceiling Fan      100Nos at        Rs.800

Table Fan        100Nos at        Rs.1000

Mixies             100Nos at        Rs.1500

Grinders          100Nos at        Rs.2000

 

10-4-2001               Credit Sales Ram Electrical – Inv.no.2 

 

Each items       10 Nos with profit Rs.500 for each item

+TNGST 4%

Cash Discount (-5)%

 

15.4.2001                Paid Cheque to Govind Electrical Rs.2,00,000 

 

15.4.2001        Received Cheque from Ram Electrical Rs.50,000 

 

20.04.2001            Payment Made By Cash 

 

                        Paid to Petty Cash       Rs.2,000

                        Furniture                      Rs.15,000

                        Salaries                        Rs.10,000

                        Wages                         Rs.7,000

                        Carriage Inwards         Rs.1,500

 

25.04.2001            Payment Made By Petty Cash 

 

Conveyance                Rs.200

                        Postage                       Rs.150

                        Stationeries                  Rs.150

                        Staff Welfare               Rs.200

 

30.04.2001     Depreciate 10% on Furniture. 

 

 

 

Exercise 3 

Company Name         : G TRADERS (PVT) LTD.,

Estd                             : 1-4-2013

Business Address        : # 39, Car Street, Madurantakam , Kancheepuram Dt – 603306

Phone Office               : 044- 27553777   Mobile : 9994071232

E-Mail                         : wcc@gsupport.in

 

Business Based in Indian Currency

 

Transaction Details 

 

1-4-2013  Received Cheque from Mr.Kumaran & Mr.Ramesh for Capital  

                 Rs.10,00,000 and 8,00,000 

 

2-4-2013  Withdraw cash from Indian Bank  Rs. 15,00,000 

 

3-4-2013  Paid Buildind Rent Advance Rs. 3,00,000 

 

4-4-2013  Paid for Furniture Rs. 3,50,000 and Computer Rs.25,000

 

5-4-2013  Credit Purchases from Samsung India Pvt Ltd Inv.No.1

 

21” LCD TV                           100 Nos at       Rs.12,000

DVD Player                            100 Nos at       Rs.1,750

Micro Ovan 20 ltr                   100 Nos at       Rs.7,700 

Air Conditioner 1.5 tons         100 Nos at       Rs.28,000 

Refrigerator 180 ltr                 100 Nos at       Rs. 8,900  

 

5-4-2013  Credit Purchases from LG India Pvt Ltd Inv.No.2

 

32” LCD TV                           100 Nos at       Rs.28,700

DVD Player                            100 Nos at       Rs.1,900

Micro Ovan 20 ltr                   100 Nos at       Rs.8,100 

Air Conditioner 2 tons            100 Nos at       Rs.34,750

Refrigerator 180 ltr                 100 Nos at       Rs. 7,900

 

 

10-4-2013 Credit Sales to Malar & Co – Inv.no.101 

                         

  • Samsung Products Each 42 nos with Rs.2000 Profit
  • LG Products Each 55 nos with Rs.2000 Profit
  • Sales Tax  4%

 10-4-2013 Credit Sales to Saravana Stores – Inv.no.102 

                         

  • Samsung Products Each 40 nos with Rs.2000 Profit
  • LG Products Each 45 nos with Rs.2000 Profit
  • Sales Tax  4%

 12-4-2013 Sales Returned by Malar & Co Inv. No : 101  ( Using Credit Note ) 

 

                        Samsung DVD Player  - 10 Nos

                        Samsung A/C 1.5 tons -    3 Nos

 

12-4-2013 Purchase Return to Samsung India Pvt Ltd Inv.No.1 ( Using Debit Note ) 

 

                        Samsung DVD Player  - 10 Nos

                        Samsung A/C 1.5 tons -    3 Nos

 

15-4-2013  Received Cheque from Malar & Co  Rs.55,00,000 

 

15-4-2013  Received Cheque from Saravana Stores  Rs.45,00,000 

 

17-4-2013  Paid Cheque to Samsung India Pvt Ltd Rs. 35,00,000  

 

17-4-2013  Paid Cheque to LG India Pvt Ltd Rs.40,00,000 

 

 

20-4-2013  Expenses  Made By Bank

 

                        Salaries                        Rs.1,00,000

                        Electricity                    Rs. 6,700

                        Telephone                    Rs. 2,100

                        Show Room Rent       Rs. 6,000

                       

21-4-2013     Expenses  Made By Cash

 

Wages                         Rs.70,000

                        Carriage Inwards        Rs.5,000

                        Carriage Outwards      Rs. 5,000

Conveyance                Rs.200

                        Postage                        Rs.150

                        Stationeries                 Rs.150

                        Staff Welfare              Rs.200

 

 

Question 

 

Prepare the Followings

 

1.      Trail Balance,

2.      P&L account,

3.      Balance sheet,

4.      Stock Summary report

5.      Outstanding Reports

 

Excise 4  -  MANUFACTURING BUSINESS 

 

Light Roofings LTD., is a manufacturer of Roofings Sheets.Started a business from 1.4.2001

 

1.4.2001          Received cheque from share capital Rs.8,00,000

 

1.4.2001          Cash withdrawn from SBI Rs.2,00,000

 

5.4.2001          Purchase of Raw Materials from IOC(inv.No.58)

                        Asphalt            3MT                Rs. 5,000 

                        HSD                3MT                Rs. 5,000 

                        SMT                3MT                Rs. 4,000

 

5.4.2001          Purchased from MuruganWaste paper company  inv.No.63

 

                        Waste Paper    3MT                Rs.3,000

 

5.3.2001          Purchased from Radiant Traders Inv.No.63

 

                        Red Oxide      50 LTR            Rs.20

 

10.4.2001        Consumption  (Raw Materials)

 

Asphalt            1.225MT 

                        HSD                1.225MT 

                        SMT                1.225MT 

Waste Paper    1.225MT

Red Oxide      25 Litre

 

10.4.2001                Production(Finished Goods) 

 

6 Feet Roofing Sheets                        2000 Nos         at Rs.60

4 Feet Roofing Sheets                        2000 Nos         at Rs.60

4 Feet Plain Sheets                  2000 Nos         at Rs.50

3×2 Plain Sheets                     700 Nos           at Rs.30

 

12.4.2001        Credit Sales Inv.No :1 Usman Brothers.

 

6 Feet Roofing Sheets                        1500 Nos         at Rs.80

4 Feet Roofing Sheets                        1500 Nos         at Rs.70

4 Feet Plain Sheets                  1500 Nos         at Rs.70

3×2 Plain Sheets                     300 Nos           at Rs.50

TNGST 4% on Total Sales.

 

13.4.2001        Cash Sales Inv.No : 2

 

6 Feet Roofing Sheets                        300 Nos

4 Feet Roofing Sheets                        300 Nos

4 Feet Plain Sheets                  300 Nos

3×2 Plain Sheets                     200 Nos

TNGST 4% on total sales

Cash discount – 5%

 

15.4.2001                Payments made by Cheque IOC Rs.25,000/- Murugan Waste Paper Company Rs.5,000

20.4.2001        Payments made by Cheque IOC Rs.17,000/- Murugan Waste Paper Company Rs.4,000

20.4.2001        Received cheque from Usman Brothers Rs.2,00,000

 

25.4.2001                Payment made by cash 

 

Paid to Petty Cash      Rs.3,000

                        Furniture                     Rs.30,000

                        Computer                    Rs.30,000

                        Salaries                        Rs.10,000

                        Wages                         Rs.5,000

                        Carriage Inwards        Rs.3,000

                        Rent                            Rs.5,000

                        Electricity                    Rs.2,800

                        Telephone                    Rs.2,200

 

27.4.2001                Payment made by petty cash 

 

Conveyance                Rs.500

Postages                      Rs.300

Staff welfare               Rs.200

Statinaries                   Rs.200

 

30.4.2001                Due to professional Couriers for Rs.2,000 towards postages.

                        Depreciate Rs.3,000 on furniture and 7,000 – on Computer.

 

 

 

 

 

 

 


 

 +2 TOP RANKERS