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Tally Practice Problems
Tally Practice Problems
Problem : 2
Following are the accounting transactions relating to Mr. P's business.
Use the accounting equation to show their effect on his assets,
liabilities and capital.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Problem : 1
Record the
ledger and
Oct 1^st
3^rd :
4^th :
5^th :
7^th :
9^th :
10^th
11^th
12^th
14^th
15^th
16^th
17^th
18^th
19^th
20^th
:
:
Problem : 2
Enter the following transactions in the Journal and post them into
ledger and from the information obtained prepare a Trail Balance.
Nov 10^th :
Mr. Roy started business with 60,000
11^th
:
Bought furniture from Modern Furniture for 10,000
12^th
:
Purchased goods for cash 15,000
13^th
:
Purchased goods from B. Sen & Co for 30,000
14^th
:
Opened a bank account by depositing 16,000
16^th
:
Sold goods for cash 15,000
17^th
:
Purchased stationery for 1000 from Bharat Stationery Mart
18^th
:
Sold goods to Zahir Khan for 10,000
19^th
:
Bought machinery for 6,000 and payment made by cheque
20^th
:
Goods returned by Zahir Khan for 2,000
21^st
:
Payment to B.Sen & Co by cheque 5,000
22^nd
:
Withdrew from bank for personal use 3,000
23^rd
:
Interest paid through cheque 2,000
24^th
:
Withdrew from bank for office expenses 10,000
26^th
:
Cheque received from Zahir Khan 5,000
27^th
:
Paid electricity bill for 100
29^th
:
Cash sales for 6,000
30^th
:
Commission received by cheque 5,000
Problem : 1
Journalise the following transactions by combining the related
transactions into a compound entry, post them into the ledger and
prepare a trial balance
July 1^st :
Ajit started business by investing
Cash
Goods and
Furniture
**
3,00,000
1,00,000
50,000
3^rd :
Purchased building
1,00,000
3^rd :
Purchased goods for cash
30,000
3^rd :
Purchased goods on credit from Sujit
25,000
3^rd :
Sold goods for cash
25,500
5^th :
Sold goods for cash to Avtar
24,000
5^th :
Sold goods to Mahendra on credit 40,650
5^th :
Deposited cash into bank
32,000
6^th :
Withdrew from bank for office use 15,000
8^th :
Withdrew from bank for private use
5,000
10^th
:
Paid freight
1,200
10^th
:
Paid cartage
2,000
10^th
:
Paid salary
14,600
Problem : 2
Surendra commenced business on 1^st March, 20_5. His transactions for
the month are given below. Record them in the journal, post into the
ledger and prepare a trial balance at the end of the month.
Mar 1^st
:
Started business with
out of which paid into bank **
80,000
20,000
5^th :
Bought goods of Ram Chand
12,000
5^th :
Bought goods from Ramesh & Co.
10,000
7^th :
Sold goods to Rajesh
8,000
7^th :
Sold goods to Mahesh Chand
10,000
10^th :
Received cheque from Rajesh 6,800
discount allowed 200
12^th
:
Paid into bank
8,000
14^th
:
Paid to Ramesh & Co. 9,000
discount received 200
17^th
:
17^th
:
17^th
:
21^st
:
25^th
:
discount 200
26^th
:
his account
27^th
:
28^th
:
31^st
:
31^st
:
31^st
:
5,200
Problem : 1
Journalise the following transactions.
Jun 5^th
:
Acquired the running business of Max, for cash 50, 000 by
taking over the following assets and liabilities at values stated
against them:
Stock of Goods 15,000; Cash 25,000; Furniture 10,000; Debtors 7,000;
Machinery 8,000 & Creditors 15,000.
6^th :
Opened a bank account with 5,000
7^th :
Bought goods worth 6, 000 from Usha & Co. & paid half the
amount in cash.
8^th :
Sold to Bee & Co. goods worth 5,000 and a cheque received for
the due
14^th
:
Sold private car for 4,000 and bought a new one for
business