PRACTISE QUESTION

Create the company with the Name of “Students University Roll no.”
The company is based in Delhi and GST rate is 18%. GSTIN number is 07AAAAA1111B1ZA.
GST is applicable on all purchase and sale transactions on stock items.
Enter the following transactions of the Company in Tally and show various reports

Balance Sheet as at 31-3-2022

Liabilities Amount Assets Amount
Capital 1800000 Land and Buildings 1300000
Reserves 500000 Plant and Machinery 500000
Profit and Loss Account 300000 Furniture 300000
Secured loan 500000 Investment 80000
Debentures 1000000 Stock 1729800
Loan from Promoters 500000 Debtors 262000
Provision for tax 250000 Bills Receivables 50000
Bills Payable 100000 Prepaid insurance 7800
Sundry Creditors 224600 Canara bank 220000
Salaries outstanding 35000 Cash in Hand 820000
Rent outstanding 60000
5269600 5269600
 The company deals in the following stocks:
Name of the Items Group Quantity Rate (Rs) Opening Stock Value
Sony TV 100 pcs. 650 65000
Samsung TV 125 pcs. 1000 125000
LG TV 108 pcs. 600 64800
Whirlpool Washing 400 pcs. 1575 630000
machine
IFB Washing 100 pcs. 2200 220000
machine
Godrej Washing 500 pcs. 1250 625000
machine
Total 1729800
 The list of company debtors and creditors is as follows:
Debtors Balance Due Creditors Balance payable
Pooja 45000 Namit 25000
Ruhi 89000 Sangeeta 30500
Pawan 52000 Ram 67500
Pankaj 30000 Sandeep 42600
Prakash 46000 Siddharth 59000
Total 262000 Total 224600

Record the following transactions

S.No. Transaction Item Quantity Amount

1 Purchase from Namit (Punjab) Sony TV 20 7000
2 Sale To Ruhi Samsung TV 125 240000
3 Sale to Pankaj (Haryana) Whirlpool 100 250000
Washing
machine
4 Paid money to Namit in full settlement for 6800
the transaction at sr. no. 1 above
5 Received from Ruhi and Pankaj Rs 235000
each in full settlement for their current
transaction at sr. no. 2 & 3 above
6 Paid To Ram 10000
7 Purchase from Sangeeta Samsung TV 15 16000
8 Purchase from Ram Sony TV 18 20000
9 Sale to Pooja (Trade discount 10% on list LG TV 100 TV. List Price Rs.
price) 1500/- each
10 Purchased furniture 25000
11 Paid insurance Premium 15600
12 Purchased Land and Building from XY Ltd for Rs. 10,00,000. to pay this the company
borrowed from bank a loan of Rs. 4,00,000 and issued fully paid debenture of Rs. 6,00,000
to XY Ltd.
13 Sold all the investment 2,00,000
14 Paid
1. Outstanding Salaries 20000
2. Electricity 15000
3. Current Salaries 50000
4. Rent (including outstanding) 70000
5. Tax of last year 230000
15 Outstanding
1. Total Salaries 50000
2. Total Provision for Tax 240000
3. Total rent outstanding 50000
1. Charge Depreciation on furniture @20% p.a. and Machinery @ 10% p.a.
You are required to:-
1. Create a company as per details given above
2. Create appropriate groups and Ledger Accounts.
3. Enter the transactions as given selecting appropriate voucher type.
4. Display the following statements

a. Profit and Loss Account

b. Balance Sheet
c. Day book
d. GSTR-3B Report