Computerized Accounts

Q. Create the company with the following details;

i. Name- tally solutions
Enter the following transactions of the Company in Tally and show various reports
⮚ All purchase and sales transactions of goods, Payment to creditors, and receipt from debtors
are done through Oriental Bank of Commerce
⮚ Any other payment and receipt is done through cash
Balance Sheet as on 31-3-2016
Liabilities Amount Assets Amount
Capital 800000 Land and Buildings 300000
Reserves 300000 Machinery 300000
Profit and Loss Account 300000 Furniture 300000
Secured loan 1000000 Investment 80000
Debentures 1000000 Stock 1729800
Provision for tax 250000 Bills Receivables 50000
Bills Payable 100000 Debtors 262000
Sundry Creditors 224600 Oriental Bank of Commerce 220000
Salaries outstanding 35000 Cash in Hand 820000
Rent outstanding 60000 Prepaid insurance 7800
4069600 4069600
⮚ The company deals in the following stocks:
Name of the Items Group Quantity Rate (Rs) Opening Stock Value
Cotton B Bed sheets 100 pcs. 650 65000
Woollen B Bed sheets 125 pcs. 1000 125000
Satin B Bed sheets 108 pcs. 600 64800
Satin Q Quilts 400 pcs. 1575 630000
Woollen Q Quilts 100 pcs. 2200 220000
silk Quilts 500 pcs. 1250 625000
Total 1729800
⮚ The list of company debtors and creditors is as follows:
Debtors Balance Due Creditors Balance payable
Aayush 45000 Kavita 25000
Mohit 89000 Kajal 30500
Aakash 52000 Keshav 67500
Aarti 30000 Kamal 42600
Aman 46000 Komal 59000
Total 262000 Total 224600
Record the following transactions.

S.No. Transaction Item Quantiy Amount

1 Purchase from Kavita Cotton Bed Sheets 20 7800
2 Sale to Mohit Woollen Bed 125 240000
Sheets
3 Sale to Aarti Satin Quilts 100 250000
4 Paid money to Kavita in full settlement for 6800
the transaction at sr. no. 1 above
5 Received from Mohit Rs 235000 each in full
settlement for his current transaction at sr.
no. 2 above
6 Paid to Keshav 10000
7 Purchase from Kajal Woollen Bed 15 16000
Sheets
8 Purchase from Keshav Cotton Bed Sheets 18 20000
9 Sale to Aayush (trade discount @20%) Satin Bed Sheets 100 pcs@ Rs.2000/-
each
10 Purchased furniture 25000
11 Paid insurance Premium 15600
12 Purchased Land and Building from Pink Ltd for Rs. 10,00,000. to pay this the company
borrowed from bank a loan of Rs. 4,00,000 and issued fully paid debenture of Rs. 6,00,000
to Pink Ltd.
13 Sold all the investment 2,00,000
14 Paid
1. Outstanding Salaries 20000
2. Electricity 15000
3. Salaries 50000
4. Rent (including outstanding) 70000
5. Tax of last year 230000
15 Outstanding
1. Total Salaries 50000
2. Total Provision for Tax 240000
3. Total rent outstanding 50000
1. Charge Depreciation for the period 1/4/2016 to 31/3/2017 on furniture @20% p.a. and
Machinery @ 10% p.a.
You are required to:-
1. Create a company as per details given above
2. Create appropriate groups and Ledger Accounts.
3. Enter the transactions as given selecting appropriate voucher type.
4. Display the following statements
a. Profit and Loss Account
b. Balance Sheet