Wednesday, July 16, 2014

Tally Inventory Tutorial: Problem - 2 (Volume-I)

Transitions: (Dt: 01.04.2014)

  1. Mr. Rahul started business with cash Rs. 3,00,000
  2. Purchased 20 Cricket Bats @ 5,000 each for cash
  3. Purchased 20 cricket Bats @ 5,000 Each from David
  4. Sold 36 Bats @ 6000 each for cash +Excise duty 12.36% + VAT 5%
  5. Paid Salaried 1000 & Rent 1000
Step No:1
Creation of Company
From Gateway of Tally Press Alt+F1
From Company  Info Menu Select  Create  Company
Enter all the details of the Company
(Name, Address, Financial Year)
Read More: How to Create New Company in Tall

Step No: 2
Creation of Ledger Accounts
From-> Gateway of Tally -> Accounts Info -> Ledger-> Create

Account Name: Group
Rahul Capital: Capital Account
Purchase: Purchase Account
Sales: Sales Account
David: Sundry Creditors
Excise duty @ 12.36%: Duties & Taxes 
VAT @ 5%: Duties & Taxes     
Salaries: Indirect Expenses
Rent: Indirect Expenses
Read More: How to Create Ledger

Step No.3
Creation of productor  inventory
Gateway of tally -> Inventory Info -> Stock Group -> Create
Name: Traded Goods Or Finished goods
Under : Primary
Can quantities of items be added :Yes
Read More: How to Create Stock Groups in Tally

Press 4 Times ESC Key
Gateway  of Tally -> Inventory Info -> Units of Measure -> Create
Formal Name: Numbers
Numbers of decimal places :0

Press  Esc 4 times
Gateway of tally -> Inventory Info -> Stock item -> Create

Name: Computer
Under: Select “Finished goods ” from the list
Units: Select “Nos” from the list.
Set Standard Rates: Yes
Set Standard Cost:10,000          
Standard selling price: 12,000
Read More: How to Create Stock Items in Tally

Step No. 4
Passing Transaction
Gateway of Tally -> Vouchers Entry

1st April 2014
(Press F6) Receipts
Cr. Rahul Capital A/c
Dr. Cash A/c


1st April 2014
(Press F9) Purchase
Dr.Purchase A/c
Cr. Cash A/c
Cr.David A/c



1st April 2014 
*(Press F8) Sales
Dr. Cash A/c
Cr. Sales  A/c
Cr. Excise Duty @12.36%
Cr. VAT @ 5%



1st April 2014
(Press F5) Payment
Dr.Salaries A/c
Dr.Rent A/c
Cr.Cash A/c



Basic Value: Rs.216,000
Add: E.D-12.36%: Rs.26,698
Sub Total: Rs.242,698
Add: VAT-5%:  12,135
Total Value: Rs.2,54,832/- 


Profit & Loss
Gateway of Tally -> Profit & Loss (P)
Balance sheet
Gateway of Tally -> Balance sheet (B)


  1. The payment entry is wrongly shown here.
    It sud b:
    Salary A/c Dr. 1000
    Rent A/c Dr. 1000
    Cash A/c Cr. 2000

    1. Dear Mr/Ms.Sutrina,

      Thank u for ur comment.

      Sorry for inconvenience. We have corrected our mistake.

      Thanks & Regards

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