Practical Assignments – Basic Financial Accounting – Tally
The assignments contains a series of Basic tasks of Financial Accounts, from Company creation to preparation of Final Accounts Reports, in Tally Prime Rel 3.x
Perform the operations for each Assignment as explained. Capture the screenshots (Prtscr) and paste it in MS Word file in 1×1 cell. Write the number and Name of screen shot as indicated. Explain the options and operational step. This way, capture the screenshots and place in MS Word file, in sequence. Don’t repeat same screenshot.
After completing all assignments, take Back up of the data files. Now email to dvidyamail@gmail.com, attaching the Data Back Up file and screenshot zip file.
01 Company creation
1-1 Load Educational version of Tally installed in the Computer.
[To work with Tally Educational Version, click Tally ion at desktop. Select T:Continue in Educational Mode]. Capture the screenshot
1-1: Loading Educational Version.
1-2 Create a Company of your Name
Create Company of your Name & Financial Year 01-4-2023 to 31-3-2024. (e.g AK Sinha – Basic Accnts 23-24), at folder c:\tpdata, for Accounts Only. Change the Mailing Name, removing 23-24 (e.g AK Sinha – B Accts). Save the Company.
[Select K:Company>Create to get to get Company creation screen. Create a folder C:\tpdata. Press Shift+Tab (at Company Name field) to move up to Company Data Path field and change the Directory Name to C:\tpdata. At Name, enter your Name and Financial Year (23-24). At Mailing Name , remove Financial Year). At Financial Year From, enter 01-4-2022. Finally type Y to save the Company] Just before saving the Company, capture the screen shot
1-2 Company creation
For more details, click the following links
https://dvidya.com/tally-prime-company-creation/
https://dvidya.com/company-creation-tally-prime-faq/
1-3 Shut the currently selected Company.
[Select K:Company>Shut (or type Ctrl+F3) and select the Company to shut, from the list]
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1-3 Shut Company
Click the following links to play video explaining the topic
1-4 Exit Tally shutting all selected Companies.
[Select GoT>Quit (or press <Esc> ) or click Cross (x) at rightmost upper corner, and select Y (Yes) to Exit from Tally Prime shutting all the selected Companies.
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1-4 Exit Tally
1-5 Enter Company Address and other unfilled info
[Load Tally Prime (Click the Tally Prime icon at desktop. Click T:Continue to work in Educational Mode. Select K:Company>select and select the Company. Select K:Company>Alter to get Company Alteration. Fill up Company Address and other data in blank fields. Set No at Security option. Save (Ctrl+A) the changed Company Data]
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1-5 Alter Company
02 Gateway of Tally
For more details click the following links
https://dvidya.com/gateway-of-tally-2/
2-1 Set the Current Period as 01-4-2023 to 31-8-23
[At GoT, Press Alt+F2. At Change Period, at From, enter 01-4-2023, at To, enter 31-8-2023. The changed Current Period would be shown at Gateway of Tally at Upper left side.]
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2-1A: Change Period.
2-1B: Gateway of Tally
2-2 Activate Accounting Features
[ Press F11. At Company Features set Yes at Maintain Accounts, No at other options]
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2-2 : Company Features
2-3 Load the Help screen Press Ctrl+F1 to load Tally Prime Help Capture screenshot 2-3 : Tally Prime Help
Compute the value of {12 x (36+45)÷ 20)}+30 in Tally Prime
[At any place, press Ctrl+N to get Calculator panel at the bottom. Type the arithmetic expression (12*((36+45)/ 20)+30 at the Calculator panel at the bottom, to get the result (=78.60). Click the (x) button of the Calculator panel or type Ctrl+N to close Calculator.
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2-4 : Tally Calculator
Click the following links to play video explaining the topic
03 Account Masters3-1 Create following Ledger Accounts under existing Reserved Groups.
3-1A A K Sinha (under Capital), Opening Balance 1,00,000 Cr 3-1B HDFC Bank Current A/c, (under Bank Accounts) Opening Balance 10,000 Dr 3-1C SBI C/C A/c (under Bank OCC Accounts) Opening Balance 20,000 Cr 3-1D A K Enterprises (under Sundry Debtors), Opening Balance 30,000 Dr 3-1E B K Suppliers (under Sundry Creditors), Opening Balance 25,000 Cr 3-1F Furniture (under Fixed Assets), Opening Balance 60,000 Dr 3-1G Stock (under Stock-in-Hand), Opening Balance 35,000 Dr [Select GoT>Create>Ledger. At Ledger creation screen, at Name, enter the Ledger Name, at Under, select the Parent Account Group, at Opening Balance, enter the Opening Balance Amount with Dr / Cr sign]
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3-1A to 3-1G Ledger Account creation, for each Ledger Account
3-2 Enter Cash Ledger Account Opening Balance 10000 Dr
[Cash Account is auto created. Select GoT>Alter>Ledgers and then select Cash Account, At Opening Balance, enter 10000 Dr]
Click the following links to play video explaining the topic
3-3 Enter Ledger Accounts Particulars Enter Address and other particulars at A K Enterprises & B K Suppliers Ledger Accounts as per your own assumed data. Don’t enter real data. [Select GoT>Alter>Ledger, Select the Ledger Account. At Ledger Alteration, under Mailing Details section and Contact details screen, enter data. Click F12:Configure and the set the relevant options to enter the respective data.
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3-3A and 3-3B : Ledger Alteration,
3-3C: Ledger Account creation Configuration.
Click the following links to play video explaining the topic
3-4 Create Account Group Create Account Group Freight Inwards (under Direct Expenses)
[SelectGoT>Create>Groups. At Name, enter Freight Inwards. At Under, select Direct Expenses]
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3-4 Account Group Creation
Click the following links to play video explaining the topic
3-5 Create Ledger Account and simultaneously create the new Account Group
Create Salary Ledger Account and, simultaneously create new parent Group Employee Expenses (Under Indirect Expenses). [Select GoT>Create>Ledgers. At Ledger Creation screen, at Name, enter Salary. At Under, press Alt+C to create Account Group creation (secondary) screen. At Name, enter Employee Expenses. At Under, select Indirect Expenses. Press Ctrl+A to save the created Account Group. The New created Group Employee Expenses would appear at Under field of Ledger Account Salary. Press Ctrl+A to save the Ledger Account created.]
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3-5A : Ledger Account creation,
3-5B; Secondary Account Group creation
Click the following links to play video explaining the topic
3-6 Display Chart of Accounts [Select GoT>Chart of Accounts>Ledgers to Display Chart of Accounts showing Groups & ledgers in hierarchical order.]
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3-6 Display Chart of Accounts For more details, visit
https://dvidya.com/accounts-master-list-in-tally/
3-7 Display Ledger Accounts with Opening Balance
[Select GoT>Chart of Accounts>Ledgers. Click F5:Ledger View button. The list of all Ledger Accounts in alphabetical order, with Opening Balance would be displayed.
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3-7 : Ledger Accounts List with Opening Balance.
04 Account Vouchers
4-1 On 1-5-23, A K Sinha (Proprietor) withdraws Rs 500 for personal expenses. From SBI C/C A/c, by cheque # 123321). Create as Double Entry Voucher. Create Drawing Account (under Capital) during Voucher entry.
[This entry should be made through Payment Voucher as money is paid out. Select GoT>Vouchers. Click F5:Payment Voucher. Click H:Change Mode button (or press Crtl+H) and select Double Entry from the option list. Enter Voucher Date (1-5-23). At first ledger (Dr) entry, press Alt+C to get Ledger Creation screen. At Name enter DrawingAccount, select Capital Accounts at Under field and press Ctrl A to save the newly created Drawing Ledger Account and get back to the voucher entry screen. At Particulars column, select Drawing A/c from list of ledger accounts and enter 500 at Debit column]. Next select Cr. At Particulars column, select SBI C/C A/c and enter 500 at Credit column. As the Debit & Credit columns are now equal, cursor will go to Narration field. Enter Ch No 123321 and enter the Narration in short (like Withdrawn by A K Sinha, proprietor). Press Ctrl+A and save the voucher] Capture screen shot 4-1 Payment Voucher
4-2 On 2-5-23, Conveyance expenses of Rs 400 is paid in Cash to A K Sinha for attending a client. Create Single Entry Mode voucher.
[Create a Payment Voucher (Select GoT>Voucher. Click F5:Payment button). Select Single Entry Mode (Ctrl+H) as explained. Enter Voucher Date 2-5-23. At the header, select Cash A/c. To create Conveyance Expenses ledger, at Particulars column, at first line, press Alt+C to get Ledger Creation (secondary) screen. Create the Conveyance Expenses ledger account (under Indirect Expenses) and select it. Enter 400 at Amount column. In next line, At Narration, field, write proper Voucher Narration. Save the Voucher].
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4-2 Payment Voucher
Click the following links to play video explaining the topic
https://videos.files.wordpress.com/KGC7eEr3/chap4-03a_mp4_hd.mp4
4-3 On 1-7-22 A K Sinha receives Rs 1000 in cash from a client as consultancy Fees. Create Voucher in Double entry mode.
[Select GoT>Voucher. Click F6:Receipt button. Select Double Entry Mode (Ctrl+H) as explained. At Particulars column, at first line, select Create from the list of Ledgers (or press Alt+C) and create the Ledger Account Consultancy Fees (secondary), under Direct Income Group and enter Rs 1000 at Credit Column. At next line, select Dr, select Cash Account and enter Rs 1000 at Debit Column. Enter the Narration. Save the Voucher (Ctrl+A)].
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4-3 Receipt Voucher
Click the following links to play video explaining the topic
https://videos.files.wordpress.com/J5bFchkB/chap4-04_mp4_hd.mp4
4-4 On 1-10-23 State Bank of India, charges Interest of Rs 650 on the C/C Account.
[State Bank of India has been defined as Bank OCC Account, you cannot enter this Account in Journal Voucher. So, make a payment Voucher. Though no payment has been made to anyone, but debit by State Bank of India, is equivalent to payment from your Bank account to State Bank of India, and would appear in Cash / Bank Book in payment side]. [Select GoT>Voucher. Click F5:Payment. Enter Voucher Date 1-1023. Press Alt+F2:Period and extend current period if necessary. At Particulars column, at first line, press Alt+C and create Interest Ledger Account (secondary) under Indirect Expenses and enter Rs 650 at Debit column. At next line, select Cr, select SBI C/C Account and enter Rs 650 at Credit column. Enter Voucher Narration (e.g Interest Debited by SBI on CC A/c for 1-4-23 to 30-09-23) Save the Voucher (Ctrl+A)].
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4-4 Payment Voucher
Click the following links to play video explaining the topic
4-5 On 1-12-23, A K Enterprises remitted 12000 against outstanding dues, into the HDFC Account by electronic transfer.
[Select GoT>Voucher. Click F6:Receipt button to create a Receipt Voucher for money received from A K Enterprises. Select Double Entry Mode (Ctrl+H) as explained. Enter Voucher Date. At Particulars column, at first line, select A K Enterprises. Enter Rs 12000 at Credit column. At next line, select Dr, select HDFC Bank, enter Rs 12000 at Debit column. Enter the Narration (e.g Amount received from A K Enterprises through Electronic transfer)]
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4-5 Receipt Voucher
4-6 On 1-1-24, cheque # 123322 was issued in favour of B K suppliers for Rs 10000, from HDFC bank, for outstanding dues payable to them.
[Select GoT>Voucher. Click F5:Payment button to create a Payment Voucher. Select Double Entry Mode (Ctrl+H). At Particulars column, at first line, select B K suppliers, enter Rs 10000 at Debit column. At next line, select Cr, select HDFC Bank, enter Rs 10000 at Credit column. Enter Voucher Narration. Save Voucher (Ctrl+A)]
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4-6 Payment Voucher
4-7 On 1-3-24, Stock Costing Rs. 12000 was sold in Cash for Rs. 15000.
[Select GoT>Voucher. Click F8:Sales button to create a Sales Voucher. At Particulars column, at first line, select Cash Account. Enter Rs 15000 at Debit column. At next line, select Cr, Press Alt+C and Create Sales Ledger Account under Sales Group. Enter Rs 15000 at Credit column. Enter Voucher Narration. Save Voucher (Ctrl+A)]
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4-7 Sales Voucher
Click the following links to play video explaining the topic
4-8 On 2-3-24, Rs 14000 Cash was deposited into SBI C/C Account.
Select GoT>Voucher. Click F4:Contra to create Contra Voucher. At Particulars column, at first line, select Cash Account, enter Rs 14000 at Debit column. At next line, type Cr. Select SBI C/C A/c. Enter Rs 14000 at Credit column.
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4-8 Contra Voucher
Click the following links to play video explaining the topic
4-9 Interest on SBI C/C Account Rs 560 for 1-10-23 to 31-3-24 was debited by SBI on 4-4-24.
[The Interest for the period upto 31-3-24 was debited by Bank in next financial year. So, liability for Interest is to be created through Journal Voucher during current Financial Year.
Select GoT>Voucher. Click F7:Journal to get Journal Voucher entry screen. Enter Voucher Date 31-3-24. At Particulars column, at first line, select Interest A/c. Enter Rs 560 at Debit column. At next line, type Cr. At Particulars, press Ctrl+C to get Ledger Creation screen to create new Ledger Account. At name, select Interest Payable. At Under, select Current Liabilities. Enter Rs 560 at Credit Column. Enter Voucher Narration (e.g Interest for the period 1.10.23 to 31.3.24).
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4-9 Journal Voucher
Click the following links to play video explaining the topic
05 Reports
5-1 Display Day Book for the entire Financial Year 1-4-2023 to 31-3-2024 on screen. Show Voucher Narration.
[Select GoT>Display More Report>Account Books> Day Book. Click F2:Period button (or Alt+ F2) and Enter the Period from 1-4-2023 to 31-3-2024.
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5-1 Day Book
5-2 Display Cash Book for the entire Financial Year 1-4-2023 to 31-3-2024 on screen.
[Select GoT>Display More Report>Account Books> Cash / Bank Books. Select Cash Account. At Monthly Cash Summary, Drill Down through any Month. Click F2:Period button (or F2) and Enter the Period from 1-4-2023 to 31-3-2024.
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5-2 Cash Book
Click the following links to play video explaining the topic
5-3 Display Journal Register for the period 1-3-24 to 31-3-24
[Select GoT>Display More Reports >Account Books>Journal Register to get Statistics of Monthly Number of Journal Vouchers. Select any month, click F2:Period and enter period from 1-3-24 to 31-3-24, Click F12:Configure. At Format of Report, select Detailed. Set Yes at Show Narrations, to Display the Journal Book.
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5-3 Journal Register
Click the following links to play video explaining the topic
https://videos.files.wordpress.com/avqssgH3/2b-1_mp4_hd.mp4
5-4 Display Sales Register for the Period 1-4-23 to 31-8-23, in detailed format, with Voucher Narration.
[Select GoT>Display More Reports >Account Books>Sales Register to get Monthly Summary of Sales Accounts. Select any Month, click F2:Period and enter period from 1-4-23 to 31-8-23. Click F12:Configure. At Format of Report, select Detailed. Set Yes at Show Narrations, to Display the Sales Register.
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5-4 Sales Register
5-5 Display Ledger Book for A K Enterprises for 1-4-23 to 31-3-24.
[Select GoT>Display More Reports >Account Books>Ledger, select A K Enterprises. Click F2:Period, set Period as 1-4-23 to 31-3-24. Press Ctrl+P.
At Format of Report, select Detailed, At Show Narrations, Set Yes.
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5-5 Ledger Book
For More details, visit
https://dvidya.com/ledger-books-in-tally-prime/https://dvidya.com/ledger-book/
5-6 Display Extended Trial Balance
Trial Balance normally shows the Closing Balance of Ledger Account for a specified Date. Extended Trial Balance shows the additional columns, Opening Balance, Debit & Credit Transaction Totals and Closing Balance, for a specified period [Select GoT>Display Display More Reports>Trial Balance. Click F12:Configure. Set Yes at Show Opening Balance, set Yes at Show Transactions, and then set No at Net Transactions only, set Yes at Show Closing Balance. Select Ledgerwise at Type of Grouping. At Format of Report, select Detailed. Set Yes at Expand All Levels in Detailed Format.
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5-6 Extended Trial Balance
To see the report, click the following link.
https://i0.wp.com/dvidya.com/wp-content/uploads/2023/01/2.png?w=652&ssl=1
6-1 Enter Closing Stock Value as on 31.3.23 Rs 23,000
[Select GoT>Accounts Info>Ledgers>Alter and then select Stock Account (under Stock In Hand Group) from the list of Ledgers. At Ledger Alteration, at Closing Balance, at first column, enter Date 31-3-24. In next column, enter Rs 23,000). The sign Dr appears alongside. Press Ctrl+A to save.]
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6-1 Closing Stock Value Entry
For More details, visit
https://dvidya.com/closing-stock-value-in-tally-prime/
6-2: Display P L Statement for the period 1-4-23 to 31-3-24
[Select GoT>Profit & Loss A/c. Click F2:Period and set the Dates 1-4-23 to 31-3-24. Click F12:Configure. At Format of Report, select Detailed.
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6-2 P L Statement
For More details, visit
https://dvidya.com/profit-loss-statement-tally-prime/
6-3 Print P L Statement for the period 1-4-23 to 31-3-24 with Cost of Sales figures
Cost of Sales figure is shown in Vertical Format of Profit & Loss A/c. [Select GoT>Profit & Loss A/c. Click F2:Period and set the Dates 1-4-16 to 31-3-17. Press Ctrl+P to get Print screen. Click C:Configure. At Format of Report, select Detailed, Set Yes at Show Vertical Profit & Loss.
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6-3 P L Statement- Vertical
6-4 Print Balance Sheet as on 31-3-24
Select GoT>Balance Sheet. Click F2:Period and set the Dates 1-4-23 to 31-3-24. Click C: Configure button (or type C). At Format, select Detailed, Set No at Show Vertical Balance Sheet.
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6-4 Balance Sheet
For More details, visit
https://dvidya.com/balance-sheet-tally-prime/
6-5 Print Balance Sheet as on 31-3-24 showing Working Capital figures
Select GoT>Profit & Loss A/c. Click F2:Period and set the Dates 1-4-16 to 31-3-17. Click P:Print button to get Profit & Loss A/c printing screen. At Format of Report, select Detailed. Set Yes at Include Working Capital.
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6-3 Balance Sheet- Vertical
7-1 Back Up Company data
Back up current data from C:\tpdata (working Directory) to c:\Bkup (Back up Directory) Select Back Up from Y:Data tab. At Back Up screen. Click Specify Path and type c:\tpdata. At Back Up Destination Path, enter C:\BkUp. Select the Company to be Backed up. Select End of List. Type Y to start back Up. The Back Up file (named TBK 900_10000.001) would be created at the folder C:\BkUp.
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7-1A Back Up Form, 7-1B Back Up Folder
For More details, visit
https://dvidya.com/data-maintenance-in-tally-prime/https://youtu.be/d9w6aD9mvsE
7-2 Restore Company data
Restore Data from c:\Bkup (Back up Directory) to C:\tpata (working Directory) Select Restore from Y:Data tab. At left side, Restore Data Path, enter the current directory Path c:\T\Data (it is shown). At right side, elect specify path and end enter at enter c:\bkup. Now select the company from the Back Up Data path c:\Bkup, showing the Company Name, Company Number and Date/Time of Back Up. Select End of List and Click Yes to start Restore process. The Backed data (i.e c:\bkup) would be overwritten on the working data of the same company number in current data path (C:\tpdata).
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7-2 Restore Form,
For More details, visit
7-3 Zip data Folder and email
Now create a zip file of the original data Folder at C:\tpdata. E-mail to dvidyamail@gmail.com, attaching the zip file.
