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With Tally Account Concept (1). How to maintain the books of Account in any organization
Transactions
Filing
Source Document
Dr. / Cr.
Transactions Transaction s
Source Document Purchase Bill Sale Bill Dr. Note Cr. Note Expenses Voucher Voucher
Purchase Sale Purchase Return Sale Return Expenses Error/Adjustment
Dr. / Cr.
Cash Book
Bank Book
Sale Book
Purchase Book
Expense Book
Ledger
Ledger Trial Balance Final Account Balance Sheet
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Technical Words of Account 1. Ledger: - It is principal of book of account in which all ledger are kept. 2. Trial Balance: - It is Statement in which all the balances of ledger are kept. 3. P/L A/c:- It is an A/c that shows net profit or loss during the financial year. There are two parts of P/L A/c these are Dr. Site (All Expenses) Cr. Site (All Income)
4. Balance Sheet: - It is a statement that shows the financial position of business at a particular date. Financial position means liabilities and Assets of the business.
How to convert transactions into business language (Dr. or Cr.) or called journal entry. 1. Personal A/c Dr.--- The Receiver Cr.--- The giver
2. Real A/c Dr.--- What comes in Cr.--- What goes out
Golden Rule of Dr. or Cr.
3. Nominal A/c Dr.--- All the Losses and Expenses Cr.--- All the Gains and Income
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Some Examples of Dr. / Cr. 1. Purchase of Furniture of Rs. 5000/= by Cash. Furniture A/c Cash A/c
Dr.
5000 5000
2. Cash received from X of Rs. 5000/= by Cash. Cash A/c Dr. X's A/c 3. Cash paid to Y of Rs. 6000\= by Cash. Y's A/c Cash A/c
Dr.
5000 5000
6000 6000
4. Salary paid of Rs. 10000\= by Cash. Salary A/c Cash A/c
Dr.
10000 10000
5. Purchase of Goods of Rs. 8000\= by Cash Purchase A/c Cash A/c
Dr.
8000 8000
6. Sold Goods of Rs. 3000\= by Cash Cash A/c Sales A/c
Dr.
3000 3000
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(PRACTICE) 1. X started business with cash Rs. 500,000/= 2. Open current A/c into SBI for Rs. 5000/= 3. Cash deposit into SBI Rs. 100,000/= 4. Commission Charged by SBI Rs. 50/= 5. Interest given by SBI Rs. 100/= 6. Goods purchased for cash Rs. 50,000/= 7. Drawing cash from SBI for office use Rs. 10,000/= 8. Goods sold to Krishna on credit Rs. 35,000/= 9. Goods return by Krishna worth Rs. 5000/= 10. Goods purchased from Shyam Rs. 100,000 on credit. 11. Goods return to Shyam Rs. 200. 12. Cash received from Krishna Rs. 28000/= with full settlement. 13. Cash paid to Shyam Rs. 97000/= with full settlement. 14. Cash sales to Tripati & co. Rs. 1500/= 15. Paid Salary to Ram in cash 5500/= 16. Purchase goods from Rahim on Which he allows 10% Trade Discount on MRP of Rs. 12000 (Purchase A/c Rs. 10800 and get discount 1200) 17. Loan received form SBI Rs. 200,000/= 18. Interest paid on Loan Rs. 500/= 19. Goods sold to Sohan Rs. 100 on credit. 20. Sohan declared insolvent and only 60% (600) amount received 21. Bad debts amount recovered in cash Rs. 200/= 22. Cash withdraw by the owner Rs. 2500/= 23. Cash withdraw form SBI by owner Rs. 6500/= 24. Goods withdraw by owner Rs. 600/= 25. Open FD (Fixed Deposit) in SBI by transfer money form current A/c Rs. 40,000/= 26. Goods worth Rs. 500/= given as charity 27. Cash donate to trust Rs. 800/= 28. goods distribute as free samples worth Rs. 3000/= 29. Wages outstanding to Shakher Rs.2500/= 30. Outstanding wages paid to Shakher ( Note:- Exp. Payable or Party Name, Income Receivable or Party Name) 31. (a) Salary paid in advance to X for Rs. 5000/= and (b) Adjust Rs. 1000/= every month from salary Rs. 7000/=
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32. Depreciation on furniture charged Rs. 5000/= 33. Goods used in making furniture Rs. 1500/= 34. (a). One year rent paid in advance to owner Mr. Y Rs. 60,000/= 34. (b). Rent adjust every month Rs. 5000/= per month 35. Electricity Bill paid to BSES in Cash 1312/= 36. Cartage paid in cash as purchasing time at goods Rs. 250/= 37. Cartage paid in cash as selling time as goods Rs. 350/= 38. Scooter repair from Raju Mechanic payment outstanding Rs. 500/= 39. Outstanding bill paid of Raju 40. Rent of the business paid by owner Rs. 6000/= 41. Fire insurance premium paid by check Rs. 5000/= 42. Goods damaged in Railway Transport Rs. 4500/= 43. Typewriters purchased on credit from R & Co. Rs. 2400/= 44. Machine purchased by check Rs. 80,000/= from XYZ Pvt. Ltd. 45. The check was dishonored by bank 46. News paper bill paid Rs. 300/= 47. Old news paper sold Rs. 50/= 48. Second Hand Car purchased Rs. 200,000/= and overhauling exp. Paid Rs. 10,000/= 49. Setup cost for new Machine paid Rs. 2500/=
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(PRACTICE) Solution Date
1.
Ledger
Group
Dr. Cr.
Rs.
Fun. Key
Cash A/c X's Capital A/c
Dr. Cr.
500,000 500,000
2.
SBI A/c Cash A/c
Dr. Cr.
5000 5000
3.
SBI A/c Cash A/c
Dr. Cr.
100,000 100,000
4.
Bank Charged SBI A/c
Dr. Cr.
50 50
5.
SBI A/c Interest A/c
Dr. Cr.
100 100
Types of A/c
P&L A/c
Balance Sheet
Dr.
Liab.
Cr.
Assets +
+ + -+ -+ -+ + +
6.
Purchase A/c Cash A/c
Dr. Cr.
50,000 50,000
7.
Cash A/c SBI A/c
Dr. Cr.
10,000 10,000
8.
Krishna's A/c Sales A/c
Dr. Cr.
9.
Sales A/c Krishna's A/c
Dr. Cr.
-+ -+ + --
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5000 5000 Page 7 of 33
--
Date
10.
11.
12.
13.
14.
15.
16.
17.
Ledger
Group
Dr. Cr.
Rs.
Purchase A/c Shyam's A/c
Dr. Cr.
100,000 100,000
Shyam's A/c Purchase A/c
Dr. Cr.
2000 2000
Cash A/c Discount Allowed A/c Krishna's A/c
Dr. Dr. Cr.
28,000 2000 30,000
Shyam's A/c Cash A/c Discount Received A/c
Dr. Cr. Cr.
98,000 97,000 1000
+
Cash A/c Sales A/c
Dr. Cr.
15,000 15,000
+
Salary A/c Cash A/c
Dr. Cr.
5500 5500
+
Purchase A/c Rahim's A/c
Dr. Cr.
10,800 10,800
+
SBI A/c SBI Loan A/c
Dr. Cr.
200,000 200,000
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Fun. Key
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Types of A/c
P&L A/c
Balance Sheet
Dr. +
Liab.
Cr.
Assets
+ --+ + ----
+
--
+ + --
Date
18.
19.
20.
21.
22.
23.
24.
25.
Ledger
Group
Dr. Cr.
Rs.
Fun. Key
Types of A/c
P&L A/c
Balance Sheet
Dr. +
Liab.
Cr.
Interest on SBI Loan A/c SBI A/c
Dr. Cr.
500 500
Sohan's A/c Sales A/c
Dr. Cr.
1000 1000
Cash A/c Bad Debts A/c Sohan's A/c
Dr. Dr. Cr.
600 400 1000
Cash A/c Bad Debts Recovered A/c
Dr. Cr.
200 200
X's Capital A/c Cash A/c
Dr. Cr.
2500 2500
--
X's Capital A/c SBI A/c
Dr. Cr.
6500 6500
--
X's Capital A/c Purchase A/c
Dr. Dr.
600 600
FD in SBI A/c SBI A/c
Dr. Cr.
40,000 40,000
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Assets -+
+ + + -+ +
--
---+ --
Date
26.
Ledger
Group
Dr. Cr.
Rs.
Fun. Key
Types of A/c
P&L A/c
Balance Sheet
Dr. + --
Liab.
Charity & Donation A/c Purchase A/c
Dr. Cr.
500 500
Charity & Donation A/c Purchase A/c
Dr. Cr.
8000 8000
+
28.
Advertisement & Publicity A/c Purchase A/c
Dr. Cr.
3000 3000
+ --
29.
Wages A/c Wages Payable or Shakher's A/c
Dr. Cr.
2500 2500
+
Shakher's A/c Cash A/c
Dr. Cr.
2500 2500
31(a).
Salary in Adv. or X's A/c Cash A/c
Dr. Cr.
31(b).
Salary A/c Cash A/c X's A/c
Dr. Cr. Cr.
7000 6000 1000
+
Depreciation on Furniture A/c Furniture A/c
Dr. Cr.
5000 5000
+
27.
30.
32.
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Cr.
Assets --
--
+ --+ --
Page 10 of 33
---
--
Date
33.
Ledger
Group
Dr. Cr.
Rs.
Fun. Key
Types of A/c
P&L A/c
Balance Sheet
Dr.
Liab.
Furniture A/c Purchase A/c
Dr. Cr.
1500 1500
34(a).
Y's A/c Cash A/c
Dr. Cr.
60,000 60,000
34(b).
Rent A/c Y's A/c
Dr. Cr.
5000 5000
+
Electricity Exp. A/c Cash A/c
Dr. Cr.
1312 1312
+
Cartage Inward Cash A/c
Dr. Cr.
250 250
+
Cartage Outward Cash A/c
Dr. Cr.
350 350
+
Repair & Maintenance A/c Raju A/c
Dr. Cr.
500 500
+
Raju Mechanic A/c Cash A/c
Dr. Cr.
500 500
Rent A/c X's Capital A/c
Dr. Cr.
6000 6000
35.
36.
37.
38.
39.
40.
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Cr.
Assets +
-+ --
--
--
--
--
+ --+ +
Date
41.
Ledger
Fire Insurance Premium A/c SBI A/c
Group
Dr. Cr. Dr. Cr.
Rs.
Fun. Key
5000 5000
Types of A/c
P&L A/c
Balance Sheet
Dr. +
Liab.
Cr.
Assets --
+ --
42.
Lost in transit A/c Purchase A/c
Dr. Cr.
45000 45000
43.
Typewriters A/c R & Co. A/c
Dr. Cr.
2400 2400
44.
Machine A/c SBI A/c
Dr. Cr.
80,000 80,000
+ --
45.
SBI A/c XYZ Pvt. Ltd. A/c
Dr. Cr.
80,000 80,000
+
Book & Periodical A/c Cash A/c
Dr. Cr.
300 300
Cash A/c Miscellaneous A/c
Dr. Cr.
50 50
48.
Car A/c Cash A/c
Dr. Cr.
2,10,000 2,10,000
+ --
49.
Machine A/c Cash A/c
Dr. Cr.
2500 2500
+ --
46.
47.
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+ +
+ + -+ +
TYPES OF ACCOUNTS
Personal A/c:- Accounts related to persons are called personal A/c Real A/c:- Accounts related to things are called Real A/c
Nominal A/c:- Accounts related to Exp./Loss and Income/Gain.
(1). Natural Personal A/c Ex:- Ram A/c, Shyam A/c etc.
(2). Artificial Personal A/c Ex:- ICA Ltd., ICICI Bank Ltd etd.
(3). Representative Personal A/c Ex:-Rent Payble A/c, Salary Payable A/c, Commission Receivable A/c, Advance Tax, TDS etc
(1). Tangible Real A/c Ex:- Cash A/c, SBI A/c, Furniture A/c, Building A/c etc.
(2). Intangible Real A/c Ex:- Goodwill A/c, Patent Rights, Copy Rights etc.
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Concept of Dr. Note Cr. Note: - After transactions between parties for adjustment if party debited then issue Debit Note. If party credited then issue Credit Note. Example: - X sold to y on credit Rs. 100,000/= but y not accept Rs.2000/= s.n. 1. For Sale Y's A/c Sales A/c 2.
Books of X
When accept Dr. Note Sales A/c Y's A/c
Dr. Cr.
s.n. Books of Y 1. Fro Purchase 100,000 Purchase A/c Dr. 100,000 X's A/c Cr. 2.
Dr. Cr.
2000 2000
100,000 100,000
For adjustment through Dr. Note X's A/c Dr. 2000 Purchase A/c Cr. 2000
Imprest System of Accounting: - Means advance system of accounting. In this some amounts assign to the person according to job and pass adjustment entry after expenses.
Ex: - Company provides Rs. 500,000 in Cash to Mr. A for computer purchasing. Computer purchased for Rs. 150,000/= 1. When Cash given to Mr. A
A's A/c Cash A/c
Dr. Cr.
500,000 500,000
Dr. Cr.
150,000 150,000
2. For computer purchased
Computer A/c A's A/c
Petty Cash Book: - This Cash book maintain for petty expenses in columnar basis and entry passed in the main Cash Book after and of the Months.
Entry for Tax: Tax means public money given to Govt. funds for country development. Govt. levied tax by two systems Direct Tax Indirect Tax
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Direct Tax The tax structure in which Govt. direct imposes the tax to public li kes Income Tax, House Tax, and Wealth Tax etc.
Indirect Tax The tax structure in which Govt. not directly imposes the tax to public likes Service Tax, Sales Tax, Excise Duty, Custom Duty and Entertainment Tax etc.
Service Tax As per Service Tax Act every service provider must charge service tax @ 12.36% of service value and paid to Govt.
Ex: - ICA Pvt. Ltd. Collects training fees in Cash Rs. 300,000/= plus service tax @12.36% for the month of August 2008 pass entry. 1. For collection received Cash A/c Service charge/Training Fee A/c Service Tax A/c
Dr. Cr. Cr.
3, 37,080 3, 00,000 37,080
Dr. Cr.
37,080 37,080
2. When Service Tax paid to Govt. Service Tax Cash A/c Sales Tax
When Seller sold goods to purchaser then charge sales tax. Sales tax levied by Govt. by two systems. LST (Local Sales Tax) or VAT (Value Added Tax) CST (Central Sales Tax)
If seller and purchaser are in same state then charged LST/VAT and in interstate charged CST. Ex.1:-XYZ Ltd. (Delhi) Sold goods to P&Q Ltd. (Delhi) for Rs. 100,000/= plus 4% VAT on credit. S.No. Books of XYZ Ltd. (Delhi) 1. For Sale P&Q Ltd. Dr. Sales @ 4% Cr. VAT Output@ 4% Cr. 2. When VAT Paid to Govt. VAT Output @ 4% Dr. Cash/Bank A/c Cr.
S.No. 1. 104000 100000 4000
Books of P&Q Ltd. (Delhi) For Purchase Purchase @ 4% Dr. 100000 VAT Input @ 4% Cr. 4000 XYZ Ltd A/c Cr. 104000
4000 4000
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Note: - For seller VAT is considering as VAT Output and for purchaser VAT is considering as VAT Input. Ex.2:- P&Q Ltd. (Delhi) sold goods to ABC Ltd. (Delhi) for Rs. 120,000/= Plus 4% VAT. S.No. Books of P&Q Ltd. (Delhi) 1. For Sale ABC Ltd. A/c Dr. Sales @ 4% Cr. VAT Output @ 4% Cr. 2. When paid to Govt. VAT Output @ 4% Dr. VAT Input @ 4% Cr. Cash/Bank A/c Cr.
S.No. 2. 124800 120000 4800
Books of ABC Ltd. (Delhi) For Purchase Purchase @ 4% Dr. 120000 VAT Input @ 4% Dr. 4800 P&Q Ltd. Cr. 124800
4800 4000 800
Note:- VAT payable/Paid=Total VAT Output-Total VAT Input
Example for CST Ex.1:- ABC Ltd. (Delhi) sold goods to Rajiv Ltd. (UP) for Rs.50, 000/= plus 2% CST pass entry in both books. S.No. Books of ABC Ltd. (Delhi) 1. For Sale Rajiv Ltd. Dr.
2.
Sales Central @ 2% CST @ 2% When paid to Govt. CST @ 2% Cash/Bank A/c
S.No. 2. 51000
Cr. Cr.
50000 1000
Dr. Cr.
1000 1000
Books of Rajiv Ltd. (UP) For Purchase Purchase Central @ Dr. 2% ABC Ltd. Cr.
51000 51000
Note:- CST never be claim means purchase not increase by CST Excise Duty Every manufacturer goods sold then charged Excise Duty and VAT, CST.
India Ltd. (Delhi)'s Bill Goods (Mobile) (-) Trade Discount (T.D) @ 2% Balance (+)Excise Duty @ 8% Total (+) VAT @ 4% Total
100,000 2000 98000 7840 105840 4234 110074 (Rahul Ltd.)
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1.
2. (i)
(ii)
For Sale Rahul Ltd. Dr. Sales @ 4% Cr. Excise Duty @ 8% Cr. All the Tax paid to Govt. Excise Duty @ 8% Dr. Cash/Bank A/c Cr. VAT Output @ 4% Cash/Bank A/c
Dr. Cr.
1. 110074 98000 7840
For Purchase Purchase @ 4% VAT Input @ 4% India Ltd.
Dr. Dr. Cr.
105840 4234 110074
7840 7840 4234 4234
Ex.1:- Suppose in the above example India Ltd. (Delhi) Sold goods to Ramesh Ltd. (U.P) with CST @ 4%. S.No. Books of India Ltd. (Delhi) 1. For Sale Ramesh Ltd. Dr. Sales Central @ 4% Cr. CST @ 4% Cr. 2. All the Tax paid to Govt. (i) CST @ 4% Dr. Cash/Bank A/c Cr. (ii)
Excise Duty @ 8% Cash/Bank A/c
Dr. Cr.
S.No. 1. 110074 105840 4234
Books of Ramesh Ltd. (UP) For Purchase Purchase @ 4% Dr. 105840 India Ltd. Cr. 110074
4234 4234 7840 7840
Five Heads of Accounts Capital Assets Liabilities Income Expenses
Note
By Default 28 Groups are available in Tally. By Default 2 Ledgers are available in Tally. Bank OD A/c:- Means Bank Overdraft. Bank OCC A/c:- Means Bank Credit Limit.
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{Transactions} C: P: R: J: S: P: -
Contra Payment Received Journal Sale Purchase
F4 F5 F6 F7 F8 F9
C (Contra):- It is used only for cash on Bank transaction. Ex. Cash Department to Bank, Cash Withdraw from Bank, Cash to Cash transaction, Bank to Bank transaction. (Cash or Bank) P (Payment):- Payment F5 Party/Bank/Cash. R (Receipt):- Receipt F6 Party/Bank/Cash. J (Journal):- It is used for non-cash transaction as well as adjustment transaction. P (Purchase):S (Sale):-
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U/S {44ab}:The person who comes under section (U/S) 44ab that person or company can deduct TDS from their employee or any contract etc.
Who comes under section 44ab:- The person whose gross turnover is more than 40,00,000/= per year.
Note:-At the time of TDS deduction the Education Cess is also deduct with TDS That includes 1.Children Education 2.Higher Education
16:- 16 is a TDS form that will be issue to employees when their TDS deducted from their salary to show in ITR file.
16A:- 16A is also a TDS form that will be issue to individual person when their TDS deducted to show in ITR fire.
Note:- TDS should be deposited by the responsible person before 7 th date (day) of Next month. (In case of Employee)
PURCHASE DIRECT PURCHASE INDIRECT PURCHASE INDIRECT PURCHASE:
Purchase order
Receipt Note
Order No.
Receipt No. Or Challan No.
Alt+F4
Alt+F9
Rates are not applicable
Rejection Out
Purchase Bill Or Invoice Or Tax Invoice Or Retail Invoice
Debit Note Or Purchase Return
Purchase Bill No. Or Invoice No.
Pur_Ret. No.
Alt+F6
F9
Ctrl+F9
Note:- Ctrl+V=To go to Sales Invoice Mode
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PURCHASE ORDER OR RECEIPT NOTE MANAGEMENT Got------F11------F2------Turn on the Following Option Allow Zero Value Entry (Yes) Use Purchase Order Processing (Yes) Use Tracing No. (Delivery/Receipt Note) (Yes) Press F12------Select Invoice Order Entry----- Turn off the Following Option Use Common Ledger For Allocation (No) Complete Accounting Allocation In Order/Delivery Note (No) Note: - Tax Rates are not applicable in 1. Purchase Order 2. Receipt Note 3. Rejection Out
VAT/Sales Tax (Local Sales Tax)/CST:VAT stands for Value Added Tax, this is a refundable Tax. VAT Payable to Govt. =Output VAT- Input VAT Output VAT= Which we receive on Sale Input VAT= Which we paid on Purchase To register in VAT the turn over should be 10,00,000/VAT Rates are divided into f our Schedules:1. Luxury Items (12.5%) 2. Jewelry Items (1%) 3. Daily uses Commodity (4%) 4. Other which are bounded by Govt. like fuel, Acid, Chemicals (20%) CST (Central Sales Tax):- The rate of CST in India is @ 3%. CST is not refundable.CST like E1, E2.
Types of Dealer:1. Composition 2. Composition to Regular 3. Regular th
Tax (VAT) should be deposited to Govt. before 28 day of second months (in case of Regular dealer) nd Tax (VAT) should be deposited to Govt. before 2 day of Sale (in case composition dealer means the dealer belongs to outside of India)
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Find out the original cost of the product if Tax is included in item’s price.
Example: - An item price is Rs. 100/= and it included the TAX (VAT)@4%. Find the original cost of the item.
SALES Sales order
Sale Order No.
Alt+F5
Delivery Note
Sale Bill
Credit Note Or Sale Return
Sale Bill No. Or Sale Invoice No.
Sale Ret. No.
Rejection In
Challan No.
Alt+F8
Ctrl+F6
Rates are not applicable
F8
Ctrl+F8
Note:- Alt+I=To go to Sales Invoice Mode
VAT ADJUSTMENT Journal Entries for VAT adjustment this is done in Voucher after creating a VAT adjustment Class in voucher type to adjust VAT from VAT Report. If we do these entries in normal journal then the balance will not be zero in the VAT Repot. GOT----Master----Accounts Info. -----Voucher Types-----Create-----Then the voucher type creation window will be appears----then do the following steps:Name: VAT Adjustment Type of Voucher: Journal Method of vouchering numbering: Any (Mostly automatic) Do not edit any other options: If need then edit Name of Voucher Class: VAT Adjustment Use Class for VAT Adjustment: Yes (This is the main option that adjusts the VAT) Created by Azharuddin B.Com (Pass) http://azzeeweb.co.cc and http://azzeefun.weebly.com
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After creating the VAT Adjustment Class do the journal Entries like below:Press F7-----Choose Voucher Type (VAT Adjustment)-----Choose Class (VAT Adjustment)--Then VAT Adjustment windows will be appears-----Used for (others)----Do the following:Journal Output VAT@--% To Input VAT@--% To VAT Payable
Dr. Cr. Cr.
We can also do this entry if we also maintain CST. CST@--% Output VAT@--% To Input VAT@--% To VAT Payable
Dr. Dr. Cr. Cr.
Creation of (Purchase CST@...% A/C) Ledger Name: - Purchase CST@...% A/C Under: - (Purchase A/C) Inventory Value Affected: - YES Cost Centre: - NO Use VAT Return: - YES after this option yes the windows will be appears than choose Inter State Purchase
Creation of (CST@...% A/C)
CST@4% A/c Duties and Taxes CST Inter State Purchase No No 4% On total Sales
CST@10% A/c Duties and Taxes CST Inter State Sales No No 10% On total Sales
Vat Rates Category 1. 2. 3. 4.
1% Jewelry 4% Daily uses goods 12.5% Luxury Items 20% Liquors, Fuel, Chemicals
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Stock Item Creation Name: - Any (Crayon Colour) Under: - Any (Colour) Unit :-( Box) Not Applicable Maintain in Batches (Yes) If you are get some Qty free with billed Qty then turn on the option by do this options ok Got-----F11-----F2----- Use different actual and billed Qty. (YES)
(Debit Note) Purchase A/c Tax A/c
Party A/c
Party A/c
Dr. Dr. To Party A/c
8000 500 Cr.
8500
Dr. 6000 To HDFC A/c
Cr.
6000
Dr. 2500 To Purchase Return
Cr.
2500
Ctrl+V:- for voucher mode to invoice mode and vice versa
Entry of Capital Goods Capital Goods Entry Refundable VAT Types:Sewing Machine A/c
Dr.
4500
Dr.
1800
(Fixed Assets) Use VAT return---Yes----Pur. Capital Goods@4% Inventory----No
Tax paid on Capital goods@4% (Under Mis. Expenses [Assets])
To P.K Ltd.
Input Credit on Capital Goods@4%
Cr.
Dr.
46800
50
(Duties and Taxes)
To Tax paid on Capital Goods@4%Cr.
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Voucher creation of stock clearance Sale
In the name of class (40% discount Sale)
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Sales VAT@4% A/c Details
Discount 40% A/c Details
Discount A/c (Under Sales A/c)
Output VAT@4% A/c Details
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Voucher creation of Include VAT of Exclude VAT Include VAT type Voucher In the voucher type where the option of % is appeared on that column give the ledger name SALES VAT@...% A/c with 96% then in the additional accounting entries give the name of Output VAT@...% A/c with 4%
Exclude VAT type Voucher In the voucher type where the option of % is appeared on that column give the ledger name SALES VAT@...% A/c with 100% then in the additional accounting entries give the name of Output VAT@...% A/c with 4%
To create Price Level (For example Seasonal Sale at Kolkata or Bumper Dhamaka) Got----F11----F2----Turn on the option 1. Multiple Price level (Yes) Then a windows will be appears and assign the name of the Price Level like Bumper Dhamaka) GOT-----Inventory Info------Price List-----All Items------Price Level [(Alt+C) Create the name of price level like Seasonal Sale at Kolkata] -----then assign price to the it ems.
Depreciation Entry Entry in the simple Journal mode Depreciation A/c (Under:- Indirect Exp.) To Assets A/c
Dr. Cr.
Interest Calculation GOT----F11-----F1 1. Use activate interest calculation (Yes) 2. Use advance parameter (Yes) After Above-----GOT-----Acct. Info----Ledger-----Select party Ledger and Activate interest calculation (Yes)----Then a windows will be appears for interest parameter-----Set the option like in below:----
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To See Interest Report GOT-----Display-----Statement of Accounts-----Interest calculation-----Ledger
Bill of Material (BOM) BOM means to define the formula of used thing qty in any production GOT-----F12------Acct/Inventory-----Allow Component list details (Bill of material) After above do the following GOT----inventory info----Stock----Item----Create an item for finished goods----and turn on the option 1. Set Component (YES) 2. After turn on this option a windows will be appears for component
After Turn on this option a window
After this do the entries with Voucher Manufacturing Journal (Under: Stock J ournal) And Press Alt+F7
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Entry if goods have been lost by fire 1. Loss by Fire A/c To Purchase A/c
Dr. Cr.
10000 10000
2. Insurance Claim A/c To Loss by Fire A/c
Dr. Cr.
10000 10000
3. Cash A/c To Insurance Claims A/c
Dr. Cr.
10000 10000
Service Tax Rate:-12.36% Q.1:- Who can Take Service Tax and what is the condition? Ans: - Non-Trading firm/service provider company can take service tax and their turnover should be more than 10, 00,000/= Per Year and the new amt. of turnover is 8, 00,000/=Per Year. There is a provision of abatement in the service tax but in some businesses like transport business. In the transport business there is 75% abatement.
Service Tax is Refundable 1. Fully refundable 100% 2. Some part refundable 20% 1. If the service taken by the non-trading firm that is direct or main to run the business of Non-Trading firm then the service tax is fully refundable. (100%) 2. If the service taken by the non-trading firm that is not main to run the business of NonTrading firm then the service tax is not fully refundable. (20%)
There two types of journal in the Tally 1. Memorandum 2. Reversing Journal These can be created Post Dated 1. Alt+F10:- For Memorandum Mode 2. F10:- For Memorandum Mode Got-----F11-----F1----Use Reversing Journal and Optional Voucher (Yes) In the simple journal Mode we can create any entry either Optional of Post Dated or Both 1. Alt+T:- For Post Dated 2. Alt+L:- For Optional These above methods are used to hide the effect of the entries.
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FBT (Fringe Benefit Tax) FBT paid by the employer on the behalf of employees for example if employer paid the Bonus to employee than the Employer has to pay the Tax to the Govt. on that Amt. which is paid by the Employer as Bonus. GOT------F11------F3------Turn on the option-------Fringe benefit Tax (In this case surcharge is applicable on that companies whose turnover more that 1 crore per year) To see the details of FBT GOT-----Display-----Statutory Info. 1. By Assessee Type 2. By Category
Do the entry like below example. In F5 (Payment) Telephone Bill (Paid to employee) (FBT: - Yes) HDFC
Dr.
00000
Cr.
00000
Press F12-----Single Entry Mode (yes) Alt+F----Choose Self Assessee-----Create ledger [FBT (Under: - Duties & Taxes)] Or select ledger then it will take tax automatically. Pay the tax and save entry.
Audit Alt+F3------Alter Company-----Audit Features (Yes) Display-----Statement A/s’s F6:- For Daily Break-Up (Check Entry Feature) Note: - (To use Audit Feature in company Use Security Control should be Yes)
Security Alt+F3-----Security Control----Users and Passwords (Give Name and Password for users then go to------Type of Security Note: - (This is available in multi-user Tally Package)
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Budgeting F11-----F1-----Maintain Budgets and Controls Alt+B:- For Budgeting (Choose any ledger in which you want to use budgeting)
Exports from Tally Alt+E: - To Export Data from Tally to Excel or in other format Press Alt+E in any ledger which you want to export.
TCS (Tax Collect at Source) TCS collected by the Govt. on the Govt. undertaken products like below list….
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Tally Shortcut Key F1:-
For Select Company.
Alt+F1:-
For Select Company, Create Company, Shut Company.
Alt+F3:-
For Select Company, Create Company, Shut Company, Alter Company Information (Profile), Use Security Control, Change Vault Password, Split Company Data, Create Group Company.
F2:-
For Change Date.
Alt+F2:-
For Change Period
Ctrl+A: -
For Save any Creation in Tally.
Alt+C: -
For Online Creation.
Ctrl+Enter: -
For Online modification.
Alt+F1:-
For Details.
Alt+D: -
For Delete anything in Tally.
Alt+S:-
For TDS deduction on Journal Entry.
Cltl+R: -
For copy or paste Narration.
Alt+I: -
To go to Item Invoice Mode or to Acct Invoice.
Ctrl+V: -
To go to Invoice Mode or Voucher Mode
Alt+T: -
For Post Dated
Alt+L: -
For Optional
Alt+F10:-
For Memorandum
F10:-
For Reversing Journal
F5:-
For Bank Reconciliation
Alt+F2:-
For Duplicate Entry
Alt+E: -
For Export Data to Excel or in other format.
Alt+X: - To cancel the entry. Alt+B: -For Budgeting Alt+A: - To go to Voucher Entry mode from Alter Mode Created by Azharuddin B.Com (Pass) http://azzeeweb.co.cc and http://azzeefun.weebly.com
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Shortcut from Pocket Book F2:- Date Changing F1/F3:- Select a Company from opened list F4:- Group Wise Report F5:- Item Wise Report F7:- Valuation Technique & Show Profit F9:- Inventory Reports F10:- Accounts Report F11:- Company features F12:- Company Configuration Alt+F1:- Shut Company from Gateway of Tally F2:- Period Changing Alt+F3:- Company info Alt+C: - Auto Value Calculation/Online Master Creation (Ledger/Group/Product) Alt+D:- Delete Voucher/Ledger/Group/Product/Company Alt+E:- Export Alt+H:- Help Alt+M:- E-Mail Alt+P:- Print Alt+R:- Hiding Entry for Report Alt+S:- Unhide Entry within Report Ctrl+R:- Repeat narration in Voucher Entry Mode Alt+Ctrl+R:- Rewrite the Company’s Books Ctrl+B:- Balance Sheet (Accord)
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