RAMAKAYAL COMPUTER EDUCATION

Tag: Ledger Creation

  • Tally Prime – Step by Step to Create Ledgers – Example 1

    1. First Create a new company named Royal Trading & Co

    2. After Company Creation > First Create the following ledgers >

    Ledger NameGroupDebit (₹)Credit (₹)
    Ramu Capital AccountCapital Account10000
    Cash in HandCash-in-Hand10000

    3. Gateway of Tally > Masters : Create > Ledgers:

    4. Enter Name : Ramu Capital A/c — Under : Type Cap and Select Right Side Using Arrow Keys or Select and Enter Capital Account > and Give Opening Balance : 10000 Cr. > Accept Yes >

    5. Now you will see the Same Ledger creation > Press Escape twice and Goto Gateway of Tally >

    6. Gateway of Tally > Master : Alter > Ledgers > Select Cash > Opening Balance : 10000 Dr.

    7. So Ramu is Giver and Cash is Comes in to Business . So Cr. Ramu Capital A/c and Dr. Cash A/c

    8. Go Gateway of Tally > Go Balance Sheet > You Can See Liabilities / Current Assets Statement

    9. Go Gateway of Tally > Go Profit and Loss A/c > No Profit and Loss Data because no entry made in any purchase or sales

    10. Go Gateway of Tally > Go Display More Reports or Press D > Go Trail Balance > and Press F5 (Ledger Wise / Group wise breakup)

    11. Now Add the following Ledger

    Ledger NameGroupDebit (₹)Credit (₹)
    Cash Purchase A/cPurchase5000

    Go Gateway of Tally > Enter Name : Cash Purchase A/c — Under : Select Purchase Account > and Give Opening Balance : 5000 Cr. > Accept Yes >

    Gateway of Tally > Master : Alter > Ledgers > Select Cash > Opening Balance : 5000 Dr. (Because Amount to be reduced due to Cash purchase Rs.5000)

    12. Now Go the Step No 8 , 9, 10 (See the changes in Profit and Loss and Balance sheet , now net loss Because Only Cash Purchase Not Sales ..)

    13. Now Add the following Ledger

    Ledger NameGroupDebit (₹)Credit (₹)
    Cash Sales A/cSales 20000

    Go Gateway of Tally > Master > Create : Ledgers > Enter Name : Cash Sales A/c — Under : Select Sales Account > and Give Opening Balance : 20000 Dr. > Accept Yes >

    Gateway of Tally > Master : Alter > Ledgers > Select Cash > Opening Balance : 25000 Dr. (Because Amount to be raised due to Cash Sales Rs.20000)

    14. Now Go the Step No 8 , 9, 10 (See the changes in Profit and Loss and Balance sheet)

    Profit and Loss A/c

    Balance Sheet

    Trail Balance

    13. Now Add the following Ledger

    Ledger NameGroupDebit (₹)Credit (₹)
    FurnitureFixed Asset5000
    Telephone ChargesIndirect Expenses1000
    Electricity Bill PaidIndirect Expenses500
    Total6500

    14. Go Gateway of Tally > Master > Create : Ledgers > Name : Furniture — Under : Fixed Asset > and Give Opening Balance : 5000 Dr. > Accept Yes >

    15. Name : Telephone Charges — Under : Indirect Expenses > and Give Opening Balance : 1000 Dr.

    16. Name : Electricity Bill Paid — Under : Indirect Expenses > and Give Opening Balance : 500 Dr.

    17, Gateway of Tally > Master : Alter > Ledgers > Select Cash > Opening Balance : 18500 Dr. (Because Amount to be reduced due to Expenses (25000- 6500 = 18500 Dr.)

    18. Now Go the Step No 8 , 9, 10 (See the changes in Profit and Loss and Balance sheet)

    If any doubt say comments … thanks

    Continue…..

  • Tally Prime – Step by Step to Create Ledgers – Example 2

    This example covers how to create ledgers and how they affect the profit and loss statement and balance sheet.

    Please follow the steps and share your feedback in the comments section once completed

    Ledger NameGroupDebit (₹)Credit (₹)
    Rama Capital AccountCapital Account5,00,000
    Cash in HandCash-in-Hand1,00,000
    SBI A/cBank Accounts2,00,000
    Sales Sales Account3,00,000
    PurchasePurchase Account1,50,000
    Sundry Debtor – ASundry Debtors50,000
    Sundry Creditor – BSundry Creditors75,000
    Office EquipmentFixed Assets2,20,000
    Salary ExpensesIndirect Expenses1,70,000
    Rent ExpensesIndirect Expenses40,000
    Outstanding ExpensesCurrent Liabilities30,000
    Commission ReceivedIndirect Incomes25,000

    Step 1:

    Create a Company:

    1. Open Tally Prime & Click Create Company

    2. Fill in the necessary details like company name, address, etc.,

    3) After accepting the company creation screen, you will see the Company Features window. Set the ‘Maintain Inventory’ option to ‘No’ and the ‘Enable Goods and Services Tax (GST)‘ option to ‘No.’ Ensure that these settings match the screen below

    4) After accepting the company features screen (Note: To accept any screen, press CTRL + A), you will see the Gateway of Tally.

    5) Now create a ledger name called Rama Capital account with opening balance : Rs. 5,00,000

    Ledger NameGroupDebit (₹)Credit (₹)
    Rama Capital AccountCapital Account5,00,000

    Gateway of Tally > Masters > Create > Ledger > Name : Rama Capital Account Under : Capital Account and Opening Balance 5,00,000 Cr> Accept Yes ( Now Press Escape key Twice to see Gateway of Tally)

    6) Next

    Ledger NameGroupDebit (₹)Credit (₹)
    Cash in HandCash-in-Hand1,00,000

    Go Gateway of Tally > Masters > Alter > Ledgers > Select : Cash > Press Enter to see the below screen > Now Go to the Opening Balance Field using Enter Key > Give Opening Balance : 1,00,000 Dr > Accept : Yes

    7) Now Press Escape again and again to see the Gateway of tally

    Create the below ledgers using above steps >

    Ledger NameGroupDebit (₹)Credit (₹)
    SBI A/cBank Accounts2,00,000
    SalesSales Account3,00,000
    PurchasePurchase Account1,50,000
    Customer ASundry Debtors50,000
    Supplier ASundry Creditors75,000
    Office EquipmentFixed Assets70,000
    Salary ExpensesIndirect Expenses1,70,000
    Rent ExpensesIndirect Expenses40,000
    Outstanding ExpensesCurrent Liabilities20,000
    Commission ReceivedIndirect Incomes25,000

    8) After Created the above all ledgers with Opening Balance as per trail balance

    go Gateway of Tally > D: Display More Reports > T: Trail Balance >

    Press F5 > To See Ledger Wise >

    9) Now Goto Gateway of Tally > Masters : Alter > Ledgers > Commission Received > Change the Opening Balance Amount : 80000 Accept > Yes

    10) Now Goto Gateway of Tally > Masters : Alter > Ledgers > Cash > Change the Opening Balance Amount : 155000– Accept > Yes

    11) go Gateway of Tally > D: Display More Reports > T: Trail Balance >

    12) Gateway of Tally > Profit and Loss A/c

    13) Gateway of Tally > Balance Sheet