11/29/13 Tally Notes: Basic Accounting

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Tally Notes
Basic Accounting

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Saturday, 18 June 2011

Basic Accounting

Basic concept of accounting

Earn O
Accounting: It is an art of recording, classifying and summarizing in significant manner and in terms of money, transactions and events
Get Rs.99,
which are of financial character and interpreting the results thereof.
Earn RS. 1

Business transaction: A business transaction is “The movement of money and money’s worth form one person to another”. Or exchange
of values between two parties is also known as “Business Transaction”. Search
Purchase: A purchase means goods purchased by a businessman from suppliers.

Sales: Sales is goods sold by a businessman to his customers.

Tally N
Purchase Return or Rejection in or Outward Invoice: Purchase return means the return of the full or a part of goods purchased ► 2013 (1
by the businessman to his suppliers.
► 2012 (1

Sales Return or Rejection out or Inward Invoice: Sales return means the return of the full or a part of the goods sold by the ▼ 2011 (2
customer to the businessman. ► July

▼ June
Assets: Assets are the things and properties possessed by a businessman not for resale but for the use in the business.
Basic

Liabilities: All the amounts payable by a business concern to outsiders are called liabilities.

Capital: Capital is the amount invested for starting a business by a person.

Debtors: Debtor is the person who owes amounts to the businessman.

Creditor: Creditor is the person to whom amounts are owed by the businessman.

Debit: The receiving aspect of a transaction is called debit or Dr.

Credit: The giving aspect of a transaction is called credit or Cr.

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Drawings: Drawings are the amounts withdrawn (taken back) by the businessman from his business for his personal, private and
domestic purpose. Drawings may be made in the form cash, goods and assets of the business.

Receipts: It is a document issued by the receiver of cash to the giver of cash acknowledging the cash received voucher.

Account: Account is a summarized record of all the transactions relating to every person, every thing or property and every type of
service.

Ledger: The book of final entry where accounts lie.

Journal entries: A daily record of transaction.

Trail Balance: It is a statement of all the ledger account balances prepared at the end of particular period to verify the accuracy of the
entries made in books of accounts.

Profit: Excess of credit side over debit side.

Profit and loss account: It is prepared to ascertain actual profit or loss of the business.

Balance Sheet: To ascertain the financial position of the business. It is a statement of assets and liabilities.
Types of accounts

Personal account: Personal accounts are the accounts of persons, firms, concerns and institutions which the businessmen deal.

Principles: Debit the receiver

Credit the giver

Real Account: These are the accounts of things, materials, assets & properties. It has physical existence which can be seen & touch.
Ex. Cash, Sale, Purchase, Furniture, Investment etc. Total Pa
Principles: Debit what comes in 1 58
Credit what goes out

Nominal account: Nominal account is the account of services received (expenses and Losses) and services given (income and gain) tutorial
Ex. Salary, Rent, Wages, Stationery etc. Ladli sms
Accountin
Principles: Debit all expense/losses
tally video
Credit all income/ gains
Tally 7.2
Tally is a complete business solution for any kind of Business Enterprise. It is a full fledged accounting software. Followe
Join
Procedure for creating company in Tally
w ith Google

Members
Double click on Tally icon on desktop. Alt+F3 Company info-Create company.

Accounts Only: To maintain only the financial accounts of the company. Inventory (stock) management is not involved in it.

Account with Inventory: This is the default option, which allows maintaining both the financial account of the company as well
as the inventory of the company.

Select Company: We can choose the company which is already created. Already a me

Shortcut key - F1.

Shut Company: It is used to close the company which is opened. Shortcut key - Alt+F1.

Alter: It is used to make alterations in the company creation like name, date, maintain etc.

Quit: Exits from Tally. 1. Click on quit button.

2. Esc, Esc, Esc and enter.
3. Ctrl+Q

Short cut keys

Alt+F3 Company information menu

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11/29/13 Tally Notes: Basic Accounting
Enter To accept information typed into a field.
To accept a voucher or master.
To get a report with further details of an item in a report.

Esc To remove what has been typed into a field.

To exit a screen.

To indicate you do not want to accept a voucher or master.

Ctrl+A To accept a form wherever you use the key combination the screen or report will be accepted as it is on this
screen.

Ctrl+Q It quits the screen without making any changed to it.

Alt+C To create a master at a voucher screen.

When working within an amount field presses Alt+C to act as a calculator.

Alt+D To delete a voucher.

To delete a master.

Ctrl+Enter To alter a master while making an entry or viewing report.

F2 Date

Alt+F2 Change period

Alt+F1 To see detail

F11 Features company

F12 Configuration options are applicable to all the companies in a data directory.

Ctrl+N Calculator screen.

Ctrl+V Voucher mode (Cr. Dr)

Invoice mode (name of item, rate, quantity, and amount)
Gateway of tally-Accounts info-Group
Bank account Bank Account
Bank Od account Branch/division
Capital account Cash in hand
Current asset Current liability
Deposit Direct expenses
Direct income Indirect expense
Indirect income Duties and tax
Fixed asset Investment
Loans and advance Loan (liability)
Miscellaneous expenses Provisions
Retained earning Reserves and surplus
Purchase account Sales account
Secured loan Stock in hand
Sundry debtor’s Sundry creditors
Suspense Unsecured account
Meaning:

Current asset:
It is converted into cash with in a year. Ex. Bills receivable

Direct expenses:
These are the expenses which are directly related to manufacturing of goods.
Ex. Wages, factory rent, heating, lighting etc

Indirect expense:

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These are the expenses which are indirectly related to manufacturing of goods.
Ex. Salary, rent, stationery, advertisement, printing

Depreciation: Decrease the value of the asset.

Sundry debtors: The person who is the receiver or customer

Sundry creditors: The person who gives or supplier.

Expenses Outstanding or Unpaid expenses or Expenses due:

Expenditure incurred during current year but the amount on which is not yet paid. (Added to the expenditure on the debit
side and entered on the liability side.)

Income received in advance or Income received but not earned

Income received during the current year but not earned or a part of which relates to the next year. (Deducted form the
concerned income on the credit side and entered on the liability side)

Prepaid advance or Expenses or Prepaid expenses

Expenditure paid during current year but not incurred or a part of which relates to the next year is called expenditure
prepaid. (Deducted form the concerned expenditure on the debit side and entered on the assets side)

Income outstanding or income earned but not received or Income accrued

Income outstanding means income earned during the current year but the amount on which is not yet received (added to the
concerned income on the credit side and entered on the asset side)

Gateway of Tally-Accounts info-ledger-create

Ledger Group
Opening stock Stock in hand
Purchase Purchase account
Purchase return Purchase account
Fright charges Direct expenses
Carriage inwards or Purchases Direct expenses
Cartage and coolie Direct expenses
Octroi Direct expenses
Manufacturing wages Direct expenses
Coal, gas, water Direct expenses
Oil and fuel D
irect expenses
Factory rent, insurance, electricity, lighting and heating Direct expenses
Sales Sales account
Salary Indirect expenses
Postage and telegrams Indirect expenses
Telephone charges Indirect expenses
Rent paid Indirect expenses

Rates and taxes Indirect expenses

Insurance Indirect expenses
Audit fees Indirect expenses
Interest on bank loan Indirect expenses
Interest on loans paid Indirect expenses
Bank charges Indirect expenses
Legal charges Indirect expenses
Printing and stationery Indirect expenses
General expenses Indirect expenses
Sundry expenses Indirect expenses
Discount allowed Indirect expenses
Carriage outwards or sales Indirect expenses
Traveling expenses Indirect expenses

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Advertisement Indirect expenses
Bad debts Indirect expenses
Repair renewals Indirect expenses
Motor expenses Indirect expenses
Depreciation on assets Indirect expenses
Interest on investment received Indirect income
Interest on deposit received Indirect income
Interest on loans received Indirect income
Commission received Indirect income
Discount received Indirect income
Rent received Indirect income
Dividend received Indirect income
Bad debts recovered Indirect income
Profit by sale of assets Indirect income
Sundry income Indirect income
Loan from others Loan Liabilities
Bank loan Loan Liabilities
Bank overdraft Bank OD
Bills payable Current Liabilities
Sundry creditors Sundry creditors
Mortgage loans Secured loans
Expense outstanding Current Liabilities
Income received in advance Current Liabilities

Other liabilities Current Liabilities

Capital Capital account
Drawings Capital account
Cash in hand Cash in hand
Cash at bank Bank account
Fixed deposit at bank Deposit
Investments Investments
Bills receivable Current asset
Sundry debtors Sundry debtors
Closing stock Stock in hand
Stock of stationery Current asset
Loose tools Fixed asset
Fixtures and fittings Fixed asset
Furniture Fixed asset
Motor vehicles Fixed asset
Plant and machinery Fixed asset
Land and building Fixed asset
Leasehold property Fixed asset
Patents Fixed asset
Goodwill Fixed asset
Prepaid expenses Current asset
Income outstanding Current assset

Trading account: Buying and selling of goods.

Dr. Receiving aspect Giving aspect Cr.

Direct expenses Amount Direct Income Amount
To Opening stock xxx By Sales xxx
To Purchases xxx By (-)Sales return xxx
To (-)purchase return xxx By Closing stock xxx
To Freight charges xxx
To Cartage and coolie xxx
To Lorry hire xxx
To Manufacturing expenses xxx
To Wages xxx

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To Factory rent, fuel power xxx
To Gross profit (transfer to profit and loss account) xxx

To Profit and loss account: Actual profit and loss of the business
Indirect expenses or payments Amount Indirect income or receipts Amount
To Salary xxx By Gross profit xxx
To Postage and Telegram xxx By Interest on investment received xxx
To Telephone charges xxx By Interest on deposit received xxx
To Rent paid xxx By Interest on loans received xxx
To Rate and taxes xxx By Discount received xxx
To Insurance paid xxx By Discount received xxx
To Interest on bank loan xxx By Rent received xxx
To Bank charges xxx By Bad debts received xxx
To Printing and stationery xxx By Net loss xxx
To Discount allowed xxx
To Advertisement
To Carriage outward (sales)
To Depreciation on assets
To General expenses
To Traveling
To Bad debts
To Net profit

Balance sheet: Actual financial position

Liabilities Amount Assets Amount

Bank loan xxx Cash in hand xxx
Bank overdraft xxx Cash at bank xxx
Bills payable xxx Fixed deposit at bank xxx
Sundry creditors xxx Investments xxx
Expenses outstanding xxx Bills receivable xxx
Capital xxx Sundry debtors xxx
(-)drawings xxx Closing stock xxx
Net profit xxx Stock of stationery xxx
Furniture xxx
Plant machinery xxx
Land and building xxx
Motor vehicles xxx

Prepaid expenses xxx

Income outstanding xxx

Alt+F3 Company Creation

Gateway of tally-Accounting voucher

F4 Contra: Records funds transfer between cash and bank accounts.

Deposit into bank or Opened bank account Cr. Cash
Dr. Bank
Withdraw form bank Cr. Bank
Dr. Cash
F5 Payment: Record all bank and cash payments.
Paid or Give Dr.
Cr. Cash/bank (in case cheque)
F6 Receipt: Records all receipts into bank or cash accounts.
Received or Borrow or Take Cr.
Dr. Cash/bank (in case cheque)
F7 Journal: Records adjustments between ledger accounts.
F8 Sales: Records all sales.
Dr. Cash/party (incase of credit-party)

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Cr. Sales
F9 Purchase: Records all purchase.
Cr. Cash/party (incase of credit-party)
Dr. Purchase

Journalize the following transactions

1. Commenced business with cash Rs.10, 000.

2. Deposit into bank Rs. 15,000
3. Bought office furniture Rs.3,000
4. Soled goods for cash Rs.2,500
5. Purchased goods form Mr X on credit Rs.2,000
6. Soled goods to Mr Y on credit Rs.3,000
7. Received cash form Mr. Y on account Rs.2,000
8. Paid cash to Mr X Rs. 1,000
9. Received commission Rs. 50
10. Received interest on bank deposit Rs. 100
11. Paid into bank Rs. 1,000
12. Paid for advertisement Rs.500
13. Purchased goods for cash Rs. 800
14. Sold goods for cash Rs. 1,500
15. Paid salary Rs. 500

Gateway of tally-Account info-Ledger-Create

Gateway of tally – Accounting voucher
Type of
Sl.No Key Voucher Ledger Group Principles Amount
account
Cr. Capital Capital
Personal Giver 10,000
account
1 F6 Receipt
Dr. Cash Cash in
Real Comes in 10,000
hand
Cr. Cash Cash in
Real Goes out 15,000
hand
2 F4 Contra
Dr. Bank Bank
Real Comes in 15,000
account
Dr. Office Fixed asset
Real Comes in 3,000
furniture
3 F5 Payment
Cr. Cash Cash in
Real Goes out 3,000
hand
Dr. Cash Cash in
Real Comes in 2,500
hand
4 F8 Sales
Cr. Sales Sales
Real Goes out 2,500
account
Cr. X Sundry
Personal Giver 2,000
creditor
5 F9 Purchase
Dr. purchase Purchase
Real Comes in 2,000
account
Dr. Y Sundry
Personal Receiver 3,000
debtors
6 F8 Sales
Cr. Sales Sales
Real Goes out 3,000
account
Cr. Y Giver 2,000
Dr. cash Cash in
7 F6 Receipt
hand Real Comes in 2,000

Dr. X Receiver 1,000

8 F5 Payment Cr. Cash Cash in
Real Goes out 1,000
hand
Cr. commission Indirect Credit all

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income Nominal income 50
9 F6 Receipt
Dr. cash Cash in
Real Comes in 50
hand
Cr. Interest on Indirect Credit all
Nominal 100
bank deposit income income
10 F6 Receipt
Dr. Bank Bank
Real Comes in 100
account
Cr. Cash Cash in
Real Goes out 1,000
hand
11 F4 Contra
Dr. Bank Bank
Real Comes in 1,000
account
Dr. Indirect Debit all
Nominal 500
Advertisement expenses expenses
12 F5 Payment
Cr. Cash Cash in
Real Goes out 500
hand
Cr. Cash Cash in
Real Goes out 800
hand
13 F9 Purchase
Dr. purchase Purchase
Real Comes in 800
Cr cash account
Dr. cash Cash in
Real Comes in 1,500
hand
14 F8 Sales
Cr. Sales Sales
Real Goes out 1,500
account
Dr. salary Indirect Debit all
Nominal 500
expense expenses
15 F5 Payment
Cr. Cash Cash in
Real Goes out 500
hand
To view- Gateway of tally-Accounts info-Ledger-Multiple ledger Alter-All items (for ledger)
Gateway of tally-Display-Day book-Alt+F1 (to see detail) (Accounting Voucher)

Inventory information

Alt+F3 Company creation-Maintain-Accounts with inventory

Gateway of Tally-Inventory information-Unit of measure
Gateway of tally –Inventory information-Godown
Gateway of tally-Inventory information-Stock group
Gateway of tally – Inventory information-Stock item

To View
Gateway of tally-Display-Day book-Alt+F2 (change period) Alt+F1 (to see detail) or
Gateway of tally-Stock summary

1. On 1-4-06 Raman commenced business with cash of Rs. 25,00,000. He further introduced Land and Building costing Rs. 30,000,
Plant and Machinery costing Rs. 25,000 and furniture and fixture costing Rs. 36,000.

2. On 2-4-06 Purchased Vehicle and Patents Rs. 20,000 and Rs. 15,000.

3. On 5-4-06 He deposited Rs. 1, 00,000 into Canara Bank.

4. On 6-4-06 Purchased from Cadbury Company

500 5 Stars @ Rs. 5 1000 Cadbury @ Rs. 5
100 Kit kat @ Rs. 4 200 Dairy milk @ Rs. 7

5. On 10-4-06 Purchased from Paras

500 Moov @ Rs. 20
500 D’Clod @ Rs. 12

6. On 13-4-06 Sold to Pankaj

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200 Moov @ Rs. 20.50
100 D’Clod @ Rs. 12.25
200 Adhensive tape roll @ Rs. 15.25
100 Band Aid box @ Rs. 252
200 Boric Acid powder @ Rs.14

7. On 15-4-06 Sold to Akbar

500 Cadbury @ Rs. 6
200 5 Star @ Rs.5.25
50 Kit Kat @ Rs. 6

8. On 16-4-06 Paid to Cadbury company Rs.

9. On 18-4-06 Received from Pankaj

10. On 20-4-06 Paid to Paras Rs.

11. On 25-4-06 Received from Akbar Rs.

12. On 26-4-06 Purchase from Well Cloth

T-Shirts Lee-25Pc-Rs.200
Nike-30Pc-Rs.300
Formal Shirts Pan America-35Pc-400
Peter England-30Pc-450
Jeans Pants Tiger-20Pc-500
Ruff and Tuff-30Pc-350
Cotton Pants Arrow-40Pc-200
Ex-Calibar-20Pc-250

13. Paid Postage Rs. 500 by cheque

14. Received commission Rs. 15,000
15. Paid wages Rs. 2,500

Procedure for Inventory Problem

Gateway of Tally-Inventory Info-Unit of Measure-Create-

Symbol- Nos. Pcs
Formal Name-Number Pieces

Gateway of Tally-Inventory Info-Stock Group-Create

Chocolate, Medicines, Cotton Pants, Jeans Pants, Formal Shirts, T-Shirts

Gateway of Tally-Inventory Info-Stock Item-Create

5 Stars
Kitkat Chocolate
Cadbury
Dairy milk

Moov
D’Clod
Adhensive tape rolls Medicines
Band Aid box
Boric Acid powder

Lee T-Shirts
Nike

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Pan America Formal Shirts

Peter England

Tiger Jeans Pants

Ruff and Tuff

Arrow
Ex-Calibar Cotton Pants

Journalize the following Transactions using the debit and credit given by the
American accounts

1. Commenced business with cash 10,000

2. Deposited into bank 5,000
3. Purchased goods for cash 3,000
4. Sold goods for cash 2,500
5. Purchased goods from A on credit 4,000
6. Sold goods to B on credit 4,500
7. Withdraw from bank 3,000
8. Paid A on account 2,000
9. Received from B on account 2,500
10. Took loan from C 5,000
11. Gave loan to D 4,000
12. Paid salary 1,000
13. Cash withdraw from the business for personal use 200
14. Rent paid to E 1,000

Ledger Group
Capital Capital Account
Cash Cash in hand
Bank Bank account
Purchase Purchase account
Sales Sales account
A Sundry creditor
B Sundry debtor
C Sundry creditor
D Sundry debtor
Salary Indirect expenses
Drawings Capital account
Rent Indirect expenses

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11/29/13 Tally Notes: Basic Accounting

Rakesh and company

1. Started business with cash Rs. 2,000, Bank Rs. 20,000.

2. Issued cheque for goods purchased Rs. 1,000.
3. Bought goods for cash Rs.8,000.
4. Bought furniture from Anil for cash Rs.100.
5. Bought goods from harish Rs. 1,500.
6. Bought goods from chandan on credit Rs. 5,800.
7. Returned damaged goods to Chandan Rs.800.
8. Bought goods from Naveen and paid by cheque immediately Rs.400.
9. Sold goods to Guptha Rs. 1,000.
10. Received a cheque from Guptha Rs.1,000 for goods sold.
11. Paid commission Rs.2,000.
12. Paid wages by cheque Rs.4,000.
13. Draw cheque for personal use Rs.4,000.
14. Draw cash for personal use from bank Rs.3,000.
15. Receive a cheque from Manju Rs.2,800.
16. Borrow loan from Anands Rs.1,000.
17. Paid Anands Loan with interest Rs.1,000.

Ledger Group
Capital Capital account
Bank Bank account
Purchase Purchase account
Anil Sundry Creditor

Chandan Sundry Creditor

Harish Sundry Creditor
Purchase return Purchase account
Naveen Sundry Creditor
Sales Sales account
Guptha Sundry debetor
Commission Indirect expenses
Wages Direct expenses
Drawings Capital account
Manju Sundry Creditor
Anand Sundry Creditor

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Haridas and company

1.Started business with cash Rs.10,000,furniture Rs.4,000 and machinery Rs.5,000.

2.Bought goods from Anil on credit Rs. 4,000 and for cash Rs.5,000.
3. Sold goods to Rajesh on credit Rs.5,000 and for cash Rs.3,000.
4. Bought goods from Arun Subject to trade discount of 2% of Rs.2,000.
5. Sold goods to Ramesh subject to trade discount of 5% of Rs.4,000.
6. Paid salary Rs.1,000, printing Rs.150 and wages rs.100.
7.Received rent Rs.500, commission Rs.400.
8. Received a cheque from Ganesh Rs.1,000.

Ledger Group
Capital Capital account
Furniture Fixed asset
Machinery Fixed asset
Purchase Purchase account
Anil Sundry Creditor
Sales Sales account
Rajesh Sundry debtor
Arun Sundry creditor
Ramesh Sundry debtor
Salary Indirect expenses
Printing Indirect expenses
Wages Direct expenses
Rent Indirect expenses
Commission Indirect expenses
Ganesh Sundry creditor
Trade discount Indirect expenses

Memorandum book
Particulars
1. Commenced business with cash Rs. 10,000.
2. Purchased goods for cash Rs.3,000.
3. Opened a bank account with Rs.2,000.
4. Purchased stationary Rs.1,00.
5. Purchased furniture Rs.1,000.
6. Sold goods to A Rs.2,000.
7. Purchased goods from B Rs.2,000.

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8. Sold goods for cash Rs.1,000.

9. Paid for postage Rs.20.
10. Took loan from C Rs.1,500.
11. Paid rent Rs.300.
12. Withdraw from bank Rs.800.
13. Received from A on account Rs.500.
14. Paid commission by cheque Rs.200.

Ledger Group
Capital Capital account
Purchase Purchase account
Bank Bank account
Purchase Purchase account
Stationary Indirect expenses
Furniture Fixed asset
Sales Sales account
A Sundry debtor
B Sundry Creditor
Potage Indirect expenses
C Sundry Creditor
Rent Indirect expenses
Commission Indirect expenses

Roa and company

Particulars Rs.

1. Bought goods for cash 2,500

2. Bought office furniture for cash 500
3. Paid for postage 10
4. Purchased goods from Rajkamal 2,000
5. Sold goods for cash 150
6. Bought goods from Rahim 400
7. Sold goods to Suresh 400
8. Sold goods to Nayak 250
9. Purchased goods for cash 400
10. Recevied cash from Nayak 200

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11. Paid cash to Rahim 50

12. Returned goods to Ralkamal 200
13. Suresh returned goods 50
14. Paid salary 150
15. Sold goods for cash 500
16. Rao withdraw for his personel use 800
17. Paid for stationery 100
18. Paid rent 50
19. Received commission 225

Ledger Group
Capital Capital account
Purchase Purchase account
Postage Indirect expenses
Rajkamal Sundry Creditor
Sales Sales account
Rahim Sundry Creditor
Suresh Sundry Debtor
Nayak Sundry Debtor
Purchase returns Purchase account
Salary Indirect expenses
Drawings Capital account
Stationary Indirect expenses
Rent Indirect expenses
Commission Indirect income

Posted by financeworld at 04:10 +14 Recommend this on Google

67 comments:
Deb 6 April 2012 03:41
Well, P;z send me more transactions for practice in this E-mail ID: [email protected]
Reply

vijay 25 April 2012 02:52

Thanks For Providing us,,
Please send me... Process How can be enter tha data of TDS.
Please provide me an example.
my mail id is [email protected]
Reply

prabha mehra 16 September 2012 00:39

plz send me more information about accounting...
Reply

welcome 2 World of computers 4 October 2012 06:26

very nice &very useful thankQ....
Reply

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