Lesson 2: Accounting Package

PART A

 Update the Balance Sheet and Stock Details of Blaster Ltd. (19AAACB5343E1ZY) in Tally as per the following Details:

Blaster Ltd.
Balance Sheet
As on 01.04. AY

Amount in Amount in Amount in Amount in

Liabilities Assets
Rupees Rupees Rupees Rupees

Owner's Equity    ₹ 19,05,000.00 Fixed Assets   ₹ 10,00,000.00

  Capital   Furniture ₹ 2,00,000.00  

      Building ₹ 7,00,000.00  

Long Term Liabilities   ₹ 2,00,000.00 Goodwill ₹ 1,00,000.00  

  Loan from ICICI      

      Investments   ₹ 3,70,000.00

Current Liabilities   ₹ 1,05,000.00 FD with Banks ₹ 2,00,000.00  

  Sundry Creditors ₹ 95,000.00   Bonds ₹ 1,70,000.00  

  Megasoft India Ltd ₹ 95,000.00        

  > GSTIN: 33AAACM4154G1ZU     Current Assets   ₹ 8,40,000.00

  > State: Tamil Nadu     Sundry Debtors ₹ 98,000.00  

  >Bill: 1903 on 31.03. FY       Pms International ₹ 48,000.00    

      > GSTIN: 19AACCP8066C1ZC    

  Outstanding Rent ₹ 10,000.00   > State: West Bengal    

      >Bill: 1132 on 31.03. FY    

         

      Softworks Limited ₹ 50,000.00    

> GSTIN:
         
33AAACM4154G1ZU
      > State: Maharashtra    

      >Bill: 1134 on 31.03. FY      

         

      Closing Stock ₹ 3,83,600.00  

      Cash in Hand ₹ 53,000.00  

Cash at Bank
      ₹ 3,05,400.00  
> ICICI Bank
         
>A/C 019456352145221
         
         
         

    ₹ 22,10,000.00   ₹ 22,10,000.00

                   

Following are the Details of stock as record on 01. 04. AY

Stock In Hand
As on 01.04.AY

Applicable IGST
Name of Item Stock Group Godown / Location Quantity Rate Amount
rate

Assembled I5 CPU 2 Pcs ₹ 17,000.00 ₹ 34,000.00

Assembled I7 CPU 2 Pcs ₹ 27,000.00 ₹ 54,000.00

5%
Key Board Raw Materials Sealdah 5 Pcs ₹ 700.00 ₹ 3,500.00

Mouse 5 Pcs ₹ 300.00 ₹ 1,500.00

Monitor 1 Pcs ₹ 9,000.00 ₹ 9,000.00

Blaster I5 Max 12% 4 Pcs ₹ 29,700.00 ₹ 1,18,800.00

Finished Goods Burrabazar
Blaster I7 Max 4 Pcs ₹ 40,700.00 ₹ 1,62,800.00

Total Stock in Hand 23 Pcs   383600

PTO 
PART B

 Now update the following transactions and extract needful reports as on 01. 04. AY

1. Purchased and stored the undermentioned Items from Megasoft India Ltd. At Sealdah With Order No. 1219, Challan No. 2221, Bill No. 1904 and also charge
applicable GST.

Name of Items Quantity Rate

Assembled I5 CPU 2 ₹ 17,000.00

Assembled I7 CPU 2 ₹ 27,000.00
Key Board 6 ₹ 700.00
Mouse 6 ₹ 300.00
Monitor 6 ₹ 9,000.00

2. Assembled both finished goods 4 pcs each. The list of required Raw Materials are as follows:

Finished Goods (Per Unit) Raw materials (1 Unit each)

Assembled I5 CPU

Key Board
Blaster I5 Max
Mouse

Monitor

Assembled I7 CPU

Key Board
Blaster I7 Max
Mouse

Monitor

*** Wages estimated as 8% of Material Cost and Other

Production Cost estimated as 2% of Material Cost in Both the
production.

3. 4 pcs of Blaster I5 Max @ 32000 and 4 pcs of Blaster I7 Max @ 42000 sold to softworks Ltd. From Burrabazar. Transaction occurred in following sequence:

a. Order Received for both items (Order Ref: 0223)

b. Only Blaster I5 Max Delivered (Challan Ref: 0119)

c. Sales Bill Raised (Bill Ref: 1135) against challan no 0119.

d. Second Item Delivered (Challan Ref: 0120)

e. Sales Bill Raised (Bill Ref: 1136) against challan no 0120.

4. Sold 3 pcs of Blaster I5 Max @ 40000 to PMS International from Burrabazar godown. 1 Pcs of Blaster I5 MAX, 2 pcs of Key Board and 2 pcs of Mouse were
also sent absolutely free to party during delivery with order no 0224, Challan no. 0121 and bill no. 1137.

5. Received full opening dues and 70% of current dues from Debtors

6. Clear full opening dues and 50% of current dues of Creditors.