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Understanding tally
- 2. How to Work in Tally Automatically all ledgers, Profit and loss, Balance sheet, Trial balance will be created Pass those entries in Tally, Think about Entries to be passedz
- 3. How to Pass Entries Expenses Purchases 600 Freight 100 Salary 100 Profit 400 Total 1200 Incomes Sales 1000 Interest 200 Total 1200 Profit and Loss Account Liabilities Capital 1000 Profit 400 Loan 200 Creditors 400 Total 2000 Assets Furniture 1000 Debtor 600 Cash 100 Bank 300 Total 2000 Balance Sheet Golden Rules for Passing Entries • All Expenses Dr • All Incomes Cr • All Assets (Increase) Dr • All liabilities (Increase) Cr • All Assets (Decrease) Cr • All liabilities (Decrease) Dr
- 4. Pass Entries Cash brought into business as Capital Rs 100000 Particulars Dr Cr Cash A/c Dr 100000 To Capital A/c 100000 Golden Rules for Passing Entries All Expenses- Dr All Incomes –Cr All Assets (Increase)-Dr All liabilities (Increase)- Cr All Assets (Decrease)-Cr All liabilities (Decrease)-Dr Assets Furniture 1000 Debtor 600 Cash 100 Bank 300 Total 2000 Balance Sheet Liabilities Capital 1000 Profit 400 Loan 200 Creditors 400 Total 2000
- 5. Pass Entries Furniture purchased for Cash for Rs 10000 Particulars Dr Cr Furniture A/c Dr 10000 To Cash A/c 10000 Golden Rules for Passing Entries All Expenses- Dr All Incomes –Cr All Assets (Increase)-Dr All liabilities (Increase)- Cr All Assets (Decrease)-Cr All liabilities (Decrease)-Dr Liabilities Capital 1000 Profit 400 Loan 200 Creditors 400 Total 2000 Assets Furniture 1000 Debtor 600 Cash 100 Bank 300 Total 2000 Balance Sheet
- 6. Pass Entries Cash deposited in Bank Account Rs 50000 Particulars Dr Cr • Bank A/c Dr 50000 To Cash A/c 50000 Golden Rules for Passing Entries All Expenses- Dr All Incomes –Cr All Assets (Increase)-Dr All liabilities (Increase)- Cr All Assets (Decrease)-Cr All liabilities (Decrease)-Dr Liabilities Capital 1000 Profit 400 Loan 200 Creditors 400 Total 2000 Assets Furniture 1000 Debtor 600 Cash 100 Bank 300 Total 2000 Balance Sheet
- 7. Pass Entries Goods Purchased from ABC & Co Rs 10000 Particulars Dr Cr Purchases A/c Dr 10000 To ABC & Co A/c 10000 Amount Paid to ABC & Co by Cash 10000 Particulars Dr Cr ABC & Co A/c 10000 To Cash A/c 10000 Golden Rules for Passing Entries All Expenses- Dr All Incomes –Cr All Assets (Increase)-Dr All liabilities (Increase)- Cr All Assets (Decrease)-Cr All liabilities (Decrease)-Dr Expenses Purchases 600 Freight 100 Salary 100 Profit 400 Total 1200 Incomes Sales 1000 Interest 200 Total 1200 Profit and Loss Account Liabilities Sh Capital 1000 Profit 400 Loan 200 Creditors 400 Total 2000 Assets Furniture 1000 Debtor 600 Cash 100 Bank 200 Total 2000
- 8. Pass Entries Sales made to PQR & Co Rs 15000 PQR & Co A/c Dr 15000 To Sales A/c 15000 Cheque Received from PQR & Co Rs 15000 deposited in Bank Bank A/c Dr 15000 To PQR & Co A/c 15000 Golden Rules for Passing Entries All Expenses- Dr All Incomes –Cr All Assets (Increase)-Dr All liabilities (Increase)- Cr All Assets (Decrease)-Cr All liabilities (Decrease)-Dr Expenses Purchases 600 Freight 100 Salary 100 Profit 400 Total 1200 Incomes Sales 1000 Interest 200 Total 1200 Profit and Loss Account Liabilities Sh Capital 1000 Profit 400 Loan 200 Creditors 400 Total 2000 Assets Furniture 1000 Debtor 600 Cash 100 Bank 200 Total 2000
- 9. Types of Entries in Tally 1. Receipt Entries When Cash or Bank is debited Cash Dr To Party or Bank Dr To Party 2. Payment Entries When Cash or Bank is credited Party To Cash Or Party To Bank 3. Contra Entries When Cash is Debited and Bank is credited or vice versa Cash Dr To Bank or Bank Dr To Cash or SBI Bank Dr
- 10. Types of Entries in Tally 4. Purchase Entries When Purchase A/c is debited Purchase A/c Dr To Party or Purchase To Cash 5. Sales Entries When Sales Account is credited Party To Sales Or Cash A/c Dr To Sales 6. Journal Entries All other type of entries passed in journal For Example Expense Dr To Party
- 11. Determine type of entry 1. Receipt Entries When Cash or Bank is debited 2. Payment Entries When Cash or Bank is credited 3. Contra Entries When Cash is Debited and Bank is credited or vice versa 4. Purchase Entries When Purchase A/c is debited 5. Sales Entries When Sales Account is credited 6. Journal Entries All other type of entries passed in journal Cash A/c Dr 100000 To Capital A/c 100000 Receipt Entry as Cash is Debited Furniture A/c Dr 10000 To Cash A/c 10000 Payment Entry as Cash is Credited
- 12. Determine type of entry 1. Receipt Entries When Cash or Bank is debited 2. Payment Entries When Cash or Bank is credited 3. Contra Entries When Cash is Debited and Bank is credited or vice versa 4. Purchase Entries When Purchase A/c is debited 5. Sales Entries When Sales Account is credited 6. Journal Entries All other type of entries passed in journal Bank A/c Dr 50000 To Cash A/c 50000 Contra Entry When Cash is Debited and Bank is credited or vice versa Purchases A/c Dr 10000 To ABC & Co A/c 10000 Purchase Entry Amount Paid to ABC & Co by Cash 10000 Particulars Dr Cr ABC & Co A/c 10000 To Cash A/c 10000 Payment Entry as Cash is Credited
- 13. Determine type of entry 1. Receipt Entries When Cash or Bank is debited 2. Payment Entries When Cash or Bank is credited 3. Contra Entries When Cash is Debited and Bank is credited or vice versa 4. Purchase Entries When Purchase A/c is debited 5. Sales Entries When Sales Account is credited 6. Journal Entries All other type of entries passed in journal PQR & Co A/c Dr 15000 To Sales A/c 15000 Sales Entry as Sales Account is Credited Bank A/c Dr 15000 To PQR & Co A/c 15000 Receipt Entry as Bank is Credited