Key to Workbook 1

Scenario 1
Topics Covered: Basic voucher entry, Godowns and Simple Interest
To record the given set of transactions in Tally.ERP 9 we have to first create a company. The
name of the company should be as given in the scenario.

Company Creation
1. Shakti Iron Ore Traders started its operations on 01-04-2014 in Bangalore, Karnataka.

The completed Company Creation screen appears as shown below:

Figure 1.1 Company Creation

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Bank Ledger Creation

2. The company opened a bank account in SBI with Acc no: 343454565 on 01-04-2014 at the
Koramangala branch.
The completed Bank Ledger screen appears as shown below:

Figure 1.2 Ledger Creation

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Capital Account Creation

3. The owner Mr Aniket Suri invested a capital of 20 lakhs on day-1.
The completed capital account ledger appears as shown below:

Figure 1.3 Ledger Creation

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Conta Voucher Creation

4. The company withdrew 50,000 cash to cover office expenses.
In order to record this transaction, an expense ledger named Office expenses should be created.
The completed expense ledger appears as shown below:

Figure 1.4 Expense Ledger Creation

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The completed Contra Voucher screen appears as shown below:

Figure 1.5 Contra Voucher

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Purchase Invoice Creation

5. The company purchased four pieces of furniture worth 25000 on 03-04-2014 from Mahesh
Furniture
To capture the purchase transaction, a party master named Mahesh Furniture, an item master
named Furniture with units of measure pieces and a Purchase ledger under the group purchase
accounts have to be created.
The completed Purchase Invoice appears as shown below:

Figure 1.6 Purchase Invoice

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Payment Voucher Creation

6. The company paid Mahesh Furniture through cheque dated 05-04-2014 issued by SBI.
The bank allocation screen of the payment voucher appears as shown below:

Figure 1.7 Bank Allocations

Accept the default details.

The completed Payment Voucher screen appears as shown below:

Figure 1.8 Payment Voucher

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Purchase Invoice Creation

7. The company purchased 2 Computers for office work worth 75000 on 04-04-2014 from
SysCom Electronics
To capture the purchase invoice a party master and an item master as given in the scenario
should be created.
The completed Purchase Invoice screen appears as shown below:

Figure 1.9 Purchase Invoice

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Payment Voucher Creation

8. The company paid SysCom Electronics through cheque dated 07-04-2014 issued by SBI.
The bank allocation screen of the payment voucher appears as shown below:

Figure 1.10 Bank Allocations

Accept the default details.

The completed Payment Voucher screen appears as shown below:

Figure 1.11 Payment Voucher

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Godown Creation
9. The company opened a new godown at Chikpet on 10-04-2014.
The completed Godown Creation screen appears as shown below:

Figure 1.12 Godown Creation

Party Master with Interest Calculation

10.The company purchased following items on 11-04-2014 from Maharaja Traders on Credit with
a 15 days credit period and 5% per annum interest thereafter.
Item 1: Iron Ore Grade-2, with UoM Metric Ton at the rate of 13000/MT, 100MT located at the
Main Location
Item 2: Iron Ore Grade-3, with UoM Metric Ton at the rate of 13000/MT, 400MT located at
Chikpet
The interest calculation sub-screen within the party master appears as shown below:

Figure 1.13 Interest calculation

Note: To define the interest calculation parameters in the party master the enable the options Activate
Interest Calculation and use advanced parameters in F11: Features > F1:Accounting Features

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The completed party master screen appears as shown below:

Figure 1.14 Ledger Creation

Note: The option Default Credit period will appear on setting the option Maintain balances bill-by-bill
to Yes.

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The completed Item Allocation screen of Iron Ore Grade-2 appears as shown below:

Figure 1.15 Item Allocation

The completed Item Allocation screen of Iron Ore Grade-3 appears as shown below:

Figure 1.16 Item Allocation

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The completed Bill-wise details screen appears as shown below:

Figure 1.17 Bill wise details

The completed Purchase Invoice screen appears as shown below:

Figure 1.18 Purchase Invoice

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Payment Voucher Creation

11. The company made a partial payment of 250,000 to Maharaja Traders on 13-4-2014 through
cheque dated 12-04-2014 issued by SBI
To make a partial payment, in the Bill wise details screen, select Agst Ref and after selecting the
bill from the list of bills and enter the amount that is to be paid. The list of bills appears as shown
below:

Figure 1.19 Bill wise Details

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Accept the Bank Details screen and the completed Payment Voucher appears as shown below:

Figure 1.20 Payment Voucher

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Sales Invoice Creation

12.The company made a sale to Ultima Steel on 15-04-2014 as per the following details:
100 MT of Iron Ore Grade-3 at the rate of 15000/MT. The stock is located at Chikpet.
The completed Sales Invoice screen appears as shown below:

Figure 1.21 Sales Invoice

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13. The company made another sale to Ujjwal Steel on 17-04-2014 as per the following details:

50 MT of Iron Ore Grade-2 at the rate of 15500/MT. The stock is located at the Main Location.
100 MT of Iron Ore Grade-3 at the rate of 15500/MT. The stock is located at Chikpet.
The completed Sales Invoice screen appears as shown below:

Figure 1.22 Sales Invoice

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Payment Voucher Creation- Inter Bank Transfer

14. The company received full payment from both the parties Ultima Steel and Ujjwal Steel on 25-
04-2014 through interbank transfer in their bank account.
Enter the details in the Bank Details screen as shown below:

Figure 1.23 Bank Allocation

The completed Receipt Voucher screen appears as shown below:

Figure 1.24 Receipt Voucher

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Payment Voucher Creation (Interest Payable)

15.The company made the rest of the payment to Maharaja Traders including the interest amount
on 30-04-2014
The completed Payment Voucher screen appears as shown below:

Figure 1.25 Payment Voucher

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To view the Interest payable,

Go to Gateway of Tally > Display > Statement of Accounts > Interest Calculations > Interest
Payable
The following screen appears:

Figure 1.26 Interest Payable

The interest to be paid is Rs 3425/-. To pay the interest amount a liability ledger has to be created
under indirect expenses.

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A Debit Note has to be recorded to create the expense. The completed Debit Note screen
appears as shown below:


Note: To record transactions in a debit note the option Use Debit/Credit Notes should be set to Yes in
F11: Features > F1: Accounting Features

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The completed Payment Voucher appears as shown below:

Figure 1.27 Payment Voucher

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Profit &Loss A/c

16.Find out total profit made by Shakti Iron Ore Traders as on 30-04-2014.
The Profit &Loss A/c of Shakti Iron Ore Traders is as shown below:

The Nett Profit made is 5,75,000.

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