Daulat Ram College

BCH 1C: Financial Accounting

Tally Prime Practical 2022-2023
Practice Question – 1

The company details are as follows:

(a) Name – Name_PQ1
(b) Address – Your Address, Telephone No., Mobile No.
(c) GSTIN: 07RPAPS9876E1ZX
(d) Email Id – admin@dr.du.ac.in
(e) Currency Symbol: ₹
(f) All transactions of sale and purchase of goods, payments to creditors and receipts
from debtors are done through Canara Bank.
(g) Any other payment and receipt is to be done through State Bank of India or Cash.

Balance Sheet as at 31-03-2021

Liabilities Amount Assets Amount
Capital 1000000 Land and Buildings 1200000
General Reserve 550000 Plant and Machinery 250000
Profit and Loss Account 300000 Furniture 190000
Secured loan 1000000 Investment 300000
Debentures 1200000 Stock 1955500
Loan from Promoters 250000 Debtors 547000
Provision for tax 350000 Bills Receivables 24000
Bills Payable 120000 State Bank of India 500000
Sundry Creditors 370000 Canara Bank 280000
Salaries outstanding 80000 Cash in Hand 18000
Rent outstanding 50000 Prepaid insurance 5500
5270000 5270000
 The company deals in the following stocks:
Name of the Items Group Quantity Rate (₹) GST % Opening Stock
Value
Cotton Shirts 150 pcs. 750 18 112500

Woollen Shirts 135 pcs. 800 18 108000

Rayon Shirts 220 pcs. 500 18 110000
Denim Trousers 350 pcs. 1000 12 350000
Woollen Trousers 650 pcs. 1200 12 780000
Cotton Trousers 900 pcs. 550 12 495000
Total 1955500
  The list of company debtors and creditors is as follows:
Debtors Address GSTIN Balance Due
Jyoti Delhi 07MWEGR2345C1ZY 380000
Kavita Delhi 07MWEGR2378C1ZY 66000
Suresh Haryana 06MCTFS8734H1Z4 21000
Meena Delhi 07RTRDV9034J1Z1 46000
Mahesh Delhi 07MSTGR2345C1ZY 34000
Total 547000

GSTIN Balance
Creditors Address
Payable
Ramesh Uttar Pradesh Unregistered 78000
Pradeep Delhi 07MWEGR4589C1ZY 33500
Namita Delhi 07JTCNF5639E1ZR 66500
Poonam Delhi 07MWEGR6951C1ZY 52000
Reena Chandigarh 04AUDCA2328KIZZ 140000
Total 370000

Record the following transactions that took place during financial year 2021-2023

S.No. Transaction Item Quantity Amount

(exc. GST)
1. 1 Purchase from Namita Cotton Shirts 40 36000
2. 2 Sale to Meena Woollen Shirts 100 190000
3. 3 Sale to Suresh Denim trousers 50 180000
4. 4 Paid money to Namita in full settlement for 34200
the transaction no. 1 above
5. 5 Received from Meena and Suresh ₹ 175000
each in full settlement for their
transactions at no. 2 and no. 3 above.
6. 6 Paid to Pradeep in full settlement of his 32000
account
7. 7 Purchase from Ramesh Woollen Shirts 110 33000
8. 8 Purchase from Reena Cotton Shirts 325 130000
9. Goods sold to Suresh were found defective 5
and returned by him.
10. 9 Sale to Jyoti (Trade discount 10% on list Rayon shirt 200 shirts. List Price ₹
price) 1500/- each
11. 1 Purchased furniture on 2.4.2022 and GST@ 60000
0 18%.
12. 1 Paid insurance Premium 11000
1
13. 1 Purchased Land and Building from XY Ltd for ₹ 15,00,000. To pay for this the company
2 borrowed from bank a loan of ₹ 9,00,000 and issued fully paid debentures of ₹ 6,00,000
to XY Ltd. (ITC not admissible)
 14. Rayon Twenty shirts were gifted to the daughter by the owner.
15. 3 Sold all the investment 5,25,000
16. Rohini, whose account was written off last year as bad debts, paid Rs.10,000 in cash.
17. 1 Paid
5 1. Outstanding Salaries 60000
2. Electricity (GST Exempted) 8000
3. Telephone (Services have been used purely for business)(Applicable
GST rate 18%) 3500
4. Current Salaries 40000
5. Rent (including outstanding) 90000
6. Tax of last year 250000
18. 1 Outstanding
6 1. Total Salaries 70000
2. Total Provision for Tax 180000
3. Total rent outstanding 30000
4. Prepaid Insurance 5500
Charge Depreciation for the period 01-04-2021 to 31-03-2022 on Furniture @ 8% pa. and on
Plant and Machinery @ 12%.

You are required to:-

1. Create a company as per details given above
2. Create appropriate groups and Ledger Accounts.
3. Enter the transactions as given selecting appropriate voucher type.
4. Export the following statements in pdf format (detailed and portrait mode)
(a) Day book
(b) Trial Balance as on 31st March 2022.
(c) Profit and Loss Account for the year ended on 31st March 2022.
(d) Balance Sheet as on 31st March 2022.
(e) Cash Book
(f) Ratio Analysis
(g) Cash flow statement
(h) GST Report.