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TALLY 2

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17 views

TALLY 2

Uploaded by

arman698869
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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ST.

XAVIER’S COLLEGE (AUTONOMOUS), KOLKATA


Department of Information Technology
B. Com Semester III
IT Skills for Business Practical 2024 under NEP 2020

Unit 5, 6 and 7: Computerized Accounting: Basic Concepts, Inventory,


Transaction
Topics Covered: Creation of Godown; Creation of Stock with Stock Group and Stock
Categories; Transfer of Materials across Godowns; Transaction Entries: Receipt, Payment,
Journal, Contra

Assignment 2
The objective of this computerized accounting practical assignment encompass the mastery of fundamental
inventory and transaction management tasks using Tally software. Students will learn to create and
configure godowns for efficient storage and categorization of stock items. This includes the creation of stock
groups and stock categories to streamline inventory management. Additionally, the assignment will cover
the processes for transferring materials between godowns, ensuring proper documentation and tracking.
Furthermore, students will practice essential transaction entries, including receipts, payments, journals,
and contra entries, thereby gaining comprehensive skills in managing and recording financial transactions
accurately within a computerized accounting system.

Create a company (Kolkata -Based) as “Tally02_Your Roll Number”.


The computerized accounting of books of the company commenced on 01-04-2024.
Perform the following as mentioned below:
Prepare an Opening Balance Sheet with the given Ledger Accounts:

Particulars Amount(Rs.)
Capital 50,00,000
State Bank of India 15,00,000
Cash 15,00,000
Profit & Loss a/c 5,00,000
Opening Stock*** 20,00,000
General Reserves 5,00,000
Plant & Machinery 10,00,000
Interest Payable 10,000
Bank Loan 8,00,000
Debtors 3,00,000
Prepaid Insurance 10,000
Goodwill 5,00,000

***Create Opening Stock with the following details:


Group Category Item Unit Rate/unit Amount HSN Code GST Godown
(Nos.) (Rs.) Rate
Raw Cotton RM1 5,000 20 1,00,000 A123 5% Park
Material Fibre Street
Raw Cotton RM2 5,000 20 1,00,000 B234 5% Park
Material Fibre Street
Raw Cotton RM3 5,000 20 1,00,000 C345 5% Park
Material Fibre Street

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ST. XAVIER’S COLLEGE (AUTONOMOUS), KOLKATA
Department of Information Technology
B. Com Semester III
IT Skills for Business Practical 2024 under NEP 2020

Raw Silk Fibre RM4 5,000 20 1,00,000 D456 7.5% Park


Material Street
Raw Silk Fibre RM5 5,000 20 1,00,000 E567 7.5% Park
Material Street
Finished Cotton FG1 10,000 30 3,00,000 F678 12% Park
Goods Cloth Street
Finished Silk Cloth FG2 10,000 30 3,00,000 G789 18% Park
Goods Street
Selling Men’s Shirts 1,000 400 4,00,000 61051010 12% Girish
Goods Clothing Park
Selling Women’s Gowns 1,000 350 3,50,000 61081110 5% Girish
Goods Clothing Park
Selling Kids’ Singlets 1,000 150 1,50,000 61112000 12% Girish
Goods Clothing Park

Transfer 2,000 units of RM1, RM2 and RM3 respectively for manufacturing Cotton Cloths
to Esplanade Godown.
40% of Selling Goods was transferred to Rajarhat Godown for Retail Sale.
Pass the following entries: - (considering all entries were passed on 01/06/2024)
• Introduced Rs.10,00,000 as further capital through the bank account.
• Depreciation on Plant & Machinery was charged @ 10% per annum for the whole
year on the date.
• Interest payable was paid in cash.
• Transferred Rs.10,000 from Cash Account to Petty Cash Account.
• SBI Bank Interest received for Rs.10,000.
• An employee stole Rs.5000 from the cash box.
• Create a provision at 5% of the present debtor value. [P/L a/c to Provisions;
Provisions to Debtors a/c]
• Cash worth Rs.50,000 was transferred to SBI Bank Account.
• Interest on the Bank Loan of Rs.5,000 was paid during the year.
• Old newspapers worth Rs.1,500 were sold and the balance was added to Petty
Cash A/c.
• Office stationery worth Rs. 2,000 was purchased in cash and adjusted through
Petty Cash A/c.
• Goodwill was raised to Rs. 6,25,000.

**Take proper back up of your company in your folder.

Reference Links:
Tally Prime Download link: https://tallysolutions.com/download/
https://help.tallysolutions.com/tally-prime/

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