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Mr. Ravindrakumar started M/s Bitwise Trading Company in 2019. The document includes transactions from April 2019 to December 2019 which include starting the business with cash, purchases and sales, payment of salaries, cash deposits in the bank, purchase of machinery, and receipt of interest from the bank. It provides steps to create the company, ledgers, and pass voucher entries for these transactions in Tally accounting software to generate key reports like trial balance, profit and loss statement, and balance sheet.

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MadhuriNikam
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926 views4 pages

Sop 8

Mr. Ravindrakumar started M/s Bitwise Trading Company in 2019. The document includes transactions from April 2019 to December 2019 which include starting the business with cash, purchases and sales, payment of salaries, cash deposits in the bank, purchase of machinery, and receipt of interest from the bank. It provides steps to create the company, ledgers, and pass voucher entries for these transactions in Tally accounting software to generate key reports like trial balance, profit and loss statement, and balance sheet.

Uploaded by

MadhuriNikam
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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3.

Computerised Acconting With GST

Mr. Ravindrakumar started business by the name M/s Bitwise Trading Company in the year
2019.

Date Particulars Amount


(Rs)
01/04/2019 Mr. Ravindrakumar started business with cash 500000
01/04/2019 Purchased goods from Sharada Steel works on credit 20000
02/05/2019 Paid salary to staff 5000
01/06/2019 Cash deposited into Bank of India 50000
02/06/2019 Sold goods to Rakesh Enterprises on cash 25500
02/07/2019 Purchased Machinery 10000
02/12/2019 Received Interest on cash deposited in Bank of India 2000

Solution :
Step I: Company Creation
Company Info -> Create Company
(i) Create a new company in the name of M/s Bitwise Trading Company with the
given details, financial year begins on 1/04/2019.
(ii) After creation of a company, it is necessary to set up features. The features are set of
capabilities, provided as options that enable maintenance of financial records as per
the requirements of the users. Go to Features -> Company Features -> Accounting
Features-> Maintain Accounts with Inventory
-> Type Yes

Step II : Creation Of Ledger


To record any transaction, the transaction has to be identified with the related
Ledger Accounts. Two ledgers are created by tally i.e. Cash and Profit & Loss A/
The user has to create various other ledgers based on their requirements.

To create given Ledgers ->


Masters --> Account Info -> Ledgers-->Single Ledger --> Create
While creating a ledger, name of the ledger along with appropriate group should be
selected from the list of groups.

Ledger Under Group

Capital A/c Capital Account


Bank of India A/c Bank Account
Salary A/c Indirect Expenses
Purchase A/c Purchase Accounts
Sharada Steel Works A/c Sundry Creditors
Sales A/c Sales Accounts
Machinery A/c Fixed Asset
Interest Received A/c Indirect Income

To view the list of created ledger :


Accounts Info -> Ledger-> Single Ledger ->Display

Step III: Voucher Entries


All Accounting Software has a set of predefined vouchers such as Purchase, Sales,
Payment, Reccipt, Journal and Contra. To pass voucher entries from Gateway of
Tally -> Transactions -> Accounting vouchers -> Select appropriate voucher and
pass all the entries.
Analysis of T'ransactions

Date 2019 Voucher Type Particular Debit Amt. Credit Amt.


1 April Reciept Dr. Cash 500000
F6 Cr. Capital A/c 500000
1 April Purchase Dr.Purchase A/c 20000
F9 Cr.Sharada steel Works A/c 20000
2 May Payment Dr.Salary A/c 5000
F5 Cr. Bank of India A/c 5000
1 June Contra Dr.Bank of India A/c 50000
F4 Cr. Cash A/c 50000
2 June Sales Dr. Cash A/c 25500
F8 Cr. Sales A/c 25500
2 July Purchases Dr. Machinery A/c 10000
F9 Cr. Cash A/c 10000
2 Dec Receipt Dr. Bank of India A/c 2000
Cr. Interest Received A/c 2000
Step IV: To view various Reports :

(i) To view Trial Balance -> Display -> Trial Balance

(ii) To view Profit and Loss A/c -> Reports -> Profit & Loss A
(iii) To view Balance Sheet ->Reports -> Balance Sheet

(iv) To view Day Book -> Display -> Day Book -> Detailed (Alt + F1)

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