Step-by-Step Accounting Procedure in Tally Software for Various Transactions
Detailed and stepwise accounting procedure in Tally software for these transections :
May 02, 2019:- Goods purchased from Rajesh for Rs. 59,000 May 06, 2019:- Goods Sold to Narmada for Rs. 24,000 May 12, 2019:- Insurance premium paid by cheque of Rs. 35,000 May 18, 2019:- Cheques received from Manu of Rs. 16,000 May 24, 2019:- Sam paid Rs. 14,000 in cash May 25, 2019:- Payment of salary made in cash for Rs. 24,000 May 30, 2019:- Goods purchased from John on credit for Rs. 32,000
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To record the above transactions in Tally software, follow these step-by-step procedures:
Step 1: Create ledger accounts
1. Go to Gateway of Tally > Accounts Info > Ledgers > Create.
2. Create the following ledger accounts:
- Rajesh (Sundry Creditor)
- Narmada (Sundry Debtor)
- Insurance Premium (Indirect Expense)
- Manu (Sundry Debtor)
- Sam (Cash-in-hand)
- Salary (Indirect Expense)
- John (Sundry Creditor)
- Purchases (Direct Expense)
- Sales (Direct Income)
Step 2: Record the transactions
Transaction 1: Goods purchased from Rajesh for Rs. 59,000
1. Go to Gateway of Tally > Accounting Vouchers > F9: Purchase.
2. Select Rajesh (Sundry Creditor) as the supplier.
3. Enter the purchase amount of Rs. 59,000 under the Purchases ledger.
Transaction 2: Goods Sold to Narmada for Rs. 24,000
1. Go to Gateway of Tally > Accounting Vouchers > F8: Sales.
2. Select Narmada (Sundry Debtor) as the customer.
3. Enter the sales amount of Rs. 24,000 under the Sales ledger.
Transaction 3: Insurance premium paid by cheque of Rs. 35,000
1. Go to Gateway of Tally > Accounting Vouchers > F5: Payment.
2. Select the Insurance Premium (Indirect Expense) ledger.
3. Enter the payment amount of Rs. 35,000.
4. Select the bank ledger for the payment mode.
Transaction 4: Cheques received from Manu of Rs. 16,000
1. Go to Gateway of Tally > Accounting Vouchers > F6: Receipt.
2. Select the Manu (Sundry Debtor) ledger.
3. Enter the receipt amount of Rs. 16,000.
4. Select the bank ledger for the receipt mode.
Transaction 5: Sam paid Rs. 14,000 in cash
1. Go to Gateway of Tally > Accounting Vouchers > F6: Receipt.
2. Select the Sam (Cash-in-hand) ledger.
3. Enter the receipt amount of Rs. 14,000.
Transaction 6: Payment of salary made in cash for Rs. 24,000
1. Go to Gateway of Tally > Accounting Vouchers > F5: Payment.
2. Select the Salary (Indirect Expense) ledger.
3. Enter the payment amount of Rs. 24,000.
4. Select the cash ledger for the payment mode.
Transaction 7: Goods purchased from John on credit for Rs. 32,000
1. Go to Gateway of Tally > Accounting Vouchers > F9: Purchase.
2. Select John (Sundry Creditor) as the supplier.
3. Enter the purchase amount of Rs. 32,000 under the Purchases ledger.
Step 3: Verify the ledger balances
1. Go to Gateway of Tally > Display > Account Books > Ledger.
2. Check the ledger balances to ensure they are correct.
Step 4: View the financial reports (optional)
1. Go to Gateway of Tally > Display > Financial Statements.
2. You can view the Profit & Loss Statement and the Balance Sheet to verify the impact of the transactions.
That's it! You have now recorded and verified the transactions in Tally software.
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