Every Business carries out hundreds of Transactions like Purchase, Sales, Expenses and Income on daily Basis. All transaction carried out is thereafter recorded in Accounting Software like Tally, MARC. Recording in Accounting software help business in ascertaining the true financial position of the business. Thus it help business in planning and decision making.
Practice Set 4: Record Business Accounting Entries in Tally
| 2022 | Transactions |
| June 1 | Kailash Started Business with Cash Rs 80000, Goods Rs 40000 and Furniture Rs 20000 |
| June 2 | Sold Goods to Sunil of the list Price of Rs 20000 at Trade Discount of 10% |
| June 4 | Sunil returned Goods of the list price of Rs 4000 |
| June 8 | Received from Sunil Rs 14150 in full settlement of his account |
| June 10 | Purchased Goods from Mohan of the list price of Rs 10000 at 15% trade discount |
| June 13 | Returned Goods to Mohan of the list price of Rs 1000 |
| June 16 | Settled the account of Mohan by paying a cash, under a discount of 4% |
| June 18 | Purchased Goods from Anil Rs 5000, Manish Rs 10000 |
| June 19 | Cash Paid to Anil Rs 1900 and discount received Rs 100 |
| June 20 | Paid Rs 9800 to Manish in full settlement of his account |
| June 20 | Bought a table fan for Rs 1200 for domestic use |
| June 25 | Sold Goods for cash of the list price of Rs 8000 at 10% trade discount and 3% cash discount |
| June 30 | Paid Rent Rs 800 Trade Expenses Rs 700 and Travelling Expenses Rs 380 |
Solution:
| Date | Accounting Entry | Dr./Cr. | Amount | Voucher | |
| June 1 | Cash A/C | Dr. | 80000 | Receipt -F6 | |
| Purchases A/C | Dr. | 40000 | |||
| Furniture A/C | Dr. | 20000 | |||
| Capital A/C | Cr. | 140000 | |||
| (Being Business started with cash and assets) | |||||
| June 2 | Sunil | Dr. | 18000 | Sales- F8( Voucher Mode) | |
| Sales A/C | Cr. | 18000 | |||
| (Goods sold to Sunil) | |||||
| June 4 | Sales Return A/C | Dr. | 3600 | Journal- F7 | |
| Sunil | Cr. | 3600 | |||
| (Goods returned by Sunil Rs 4000 less 10% trade discount | |||||
| June 8 | Cash A/C | Dr. | 14150 | Receipt-F6 | |
| Discount Allowed A/C | Dr. | 250 | |||
| Sunil | Cr. | 14400 | |||
| (Being Cash Received form Sunil and discount allowed ) | |||||
| June 10 | Purchases A/C | Dr. | 8500 | Purchases-F8 (Voucher Mode) | |
| Mohan | Cr. | 8500 | |||
| (Being Goods Purchased from Mohan less 15% trade discount) | |||||
| June 13 | Mohan | Dr. | 850 | Journal-F7 | |
| Purchase Return A/C | Cr. | 850 | |||
| (Being Goods Return to Mohan less 15% trade discount) | |||||
| June 16 | Mohan | Dr. | 7650 | Receipt -F6 | |
| Cash A/C | Cr. | 7344 | |||
| Discount Received A/C | Cr. | 306 | |||
| (Being paid and discount received) | |||||
| June 18 | Purchases A/C | Dr. | 15000 | Purchases-F8( Voucher Mode) | |
| Anil | Cr. | 5000 | |||
| Manish | Cr. | 10000 | |||
| (Being Goods purchased on Credit) | |||||
| June 19 | Anil | Dr. | 2000 | Payment-F5 | |
| Cash A/c | Cr. | 1900 | |||
| Discount Received A/C | Cr. | 100 | |||
| (Cash Paid and discount Received) | |||||
| June 20 | Manish | Dr. | 10000 | Payment-F5 | |
| Cash A/c | Cr. | 9800 | |||
| Discount Received A/C | Cr. | 200 | |||
| (Cash Paid and discount Received) | |||||
| June 20 | Drawings A/C | Dr. | 1200 | Journal-F7 | |
| Cash A/C | Cr. | 1200 | |||
| (Table fan bought for dometic use) | |||||
| June 25 | Cash A/C | Dr. | 6984 | Receipt-F6 | |
| Discount Allowed A/c | Dr. | 216 | |||
| Sales A/C | Cr. | 7200 | |||
| (Goods worth Rs 8000 sold at 10% trade discount and 3% cash disocunt) | |||||
| June 30 | Rent A/C | Dr. | 800 | Payment-F5 | |
| Trade Expenses A/C | Dr. | 700 | |||
| Travelling Expenses A/C | Dr. | 380 | |||
| Cash A/C | Cr. | 1880 | |||
| (Being Expenses Paid ) | |||||
Accounting Terms Used :
Drawings: Amount withdrawn from the Capital account for personal Use by the Businessman, is called Drawings.
