Scribd
Upload
9 views

rather

The document contains a series of questions and tasks related to accounting principles, Tally Prime functionalities, and GST regulations. It covers topics such as journal entries, inventory management, financial statements, and tax implications. Additionally, it includes practical exercises for creating stock items, configuring godowns, and recording transactions in Tally Prime.

Uploaded by

iiclriyagupta
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
9 views

rather

The document contains a series of questions and tasks related to accounting principles, Tally Prime functionalities, and GST regulations. It covers topics such as journal entries, inventory management, financial statements, and tax implications. Additionally, it includes practical exercises for creating stock items, configuring godowns, and recording transactions in Tally Prime.

Uploaded by

iiclriyagupta
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 8

1. Which shortcut key is used to activate GST in Tally Prime?

a) F11
b) F12
c) F2
d) Alt+F3

2. Which account is debited when salary is paid in cash?


a) Salary A/c
b) Cash A/c
c) Capital A/c
d) Bank A/c

3. A Profit & Loss Account shows:


a) Only expenses
b) Only income
c) Net profit or loss
d) Assets and liabilities

4. In Tally Prime, where can you create a new stock item?


a) Gateway of Tally → Inventory Info → Stock Items
b) Gateway of Tally → Accounts Info → Ledgers
c) Gateway of Tally → Display → Stock Summary
d) Gateway of Tally → Features

5. Which financial statement represents a company's financial


position?
a) Profit & Loss A/c
b) Trial Balance
c) Balance Sheet
d) Cash Flow Statement

6. Which of the following is classified as a current asset?


a) Land
b) Machinery
c) Inventory
d) Goodwill

7. Which inventory valuation method is used in Tally Prime?


a) FIFO
b) LIFO
c) Weighted Average
d) All of the above
8. What is the journal entry for goods sold on credit?
a) Cash A/c Dr. To Sales A/c
b) Sales A/c Dr. To Cash A/c
c) Debtor A/c Dr. To Sales A/c
d) Sales A/c Dr. To Debtor A/c

9. Which account is credited when bad debts are recovered?


a) Bad Debts A/c
b) Debtors A/c
c) Bank A/c
d) Bad Debts Recovered A/c

10. What is the journal entry for prepaid rent?


a) Prepaid Rent A/c Dr. To Rent A/c
b) Rent A/c Dr. To Prepaid Rent A/c
c) Rent A/c Dr. To Cash A/c
d) Prepaid Rent A/c Dr. To Cash A/c

11. Depreciation appears on the:


a) Trading Account
b) Profit & Loss Account
c) Balance Sheet (Liabilities)
d) Balance Sheet (Assets)

12. Prepaid expenses are shown in the balance sheet under:


a) Fixed Assets
b) Current Liabilities
c) Current Assets
d) Capital

13. The net profit of a company is transferred to:


a) Trading A/c
b) Capital A/c
c) Profit & Loss A/c
d) Suspense A/c

14. \Which option in Tally Prime is used to track stock stored


at multiple locations?
a) Inventory Ledger
b) Stock Item
c) Godown/Location
d) Price List

15. Which of the following is NOT an inventory valuation


method?
a) FIFO
b) LIFO
c) Prime Cost
d) Weighted Average

16. Bill of Materials (BOM) is used for:


a) Selling finished goods
b) Managing raw material requirements
c) Managing cash transactions
d) Creating ledgers

17. Under GST, IGST is applicable when:


a) The transaction occurs within the same state
b) The transaction is inter-state
c) The transaction is between two businesses in the same city
d) None of the above

18. Which of the following is a GST return?


a) GSTR-1
b) GSTR-2A
c) GSTR-3B
d) All of the above

19. What is the full form of TDS?


a) Tax Deducted at Source
b) Tax Deducted on Sales
c) Tax Deposited at Source
d) Total Deduction System

20. TDS on professional fees is deducted at what rate?


a) 5%
b) 10%
c) 18%
d) 28%
21. The price list in Tally Prime is used to:
a) Manage stock items
b) Set multiple prices for the same item
c) Create ledgers
d) Adjust GST rates

22. Which of the following appears in a Bank Reconciliation


Statement (BRS)?
a) Outstanding cheques
b) Direct deposits by customers
c) Bank charges not recorded in books
d) All of the above

23. If a cheque issued is not presented for payment, it is


called:
a) Uncollected Cheque
b) Stale Cheque
c) Outstanding Cheque
d) Dishonored Cheque

24. Which of the following is a direct tax?


a) GST
b) Income Tax
c) Customs Duty
d) Excise Duty

25. Income tax is levied on:


a) Business income only
b) Salary income only
c) All types of income (as per Income Tax Act)
d) None of the above

26. Which of the following is an indirect expense?


a) Rent Paid
b) Purchase of Goods
c) Wages Paid
d) Commission Received

27. Cash discount is given on:


a) Bulk purchases
b) Early payment
c) Credit purchases
d) Future orders

28. Trade discount is recorded in:


a) Journal Entry
b) Ledger Account
c) Invoice only
d) Trial Balance

29. If a customer is given a 10% discount on a sale of


₹50,000, what will be the net amount payable?
a) ₹50,000
b) ₹45,000
c) ₹55,000
d) ₹40,000

30. Which of the following affects the net profit of a


business?
a) Trade Discount
b) Cash Discount
c) Income Tax Paid
d) None of the above

1. A company received an advance of ₹1,00,000 from a


customer for services to be provided next month. Pass
the journal entry.
2. Salary of ₹50,000 was paid, but TDS of ₹5,000 was
deducted before payment. Pass the journal entry for
salary expense and TDS deduction.
3. Goods worth ₹25,000 were lost due to fire, and the
insurance company agreed to reimburse ₹18,000. Pass
the journal entry for the loss and insurance claim.
4. Purchased machinery worth ₹5,00,000 plus 18% GST on
credit. Later, a discount of ₹10,000 was received from the
supplier. Pass the journal entries.
5. A business took a loan of ₹10,00,000 at an interest rate
of 12% per annum. The interest for one month is due but
not yet paid. Pass the necessary journal entry.
6. Issued a cheque of ₹2,00,000 to settle a creditor’s
account, but the cheque was dishonored due to
insufficient funds. Record both entries.
7. Transferred ₹50,000 from the current account to the fixed
deposit account. Pass the journal entry.
8. A debtor who owed ₹1,20,000 became insolvent, and only
40% of the amount was recovered. Record the necessary
entries for the bad debt and recovery.
9. Depreciation of ₹30,000 was charged on machinery at the
end of the financial year. Record the journal entry.
10. Declared and paid dividends of ₹1,50,000 to
shareholders. Record the entries for both declaration and
payment.

1. Create three different stock items in Tally Prime:


o Laptop (HP Pavilion)

o Mouse (Logitech Wireless)

o Keyboard (Dell Mechanical)


Assign them to appropriate stock groups and define GST rates
accordingly.

2. Configure two godowns in Tally Prime:

o Main Warehouse (used for bulk storage)

o Retail Store (used for direct sales)

3. Set up a Stock Category to classify items as Electronics and


Accessories in Tally Prime.

4. Create a Price List for bulk customers, offering a 5% discount if they


purchase more than 10 units of an item.

Section 2: Inventory Transactions

5. Purchase Entry:

o Purchase 15 laptops from ABC Electronics at ₹50,000 each.

o Store 10 laptops in the Main Warehouse and 5 in the Retail


Store.

o Record GST at 18% and pass the appropriate voucher entry in


Tally Prime.

6. Sales Entry:

o Sell 2 laptops from the Retail Store to XYZ Enterprises at


₹55,000 each.

o Apply Trade Discount of 5% and record GST at 18%.

o Record the transaction in Tally Prime using the correct sales


voucher.

7. Stock Transfer:

o Transfer 5 laptops from the Main Warehouse to the Retail


Store due to increasing demand.

o Record the stock journal entry for this transfer.


8. Stock Adjustment (Damage/Loss):

o A mouse worth ₹1,500 was damaged in the warehouse.

o Write off this damaged stock in Tally Prime and adjust inventory
accordingly.

9. Goods Return (Purchase Return):

o Return 2 defective laptops to the supplier (ABC Electronics)


and adjust GST accordingly.

10. Goods Return (Sales Return):

 A customer (XYZ Enterprises) returned 1 laptop due to a defect.

 Process the return and adjust the stock in Tally Prime.

You might also like