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    Tally PracticeQuestion 1

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    Khushi Kumari
    The document provides details of a company including its name, address, GSTIN, currency, and bank account information. It also includes the company's opening balance sheet as of March 31, 2021 and lists of stock items, debtors, and creditors. Finally, it provides 18 transactions that occurred during the fiscal year and instructions to create the company in Tally, enter the transactions, and export various financial statements.

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    Tally PracticeQuestion 1

    Uploaded by

    Khushi Kumari
    90K views3 pages
    The document provides details of a company including its name, address, GSTIN, currency, and bank account information. It also includes the company's opening balance sheet as of March 31, 2021 and lists of stock items, debtors, and creditors. Finally, it provides 18 transactions that occurred during the fiscal year and instructions to create the company in Tally, enter the transactions, and export various financial statements.

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    Practical question for tally practise

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    Tally_PracticeQuestion_1

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    The document provides details of a company including its name, address, GSTIN, currency, and bank account information. It also includes the company's opening balance sheet as of March 31, 2021 and lists of stock items, debtors, and creditors. Finally, it provides 18 transactions that occurred during the fiscal year and instructions to create the company in Tally, enter the transactions, and export various financial statements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    90K views3 pages

    Tally PracticeQuestion 1

    Uploaded by

    Khushi Kumari
    The document provides details of a company including its name, address, GSTIN, currency, and bank account information. It also includes the company's opening balance sheet as of March 31, 2021 and lists of stock items, debtors, and creditors. Finally, it provides 18 transactions that occurred during the fiscal year and instructions to create the company in Tally, enter the transactions, and export various financial statements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    Daulat Ram College

    BCH 1C: Financial Accounting


    Tally Prime Practical 2022-2023
    Practice Question – 1

    The company details are as follows:


    (a) Name – Name_PQ1
    (b) Address – Your Address, Telephone No., Mobile No.
    (c) GSTIN: 07RPAPS9876E1ZX
    (d) Email Id – [email protected]
    (e) Currency Symbol: ₹
    (f) All transactions of sale and purchase of goods, payments to creditors and receipts
    from debtors are done through Canara Bank.
    (g) Any other payment and receipt is to be done through State Bank of India or Cash.

    Balance Sheet as at 31-03-2021


    Liabilities Amount Assets Amount
    Capital 1000000 Land and Buildings 1200000
    General Reserve 550000 Plant and Machinery 250000
    Profit and Loss Account 300000 Furniture 190000
    Secured loan 1000000 Investment 300000
    Debentures 1200000 Stock 1955500
    Loan from Promoters 250000 Debtors 547000
    Provision for tax 350000 Bills Receivables 24000
    Bills Payable 120000 State Bank of India 500000
    Sundry Creditors 370000 Canara Bank 280000
    Salaries outstanding 80000 Cash in Hand 18000
    Rent outstanding 50000 Prepaid insurance 5500
    5270000 5270000
     The company deals in the following stocks:
    Name of the Items Group Quantity Rate (₹) GST % Opening Stock
    Value
    Cotton Shirts 150 pcs. 750 18 112500

    Woollen Shirts 135 pcs. 800 18 108000


    Rayon Shirts 220 pcs. 500 18 110000
    Denim Trousers 350 pcs. 1000 12 350000
    Woollen Trousers 650 pcs. 1200 12 780000
    Cotton Trousers 900 pcs. 550 12 495000
    Total 1955500
     The list of company debtors and creditors is as follows:
    Debtors Address GSTIN Balance Due
    Jyoti Delhi 07MWEGR2345C1ZY 380000
    Kavita Delhi 07MWEGR2378C1ZY 66000
    Suresh Haryana 06MCTFS8734H1Z4 21000
    Meena Delhi 07RTRDV9034J1Z1 46000
    Mahesh Delhi 07MSTGR2345C1ZY 34000
    Total 547000

    GSTIN Balance
    Creditors Address
    Payable
    Ramesh Uttar Pradesh Unregistered 78000
    Pradeep Delhi 07MWEGR4589C1ZY 33500
    Namita Delhi 07JTCNF5639E1ZR 66500
    Poonam Delhi 07MWEGR6951C1ZY 52000
    Reena Chandigarh 04AUDCA2328KIZZ 140000
    Total 370000

    Record the following transactions that took place during financial year 2021-2023

    S.No. Transaction Item Quantity Amount


    (exc. GST)
    1. 1 Purchase from Namita Cotton Shirts 40 36000
    2. 2 Sale to Meena Woollen Shirts 100 190000
    3. 3 Sale to Suresh Denim trousers 50 180000
    4. 4 Paid money to Namita in full settlement for 34200
    the transaction no. 1 above
    5. 5 Received from Meena and Suresh ₹ 175000
    each in full settlement for their
    transactions at no. 2 and no. 3 above.
    6. 6 Paid to Pradeep in full settlement of his 32000
    account
    7. 7 Purchase from Ramesh Woollen Shirts 110 33000
    8. 8 Purchase from Reena Cotton Shirts 325 130000
    9. Goods sold to Suresh were found defective 5
    and returned by him.
    10. 9 Sale to Jyoti (Trade discount 10% on list Rayon shirt 200 shirts. List Price ₹
    price) 1500/- each
    11. 1 Purchased furniture on 2.4.2022 and GST@ 60000
    0 18%.
    12. 1 Paid insurance Premium 11000
    1
    13. 1 Purchased Land and Building from XY Ltd for ₹ 15,00,000. To pay for this the company
    2 borrowed from bank a loan of ₹ 9,00,000 and issued fully paid debentures of ₹ 6,00,000
    to XY Ltd. (ITC not admissible)
    14. Rayon Twenty shirts were gifted to the daughter by the owner.
    15. 3 Sold all the investment 5,25,000
    16. Rohini, whose account was written off last year as bad debts, paid Rs.10,000 in cash.
    17. 1 Paid
    5 1. Outstanding Salaries 60000
    2. Electricity (GST Exempted) 8000
    3. Telephone (Services have been used purely for business)(Applicable
    GST rate 18%) 3500
    4. Current Salaries 40000
    5. Rent (including outstanding) 90000
    6. Tax of last year 250000
    18. 1 Outstanding
    6 1. Total Salaries 70000
    2. Total Provision for Tax 180000
    3. Total rent outstanding 30000
    4. Prepaid Insurance 5500
    Charge Depreciation for the period 01-04-2021 to 31-03-2022 on Furniture @ 8% pa. and on
    Plant and Machinery @ 12%.

    You are required to:-


    1. Create a company as per details given above
    2. Create appropriate groups and Ledger Accounts.
    3. Enter the transactions as given selecting appropriate voucher type.
    4. Export the following statements in pdf format (detailed and portrait mode)
    (a) Day book
    (b) Trial Balance as on 31st March 2022.
    (c) Profit and Loss Account for the year ended on 31st March 2022.
    (d) Balance Sheet as on 31st March 2022.
    (e) Cash Book
    (f) Ratio Analysis
    (g) Cash flow statement
    (h) GST Report.

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