Tally 036

Q1.
Opening two or more companies with different names
a. First Company
b. Second Company
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c. Third Company

Q2. The role of Buttons

Q3. Meaningful information into all the options available under heading
‘Company Info’
1. Select Company in the different companies.

2. Create Company
3. Backup

4. Restore
5. Quit

Q4. The Ledgers, which has been manually created in Block 2 of MCS-035
exercise
For the Problem of Illustration 2 & Revised Illustration 2
Bad Debts

Bank Commission
Bill Payable

Bills Receivable
Buildings

Capital
Carriage Inwards

Cash
Creditors

Debtors
Depreciation on Furniture

Depreciation on Machinery
Deprecation on Building

Discount
Discount Received

Drawings
Furniture

Interest On Capital
Interest On Capital

Life Insurance
Machinery

Outstanding Trade Expenses
Outstanding Expenses on Wages

Provision for Doubtful Debts
Purchases

Purchases Returns
Reserved for Bad Debts

Salaries
Sales

Sales Returns
Stock (Opening)

Trade Expenses
Wages

Check Your Progress 2 Question 4
Bank Balance

Buildings
Capital

Commission
Creditors

Debtors
Drawings

Establishment Expenses
Furniture

Insurance
Interest Paid

Loan form Ashok
Motor Car

Outstanding Expenses
Purchases

Sales
Stock

Wages
Bad Debts

Bill Payable
Bill Receivable

Capital
Carriage Inwards

Carriage Outwards
Cash

Cash at Bank
Creditors

Darwings
Debtors

Depreciation on Fixed Assets
Discount

Discount Received
Fixed Assets

Insurance
Interest

Interest On Investment
Investment

Loan for Bank
Office Expenses

Outstanding on Rent
Prepaid Insurance

Provision for Discount on Debtors

Purchases
Purchases Returns

Stock (Opening) Raw Material
Rent

Reserve for Discount on Creditors
Sales

Sales Returns
Selling Expenses

Bill Payable
Carriage on Sales

Carriage on Purchases
Cash in Bank

Depreciation on Fixtures and Fittings
Depreciation on Plant Machinery

Discount
Drawings

Factory Fuel & Power
Fixtures & Fittings

Insurance
Lighting

Manufacturing Expenses
Office Expenses

Office Salaries
Outstanding on Salaries

Outstanding on Wages
Plant and Machinery

Prepaid Insurance
Purchases

Purchases Returns
Rent Outstanding

Rent and Taxes
Reserve for Bad Debts

Sales
Sales Retruns

Sanjeev’s Capital
Stock (Opening)

Sundry Creditor
Sundry Debtors

Travelling Expense
Wages

Q5. What is a Ledger in Tally?
A Ledger is the actual account head to which you identify a transaction.

You pass all accounting voucher entries using ledgers. However, as mentioned in
the introduction to Groups, all ledgers have to be classified into groups. Hence, a
thorough understanding of account classification is important for working with
ledgers. We have reproduced certain portions from the group’s chapter here.
Q6. Create a Sample Ledger in Tally

Q7. Open a ledger named purchase and then delete it.
Created the purchase account
Deleting the purchase account

Q8. Change the name of ledger from purchase to sales.
Purchase Account
Altering to Sales Account

Q9. Voucher entry of the question, which have been manually created by us in
Block-2 of Mcs-035 exercise.
The Problem of Illustration 2 & Revised Illustration 2
Drawings

Buildings
Creditors

Debtors
Purchases

Purchases Returns
Sales

Sales Returns
Discount

Discount Allowed
Life Insurance

Bad Debts
Reserves for Bad Debt

Carriage Inwards
Wages

Machinery
Furniture

Salaries
Bank Commission

Bills Receivable
Bills Payable

Trade Expenses
Capital

Depreciation on Buildings
Depreciation on Furniture

Depreciation on Machinery
Outstanding Trade Expenses

Outstanding Wages
Interest on Capital

Installation Charges on Wages and Machinery

Capital
Building

Drawings
Furniture

Motor Car
Interest Paid for Loan

Purchases
Sales

Establishment Expenses
Wages

Insurance
Commission

Debtors
Creditors

Bank Balance

Fixed Assets
Debtors

Bills Receivable
Investment

Drawings
Purchases

Purchases Returns
Sales

Sales Returns
Carriage Inwards

Carriage Outwards
Rent

Insurance
Office Expenses

Discount Allowed
Bad Debts

Interest
Selling Expenses

Creditors
Bill Payable

Loan for Ashok
Discount

Outstanding Rent
Insurance Premium

Interest on Investment
Write of Further Bad Debts

Provision for Discount on Debtors

Discount on Creditors
Depreciation on Fixed Assets

Plant & Machinery
Fixture and Fittings

Factory Fuel & Power
Office Salaries

Lighting
Travelling Expenses

Carriage on Sales
Cash in Bank

Sundry Debtors
Purchases

Purchases Return
Wages

Rates & Taxes
Office Expenses

Carriage on Purchases
Discount

Drawings
Manufacturing Expenses

Sales
Sales Returns

Insurance
Rent Outstanding

Sanjeev’s Capital
Sundry Creditors

Bills Payable
Depreciation on Plant and Machinery

Depreciation on Fixture and Fittings
Reserve for Bad Debts

Insurance Unexpired
Outstanding Wages

Outstanding Salaries

Q10. What do you understand by Voucher?
This is a non-accounting voucher and the entries made using it will not affect
your accounts. That is, Tally does not post these entries to ledgers but stores them
in a separate "Memo Register". You can alter and convert a Memo voucher into a
regular voucher when you decide to bring the entry into your books. View all
optional vouchers through Display —>Exception Reports —> Optional Vouchers.
View them from the Day Book as well.
Some uses for Memo vouchers
Making suspense payments

For example, the company gives an employee cash to buy office supplies, the
exact nature and cost of which are unknown. You could enter a voucher for the
petty cash advance, a voucher to record the actual expenditure details when they
are known, and another voucher to record the return of surplus cash. However, a
simpler way is to enter a Memo voucher when the cash is advanced, and then turn
it into a Payment voucher for the actual amount spent, when known.
Vouchers not verified at the time of entry

It sometimes happens that you do not understand the details of a voucher you are
entering. Enter it as a Memo voucher and amend it when you get the details.
Items given on approval

You will normally only enter completed sales into the books. Suppose items are
given "on approval". You can track them with a Memo voucher and convert it into
a proper Sales voucher, or delete the memo voucher, depending on the outcome.
Reminder service
You can enter a Memo voucher for a transaction that will take place in the future
and get Tally to remind you about it one day prior to the date. For example,
insurance premiums due, taxes due, installment payments, post-dated cheques.

Q11. Show the use of all the Voucher types available with Tally
Tally is pre-programmed with a variety of accounting vouchers, each designed to

perform a different job. The standard vouchers are:
-Payment voucher
-Receipt voucher
-Contra voucher
-Sales voucher
Sales Orders
Sales vouchers/invoices
Delivery Notes
Rejection In
-Purchase voucher
Purchase Orders
Purchase vouchers
Goods Receipt Notes
Rejection Out
-Journal voucher
Credit Notes
Debit Notes
Journal
-Memo voucher
Reversing Journal
-Stock Journal
-Physical Stock
You can alter these vouchers to suit your company, and also create new ones. For
example, if you wish to distinguish between cash and bank payments you can
create vouchers to do this.
The function of each voucher type is now explained.

Payment Voucher
Payment Voucher
Description Record all Bank & Cash Payments
Voucher Entry Account Amount Amount
Ledger Account Paid e.g., Sundry
Creditor, or expense head like Debit
Electricity charges.
Bank or Cash Account Credit

Receipts Voucher
Receipts Voucher
Description Record all receipts into Bank & Cash accounts
Bank or Cash account e.g.,
Debit
Grindlays Bank (Bank Account)
Income ledger account e.g., Bank
Interest (Indirect Incomes) or the Credit
giver of money e.g., A debtor
(Sundry Debtors)

Contra Voucher
Contra Voucher
Description Records funds transfer between cash and bank accounts
Cash (Cash-in-hand)
Debit
Grindlays Bank (Bank Account) Credit

Sales Voucher
Sales Voucher
Description Records all sales
Buyer’s ledger account, e.g., King
Debit
& Co (Sundry Debtors)
Sales Account e.g., software sales Credit
VAT output/sales tax Credit

Purchase Voucher
Purchase Voucher
Description Records all Purchase
Purchases (Purchase Accounts) Debit
Input VAT/Tax Debit
Supplier’s ledger account, e.g., U S
Credit
Computers (Sundry Creditors)

Journal Voucher
Journal Voucher
Description Records adjustments between ledger accounts
Advertising (Indirect Expenses)
Debit
Office Costs (Indirect Expenses)
Credit

Memo Voucher
This is a non-accounting voucher and the entries made using it will not
affect your accounts. That is, Tally does not post these entries to ledgers but stores
them in a separate "Memo Register". You can alter and convert a Memo voucher
into a regular voucher when you decide to bring the entry into your books. View
all optional vouchers through Display —>Exception Reports —> Optional
Vouchers. View them from the Day Book as well.
Some uses for Memo vouchers
Making suspense payments

For example, the company gives an employee cash to buy office supplies,
the exact nature and cost of which are unknown. You could enter a voucher for
the petty cash advance, a voucher to record the actual expenditure details when
they are known, and another voucher to record the return of surplus cash.
However, a simpler way is to enter a Memo voucher when the cash is advanced,
and then turn it into a Payment voucher for the actual amount spent, when known.
Vouchers not verified at the time of entry

It sometimes happens that you do not understand the details of a voucher
you are entering. Enter it as a Memo voucher and amend it when you get the
details.
Items given on approval

You will normally only enter completed sales into the books. Suppose
items are given "on approval". You can track them with a Memo voucher and
convert it into a proper Sales voucher, or delete the memo voucher, depending on
the outcome.
Reminder service
You can enter a Memo voucher for a transaction that will take place in the
future and get Tally to remind you about it one day prior to the date. For example,
insurance premiums due, taxes due, installment payments, post-dated cheques.

Memo Voucher
Memo Voucher
Description Records the voucher entries in a memo register, without
affecting the ledger accounts & financial statements.
Ledger Account
Debit
Ledger Account
Credit

Optional Voucher
This is another non-accounting voucher. However, it differs from the
Memo voucher in that it is not a separate voucher type. You mark an existing
voucher, (e.g., a payment voucher or a receipt voucher) as 'Optional'. Press
[CTRL]+[L] or click on the button. This button toggles with 'Regular'. By
marking it 'Optional' the voucher does not get posted anywhere but remains in the
have the Optional Register. You can view all optional vouchers through Display
—>Exception Reports —> Optional Vouchers. View them from the Day Book as
well.
Use of Optional Vouchers

Obviously, a transaction has not been completed and you do not want it to
affect the accounts. But you want to record it so that you simply modify the
voucher and remove the 'Optional' mark by 'Regularizing' it. Display the voucher
in 'Alter' form and click on 'Regular'. This way you can regularize the voucher and
then post it. E.g. Performance sales invoice. In fact, print an optional sales invoice
as a Performance Invoice.
You can choose to view a Balance Sheet including Optional vouchers.
Normally, since these vouchers have no bearing on the books and statements.
However, you might want to see their impact without actually posting the
transactions. Optional vouchers allow you to do so. This not unlike the reversing
journal.
Reversing Journals
Reversing Journals are special journals that are automatically reversed after
the date of the journal. They exist only for a day and are effective on the date of
the reversing journal. Moreover, they are effective only when called for in reports
like the Balance Sheet.
For example, it is 30th June and you want to view the Balance Sheet as of today
but June salaries are not due for payment until the first week in July. There is,
therefore, a large liability, which would not be reflected in the Balance Sheet. To
overcome this, you would enter a reversing journal voucher dated 30th June,
which would look something like this:
DrSalaries 5,000
CrProvisions (Current Liabilities) 5,000
When you view the Balance Sheet, you would ask Tally for the report with
the reversing journals included. The voucher affects the report only for that day,
i.e., 30th June.
Post-dated vouchers
While entering vouchers, you can post-date them, and Tally will not update
the ledgers until the date in question. This is most useful for entering transactions
that take place on a regular basis. For example, if you pay for something by
installments, you can set-up the payments in advance, and Tally will only enter

them in the ledgers as they fall due. Mark vouchers 'Post Dated' by [CTRL]+[D]
or click on the button. The button toggles with 'Regular'.

Stock Journal
A stock journal is used to transfer materials or stock from one location to
another location. Stocks could even simply be shown as consumed. Or even only
produced without both consumption and production. Hence, it is not like other
journal where debits and credits must match.
You can specify quantities that are move as well as their rates and amounts.
If standard rates have been entered in the stock item masters, they will appear. In
the target location, you can specify additional costs incurred without actually
affecting accounting at all. Only the stock value goes up. Hence, it is technically
correct where an expense incurred on production or inward has been accounting
for in the cost of that item.
The Stock Journal Screen has three parts – the top part accepts general
information, the left hand side is the Source location or Consumption Part and the
right hand side is the Destination location or the Production Part. While you must
furnish the common information required in the top part, you may elect to give
information for only the left or the right part or both.

Physical Stock

Q12. Change the date of voucher entered.
Q13. Change the period of Voucher entered.

Q14. Generate Balance Sheet, which has been manually created in Block 2 of
MCS-035 exercise
Balance Sheet

Balance sheet

Balance sheet

Balance sheet

Q15. Generate Profit and Loss Account, which has been manually created in
Block 2 of MCS-035 exercise
Profit and Loss Account




Q16. Generate Trail Balance, which has been manually created in Block 2 of
MCS-035 exercise
Trail Balance

Trail Balance

Trail Balance

Trail Balance

Q17. How many types of Balance Sheet can be generated in Tally?
We can generate two types Balance Sheet
1. Vertical Balance Sheet

2. Horizontal Balance Sheet

Practical Session – Wise List of Problems
A Bank
Akita Bank Ltd

Leger Entries for the Akita Bank Ltd
Acceptances & Guarantees
Accrued Expenses

Accrued Income
Bills Discounted

Bills Receivable
Borrowed Money

Call Loans
Call Moneys

Capital Curplus
Cash & Due From Banks

Generate Balance Sheet for the Akita Bank Ltd

Generate Profit and Loss Account for the Akita Bank Ltd

Generate Trail Balance for the Akita Bank Ltd

Private Company
Avon Organics Ltd

Generating Leger Entries for the Avon Organics Ltd
Auditor’s Fee
Bank Charges

Cash & Bank Balances
Current Liabilities

Deferred Tax
Depreciation

Director’s Remuneration
Director’s Sitting Fee’s

Director’s Travelling
Discounts

ECGC Priu
Excise Duty

Export Expenses
Factory Expenses

Financial Charges
Finished Goods

Fixed Assets
General Expenses

Hire Charges
Insurance

Interest Received
Investments

Provisions

Raw Materials
Rent, Rates & Taxes

Repairs and Maintenance
Reserves and Surplus

Sales
Sales Promotion

Sales Tax
Secured Loans

Share Capital
Share Warrents

Stores & Spares Consumed
Sudry Debtors

Unsecured Loans
Vehicle Maintenance

Wages
Work-in-progress

Generating Balance Sheet for the Avon Organics Ltd

Generating the Profit and Loss Account for the Avon Organics Ltd

Generating Trail Balance for Avon Organics Ltd


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Q1.

Opening two or more companies with different names

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1. Select Company in the different companies.

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For the Problem of Illustration 2 & Revised Illustration 2

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Outstanding Expenses on Wages

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Reserved for Bad Debts

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Check Your Progress 5 Question 6

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Provision for Doubtful Debts

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Depreciation on Plant Machinery

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