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Tally Accounting Question

The document outlines the financial details and transactions for XYZ Pvt. Ltd. for the financial year 2024-2025, including a starting balance sheet and various transactions such as purchases, sales, salary payments, and loan settlements. It specifies tasks to be performed in Tally Prime, including ledger creation, GST compliance, expense adjustments, and financial report preparation. The document emphasizes the importance of reconciliation to ensure accurate closing balances.

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30 views4 pages

Tally Accounting Question

The document outlines the financial details and transactions for XYZ Pvt. Ltd. for the financial year 2024-2025, including a starting balance sheet and various transactions such as purchases, sales, salary payments, and loan settlements. It specifies tasks to be performed in Tally Prime, including ledger creation, GST compliance, expense adjustments, and financial report preparation. The document emphasizes the importance of reconciliation to ensure accurate closing balances.

Uploaded by

praveenprajapati5006
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Tally Accounting Question – Tally Prime Preparation

Company: XYZ Pvt. Ltd. (GST-registered) Location: Mumbai Financial Year: April 1,
2024 – March 31, 2025

Starting Balance Sheet (Before Transactions)

Liabilities

• Capital Account: ₹30,00,000

• Reserves & Surplus: ₹6,00,000

• Unsecured Loan from Promoter: ₹4,00,000

• Provision for Tax: ₹2,50,000

• Sundry Creditors:

o ABC Traders: ₹2,00,000

o PQR Suppliers: ₹2,50,000

• Outstanding Salary: ₹75,000

• Outstanding Rent: ₹40,000

Assets

• Land & Building: ₹12,00,000

• Machinery: ₹6,00,000

• Investments: ₹4,00,000

• Stock-in-Hand: ₹5,50,000

• Sundry Debtors:

o LMN Enterprises: ₹2,00,000

o RST Traders: ₹2,50,000

• Bank Balance (HDFC): ₹7,00,000

• Cash-in-Hand: ₹1,00,000

• Prepaid Insurance: ₹25,000

Transactions for March 2025

1. Purchase of Office Furniture:


o Amount: ₹3,00,000

o Vendor: ABC Interiors Ltd. (Local)

o Taxes: CGST 9% + SGST 9%

o Payment Mode: Bank transfer (HDFC Bank)

2. Purchase of Raw Materials:

o Amount: ₹5,00,000

o Source: Supplier in Delhi

o GST: IGST @ 12%

o Payment Mode: ICICI Bank

3. Sale of Finished Goods:

o Amount: ₹8,00,000

o Client: Local client in Mumbai

o Taxes: CGST 6% + SGST 6%

Salary Payment:

• Amount: ₹2,00,000

• (Direct salary debit)

Depreciation on Office Furniture:

• Amount: ₹1,00,000

Settlement of Outstanding Liability:

• Amount: ₹4,50,000

• (Paid via bank)

Receipt from Debtor:

• Received: ₹5,80,000

• Original Outstanding: ₹6,00,000

Office Rent Payment:

• Total Paid: ₹3,50,000

• (Includes ₹40,000 outstanding from previous month)

Purchase of Machinery:
• Cost: ₹8,50,000

• Vendor: PQR Engineering Pvt. Ltd.

• Financing:

o ₹4,00,000 from bank funds

o ₹4,50,000 from a new business loan

Sale of Investments:

• Sold for: ₹7,00,000

• Original Value: ₹6,50,000

• Profit: ₹50,000

Adjustment of Prepaid Insurance:

• Amount: ₹25,000

• (Insurance paid in the previous year for current coverage)

Creation of Tax Provisions:

• Outstanding Tax Liability: ₹2,00,000 (to be recorded)

Interest Charge on Bank Loan:

• Amount: ₹50,000

Your Tasks in Tally Prime

• Ledger Creation: Create separate ledgers for each transaction and for the
opening balances.

• GST Compliance: Enter purchase and sales vouchers ensuring correct GST
calculations. • Apply CGST & SGST (or IGST) on transactions as specified.

• Expense Adjustments: Adjust prepaid insurance, record depreciation, and


update outstanding liability entries.

• Financial Reports: Prepare and verify:

o Profit & Loss Statement

o Balance Sheet

o GST Reports

• Reconciliation: Ensure the closing balances match after entering all


transactions and adjustments.

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