TallyPrime Assignment-4 [CREATING LIABILITIES / ASSETS LEDGER]

Creating a Single LEDGER :

A ledger is the actual account head to identify your transactions and are used in all accounting vouchers.

For example, purchase, payments, sales, receipts, and others accounts heads are ledger accounts. Without a ledger, you cannot record any transaction.

All Ledgers have to be classified into Groups. These groups and ledgers are classified into Profit and Loss or Balance Sheet.

The creation and usage of Groups in TallyPrime has been explained earlier. Now you will learn how TallyPrime works with Ledgers.

1. Gateway of Tally > Create > type or select Ledger and press Enter.

Alternatively, press Alt+G (Go To) > Create Master > type or select Ledger and press Enter.

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2. Name Box : enter the name of ledger, alias is used for short name.
3. Select the group under which the ledger will be created.
4. You can select Tax Registration type : Regular (required GST No) or Unregistered/Consumer (No GST No require)

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5. Enter the Opening Balance.

F12: Configure ( Ledger)

Configuring F12 (functional key): You can also configure your ledger creation as per your requirement by using ‘F12’.

To view and show all Configurations…you have to enable Yes of two option inside Configuration screen.

Show more configurations           : Yes

Show all configurations                 : Yes

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Displaying, Altering and Deleting Ledger Accounts

You can alter any information of the ledger master with the except for the closing balance under the group stock-in-hand.

To display/alter a ledger

• Gateway of Tally> Alter > type or select Ledger Name and press Enter to Alter.

Alternatively, press Alt+G (Go To) > Alter Master > type or select Ledger and press Enter.

To delete a ledger

• Press Alt+D andpress ( In Alternation mode screen of Ledger)

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Note: You can delete the ledger if no vouchers have been created under it. If you want to delete a ledger for which vouchers have been created, you have to first delete all the vouchers from that ledger and then delete the ledger account.

Creating Bank Account Ledgers in TallyPrime

You can provide information such as Bank name, Account no., IFS code, and address while creating bank ledgers.

To create a bank ledger

1. Gateway of Tally > Create > type or select Ledger and press Enter.

Alternatively, press Alt+G (Go To) > Create Master > type or select Ledger and press Enter.

2. Enter the Name of the bank for the bank ledger.
3. Select Bank Account from the List of Groups, in the Under field.

Note: The Books Beginning date is pre-filled in Effective Date for Reconciliation field.

4. Provide the following details in Bank Accounts details:

o     A/C holder’s name – It prefills the company name; however, you can alter this name by pressing Backspace.

o     A/c no. – Provide the account number of your bank.

o     IFS code – Provide the IFS code for your bank.

Note: If the IFS code in incorrect, the system prompts the warning message “Invalid IFS Code. The IFS Code must contain 4 alphabets, followed by 0 and 6 numbers/alphabets. For example, UTIB0000221.”

o     Bank name – Select the bank name from the List of Banks.

The Ledger Creation screen appears as shown below:

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[Practical Assignment]

Create the following Assets & Liabilities (Including Bank) Ledgers with Opening Balance as given :

In our given Practical Assignment, you must remember all the Bold Letter are Groups (not required to create) under which you have to create all the Ledgers with given Opening Balance

LIABILITIES

Note :

1. All Bold Letters are Pre-defined Groups (Not required to be create) to be select while creating Ledgers.
2. Include in Assessable Value Calculation – Not Applicable [Default – Don’t change]
3. Tax Registration type of all above Ledgers are Unregistered / Consumers (GST No. Not required)

CAPITAL ACCOUNT
	Sanjay’s Capital Account					10,00,000
	RESERVES & SURPLUS
		Investment Allowance Reserve				1,00,000
CURRENT LIABILITIES
	PROVISIONS:
		EXPENSES AND OUTSTANDINGS PAYABLE
		Salaries / Wages Payable				8,000
		Bonus Payable				5,000
		Expenses Payable				6,500
		Interest Payable				4,500
		Tax Deducted at Source (Payable)				2,500
		GST Payable				5,500
LOANS (LIABILITY)
	LOANS RECEIVED
		Loan from Father				1,75,000
		Mr. ABC Loan Account				20,000
	DEPOSITS RECEIVED
		Deposits Received form Mr. A				5,000
		Deposits Received form Mr. B				12,000
	ADVANCES RECEIVED
		Customer – A Advance				3,000
		Customer – B Advance				3,000
	BANK LOANS AND OVERDRAFTS
		Bank Term Loan				1,50,000
		Bank Car / Computer Loan				1,50,000

ASSETS

Note :

1. Don’t Create Closing Stock (Stock in Hand) with Opening Balance of Rs.9,50,000 which will automatically displayed from Opening Stock of items and goods
2. All Bold Letters are Pre-defined Groups (Not required to be create) to be select while creating Ledgers.
3. Include in Assessable Value Calculation – Not Applicable [Default – Don’t change]
4. Tax Registration type of all above Ledgers are Unregistered / Consumers (GST No. Not required)
5. Alter the Ledger – Cash (Default – Don’t create) and put Opening Balance of Rs.25,000

FIXED ASSETS
	Office Premises					8,00,000
	Furniture and Fixtures					1,00,000
	Office Equipment					1,50,000
	Computers					50,000
	Fax Machines					20,000
	Vehicle					80,000
	Air Conditioners					30,000
INVESTMENTS
	INVESTMENTS IN SECURITIES
		Investment in Mutual Fund				50,000
		Investment in Shares				1,00,000
		Investment in Postal				91,000
CURRENT ASSETS
	BANK ACCOUNTS
		Axis Bank Ltd.				50,000
		ICICI Bank				20,000
	CASH IN HAND
		Cash (Default – Don’t create)				25,000
		Office Petty Cash				5,000
	DEPOSITS (ASSET)
		DEPOSITS GIVEN
			Fixed Deposits in ICICI Bank			1,00,000
			Deposit with Electric Supply Co.			3,000
			Deposit with Telephone Co.			2,000
			Deposit with Municipality			1,000
			Deposit for Rent			5,000
	LOAN & ADVANCES (ASSETS)
		TAX ADVANCES
			Income Tax – Advance			1,500
			Tax Deducted at Source			1,000
		LOANS GIVEN
			Loan Given to Mr. Clean			20,000
		ADVANCES GIVEN
			Advance Against Salary to Staff			4,000
			Advance for Order to Supplier			6,000
			Advance for Expenses			2,000
		REFUNDS / CLAIMS RECEIVABLE
			Claims  receivable			3,000
			Insurance / Refunds Receivable			2,000