Scribd Logo
Upload

Welcome to Scribd!

  • 25 views

    Multi Financial Year

    Uploaded by

    A Kumar
    1. The document provides an example of using Tally Prime software to record accounting entries for a firm across multiple financial years (2018-2020). It shows entries for assets, liabilities, capital, income, expenses and depreciation. 2. For the year 2018, net profit was Rs. 182,000 and balance sheet was Rs. 12,04,300. For 2019, net profit was Rs. 82,400 and balance sheet was Rs. 12,43,000. 3. A practical question is provided seeking to record transactions from 2019-2021 for a firm, including opening stock balances, debtors/creditors, expenses/income entries, purchases and sales. Profit/loss and

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Multi Financial Year

    Uploaded by

    A Kumar
    25 views6 pages
    1. The document provides an example of using Tally Prime software to record accounting entries for a firm across multiple financial years (2018-2020). It shows entries for assets, liabilities, capital, income, expenses and depreciation. 2. For the year 2018, net profit was Rs. 182,000 and balance sheet was Rs. 12,04,300. For 2019, net profit was Rs. 82,400 and balance sheet was Rs. 12,43,000. 3. A practical question is provided seeking to record transactions from 2019-2021 for a firm, including opening stock balances, debtors/creditors, expenses/income entries, purchases and sales. Profit/loss and

    Original Title

    Multi_Financial_year

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    1. The document provides an example of using Tally Prime software to record accounting entries for a firm across multiple financial years (2018-2020). It shows entries for assets, liabilities, capital, income, expenses and depreciation. 2. For the year 2018, net profit was Rs. 182,000 and balance sheet was Rs. 12,04,300. For 2019, net profit was Rs. 82,400 and balance sheet was Rs. 12,43,000. 3. A practical question is provided seeking to record transactions from 2019-2021 for a firm, including opening stock balances, debtors/creditors, expenses/income entries, purchases and sales. Profit/loss and

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    25 views6 pages

    Multi Financial Year

    Uploaded by

    A Kumar
    1. The document provides an example of using Tally Prime software to record accounting entries for a firm across multiple financial years (2018-2020). It shows entries for assets, liabilities, capital, income, expenses and depreciation. 2. For the year 2018, net profit was Rs. 182,000 and balance sheet was Rs. 12,04,300. For 2019, net profit was Rs. 82,400 and balance sheet was Rs. 12,43,000. 3. A practical question is provided seeking to record transactions from 2019-2021 for a firm, including opening stock balances, debtors/creditors, expenses/income entries, purchases and sales. Profit/loss and

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 6

    Prepared by – Manoj Sir (9818606913)

    Tally Prime
    Multi Financial Year Reporting

    Example-
    XYZ firm Starts Accounting Entries in Tally Prime Software from 2018- Pass Entries
    between 2018 to 2020 in XYZ Firm and calculate the Profit/loss and Balance sheet
    as per financial year.
    Pass Opening Balance in (2018) Ledger
    (Outstanding Parties and other Ledgers Amount at the end of 2017 Year)
    Outstanding Creditors List
    Arun Patel - 90,000 Rs
    Sunil Pal - 56,000 Rs

    Outstanding Debtors List


    Mahesh Soni - 55,000 Rs
    Vikram Bhatt - 4,50,000 Rs
    Gagan Kumar - 85,000 Rs

    Cash & Bank Report


    Cash Balance - 76,700 Rs.
    HDFC Bank - 1,35,600 Rs

    Fixed Assets
    Printer - 30,000
    Furniture - 80,000
    Tools & Equipment’s - 50,000
    Prepared by – Manoj Sir (9818606913)

    Capital Previous Balance is 8,16,300 Rs


    Financial Year - 2018
    1st April
    Owner Invest Capital in Business 1 Lacs and deposit 50,000 in HDFC Bank

    1st June

    • Paid 20,000 Rs to Party (All Creditors)


    • Purchase Cash Rs 50,000 Rs

    1st August
    Received 50,000 Cash from Debtors (All Debtors)

    1st Dec

    • Sold Goods for cash Rs 2,40,000

    31st March
    Adjustment the 5% Depreciation on ALL Assets

    Check the Balance sheet for Year 2018-2019 and Outstanding Report of Payable/ Receivable

    Net Profit of firm in 2018 is 1,82,000 and Balance sheet is 12,04,300

    Outstanding Receivable Outstanding Payable


    Gagan Kumar : 35,000 Rs Arun Patel : 70,000
    Mahesh Soni : 5,000 Rs Sunil Pal : 36,000
    Vikram Bhatt : 4,00,000 Rs
    Prepared by – Manoj Sir (9818606913)

    Now, Change the financial Year 2019-2020 for pass following entries.

    Financial Year - 2020


    2nd Apr
    Withdraw cash 25,000 from HDFC Bank

    2nd May

    • Paid to Arun by Cheque 24,500 Rs and 19,200 Rs to Sunil.


    • Purchase Goods Rs 90,000 and Sold Goods Rs 1,80,000

    1st Sep
    Received Cash from Vikram Bhatt 90,000 Rs & 25,000 as cheque from Gagan Kumar.

    31st Mar
    Adjustment the 5% Depreciation on Assets
    Calculate the Profit/Loss and Balance sheet for Year 2019-2020 and Outstanding Report of
    Payable/ Receivable

    Net Profit of firm in 2018 is 82,400 and Balance sheet is 12,43,000

    Outstanding Receivable Outstanding Payable


    Gagan Kumar : 10,000 Rs Arun Patel : 45,500
    Mahesh Soni : 5,000 Rs Sunil Pal : 16,800
    Vikram Bhatt : 3,10,000 Rs
    Prepared by – Manoj Sir (9818606913)

    Practical Question
    Q-
    PQR firm Starts Accounting Entries in Tally Prime Software from 2019- Pass
    following Stock & Ledger Entries between 2019 to 2021 in PQR Firm and calculate
    the Profit/Loss and Balance sheet As per financial year.
    Closing balance of following stock at the end of 2018.
    Items Details Qty Price (Each)
    Edible Oil
    Fortune Sunlight Refind 1 Ltr 90 199
    Patanjali Mustard Oil 1 Ltr 85 202
    Sundrop Superlite Advance Oil 5 Ltr 40 945

    Outstanding Debtors & Creditor at the end of 2018.


    Party Name Receivable Payable
    Mohan Kumar 95,000
    Naresh Kohli 67,800
    Lalit Singh 63,000
    Jatin Prajapati 46,200
    Dhyan singh 93,000

    Cash balance 12,90,000 and ICICI Bank Balance 15,00,000 at the end of 2018.
    Assets at the end of 2018 after Adjustment is
    Motor Vehicle - 3,90,000
    Patents - 9,00,000
    Land - 12,00,000
    Furniture - 5,50,000
    Capital Balance at the end of FY 2018 is –
    Prepared by – Manoj Sir (9818606913)

    Transaction in 2019 FY
    (Apr to March) Expenses & Income
    • Salary Paid 1st of Month Rs 50,000 by Cash.
    • Rent paid in every 2nd of month Rs 8000 by ICICI Bank (UPI Pay)
    • Electric charges 3000 Payment by Cash 2nd of Month
    • 2nd of each month Owner Withdraw 4,500 for Personal use Car Emi Payment.
    • Interest Received by Bank Rs 2090 on Security at the quarter of 1st Day.
    • Paid to All pending Creditor Rs 20,000 half yearly 1st Day of month.
    • Received Payment from all Party 15000 once on 31st December.
    • Petrol charges for goods Transport 15000 on 31st march
    • Depreciation charge on furniture @ 10% and Motor vehicle 20% on 31st
    March.

    Pass the above Voucher as pers journal Entry

    Purchase every 1st of month and sales for party every 2nd of month upto 31st March
    from 1st April 2019.
    • Purchase Quantity of first 6 Month both Party
    Party Name Qty of each Product Amount Product name
    Naresh Kohli 50 Same as opening Fortune &
    Balance Patanjali
    Jatin Prajapati 60 Same as opening Sundrop
    Balance

    After 6 Month – from October 2019 - 10 Pcs Quantity increase in Purchase for each
    product and Rs 5 will increase in previous price.
    Prepared by – Manoj Sir (9818606913)

    • Sales Quantity of first 8 Month to all Party


    Party Name Qty of each Amount Product sold
    Product
    Mohan Kumar 35 Same as opening Patanjali
    Balance
    Lalit Singh 35 Same as opening Sundrop
    Balance
    Lalit Singh 45 Fortune

    After 4 Month – from December 2019 - 5 Pcs Quantity Decrease in sales for each
    product and Rs 3 will Decrease in previous price.

    Profit and Loss for the Year – 2019-2020 IS

    Balance sheet

    Outstanding Receivable

    Outstanding Payable

    Transaction in 2020 FY

    You might also like