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.

[15-Practical Assignment-TallyPrime]

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

[16-Practical Assignment-TallyPrime]

  1. 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

[17-Practical Assignment-TallyPrime]

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 TallyAlter > 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)

[18-Practical Assignment-TallyPrime]

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.

See also  TallyPrime Assignment-11 [CREATING STOCK ITEMS / PRODUCTS / GOODS ]

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.

  1. Enter the Name of the bank for the bank ledger.
  2. 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.

  1. 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:

[19-Practical Assignment-TallyPrime]

[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
See also  TallyPrime Assignment-8 [CREATING INCOME & EXPENSES LEDGER]

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
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