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Accounting With GST - SOP 1

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Etteka Dhalait
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1K views5 pages

Accounting With GST - SOP 1

Uploaded by

Etteka Dhalait
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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Computerized Accounting with GST

SOP 1:
Mr. Ravindrakumar started business by then name M/s Bitwise Trading Company in the year 2019.
Company Details
Company Name: M/s Bitwise trading Company
Address: 102 M.G.Road, Bhavan Nagar, Latur – 413512
State: Maharashtra
Website: www.bitwisetrading.com
E-mail id: [email protected]
Maintain: Account with Inventory Financial Year From: 01-04-2019
Books Begin From: 01-04-2019

Date Particulars Amount(Rs)


01/04/2019 Mr. Ravindrakumar started business with cash 5,00,000
01/04/2019 Purchased goods from Sharada Steel works on credit 20,000
01/04/2019 Paid salary to staff 5,000
01/04/2019 Cash deposited into bank of India 50,000
01/04/2019 Sold goods to Rakesh Enterprises on cash 25,500
01/04/2019 Purchased Machinery 10,000
01/04/2019 Received Interest on cash deposited in Bank of India 2,000

Soultion:
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.

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 Sundry Creditors


A/c
Sales A/c Sales Accounts

Machinery A/c Fixed Asset

Interested 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, Receipt, Journal
and Contra. To pass voucher entries from Gateway of Tally -> Transactions -> Accounting vouchers -> Select
appropriate voucher and pass all the entries

Analysis of Transactions
Date 2019 Voucher Type Particular Debit Amt. Credit Amt.

1 April Receipt F6 Dr. Cash 5,00,000


Cr. Capital A/c 5,00,000
1 April Purchased F9 Dr. Purchases A/c 20,000
Cr. Sharada Steel work A/c 20,000
2 May Payment F5 Dr. Salary A/c 5,000
Cr. Bank of India A/c 5,000
1 June Contra F4 Dr. Bank of India A/c 50,000
Cr. Cash A/c 50,000
2 June Sales F8 Dr. Cash A/c 25,500
Cr. Sales A/c 25,500
3 July Purchases F9 Dr. machinery A/c 10,000
Cr. Cash A/c 10,000
2 Dec Receipt F6 Dr. bank of India A/c 2,000
Cr. Interest received A/c 2,000
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/c
iii) To view Balance Sheet -> Reports -> Balance Sheet

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

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