Raj Computre Institute, Rawanwadi

Pre-Defined Groups in Tally Tally provides a set of 28 predefined groups. Of these, 15 are Primary Groups and 13 are Sub-groups or children. When you create the company by default the 2 ledger accounts are opened, they are Cash and Profit & Loss A/c so no need to create the ledger again. Branch & Division This is a primary group which is used to keep the name of all companies which may be branches, division, sister concerns, subsidiaries of the existing company. Capital Account This is a Primary group. You can open ledger accounts like Partners Capital A/c. Proprietors Capital A/c, Share capital A/c. Reserves and Surplus This is a subgroup. You can open ledger accounts like Investment Allowance Reserve, General Ledger & Other such reserve accounts. Current Assets This is a primary group. All the Assets of the company can be placed under this head. This group has 6 subgroups under it. You can place all your Assets under these sub-groups. Bank Accounts Thi...

  Illustration: Calculation Gross Profit from the following information Particulars Amount (in Rs.) Opening Stock 25,000.00 Purchases   5,000.00 Sales 50,000.00 Salaries     500.00 Fuel   2,000.00 Closing Stock   5,000.00 Purchases returned   2,000.00 Sales returned   1,000.00 Carriage   1,500.00 Octroi   500.00 Total 92,500.00 Solution: Sum of All Direct and Indirect Expenses Fuel                 : 2,000 Carriage          : 1,500 Octroi              : 500 Salaries ...

  Enter the Following transactions in a Journal Date Transactions Amount (in Rs.) 07-01-2017 Paid Salary by cash to typist                          3,200.00 08-01-2017 Paid rent to the land lord   5,000.00 10-01-2017 Received cash from Shriram 10,000.00 12-01-2017 Purchased Office Table for Cash    6,000.00 12-01-2017 Paid Cartage for Office Table      100.00 15-01-2017 Goods sold to Shri Agencies on Credit 50,000.00 16-01-2017 Paid Monthly installment in Sangli bank 15,000.00 19-01-2017 Purchased Raw Material from Ganesh Traders 20,030.00 Solution: Th...

  TYPES OF ACCOUNTS 1.         Personal account:  Personal accounts are the accounts of persons, firms, concerns and institutions while. The businessmen deal. Debit the receiver Credit the giver 2.         Real Account:  These are the accounts of things, materials, assets & properties. It has physical Existence which can be seen & touch.  Ex. Cash, Sale, Purchase, Furniture, Investment etc. Debit what comes in Credit what goes out 3.         Nominal account:   Nominal account is the account of services received (expenses and Losses) and Services Given (income and gain) Ex. Salary, Rent, Wages, Stationery etc. Debit all expense/losses Credit all income/ gains Note: -  Under any transaction the total of debit column of the journal should be the same as that of credit column