Question 7

Create a company with following details;

i. Name- Crockery Store
ii. Address: Your Address, Your Phone & Mobile No.
iii. Email Id: your email id
Enter the following transactions of the Company in Tally and show various reports
 All purchase and sales transactions of goods, Payment to creditors, and receipt from debtors
are done through Oriental Bank of Commerce
 Any other payment and receipt is done through State Bank of India or cash

Balance Sheet as at 31-3

Liabilities Amount (Rs.) Assets Amount (Rs.)
Capital 2000000 Land and Buildings 1540000
Reserves 630000 Plant and Machinery 400000
Profit and Loss Account 400000 Furniture 500000
Secured loan 900000 Investment 100000
Debentures 1000000 Stock 1724800
Bills Payable 240000 Debtors 181400
Sundry Creditors 144000 Bills Receivables 55000
Salaries outstanding 35000 State Bank of India 500000
Oriental Bank of Commerce 320000
Cash in Hand 20000
Prepaid insurance 7800
5349000 5349000

 The company deals in the following stocks:

Name of the Items Group Quantity Rate (Rs) Opening Stock Value
Glass cup set Cup set 108 pcs. 600 64800
Bone china cup set Cup set 185 pcs. 1000 185000
Bone China Dinner set Dinner Set 200 pcs. 3000 600000
Ceramic Dinner set Dinner set 100 pcs. 2500 250000
Steel Dinner set Dinner set 500 pcs. 1250 625000
Total 1724800

 The list of company debtors and creditors is as follows:

Debtors Balance Due Creditors Balance payable
Sneha 82000 Sanjay 46000
Raghu 35000 Sandhya 29500
Rita 64400 PQR Ltd. 68500
Total 181400 Total 144000

Record the following transactions that took place during the year:
S.No Transaction Item Quantity Amount
1 Purchase from Sanjay Glass cup sets 20 70000
2 Sale to Rita Bone China cup sets 125 240000
3 Paid money to Sanjay in full settlement for 68000
the transaction at sr. no. 1 above
4 Received from Rita Rs 235000 each in full
settlement for her current transaction at sr.
no. 2 above
5 Paid to PQR Ltd. in full settlement of their 68000
account
6 Purchased Furniture 40000
7 Sale to Sneha (Trade discount 10% on list Steel Dinner Set 95 sets. List Price Rs.
price) 2000/- each
8 Purchase from PQR Ltd. Ceramic Dinner Set 100 200000
9 Purchased Land and Building from CD Ltd. for Rs. 20,00,000. to pay this the company
borrowed from bank a loan of Rs. 14,00,000 and issued fully paid debenture of Rs. 6,00,000 to
XY Ltd.
10 Sold all the investment 1,50,000
11 Paid
1. Insurance premium 15600
2. Outstanding Salaries 20000
3. Electricity 10000
4. Telephone 5000
5. Current Salaries 50000
12 Salaries Outstanding at the end of year 50000
13 Charge Depreciation on furniture @15% and Machinery @ 8%
You are required to:-
1. Create appropriate groups and Ledger Accounts.
2. Enter the transactions as given selecting appropriate voucher type.
3. Display the following statements in PDF format:
a. Trial Balance
b. Profit and Loss Account
c. Balance Sheet
d. Day book