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
Symbol:Nos
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

Date	Particulars	Debit	Credit
1st April 2014	(Press F6) Receipts Cr. Rahul Capital A/c Dr. Cash A/c	3,00,000	3,00,000
1st April 2014	(Press F9) Purchase Dr.Purchase A/c Cr. Cash A/c Cr.David A/c	20,000	10,000 10,000
1st April 2014	*(Press F8) Sales Dr. Cash A/c Cr. Sales  A/c Cr. Excise Duty @12.36% Cr. VAT @ 5%	2,54,832	2,16,000 26,698 12,135
1st April 2014	(Press F5) Payment Dr.Salaries A/c Dr.Rent A/c Cr.Cash A/c	1000 1000	2000

*
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/- 

VIEW REPORTS

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