Financial_Year

 

Tally Prime

Multi Financial Year Reporting

 

Example-

XYZ firm Starts Accounting Entries in Tally Prime Software from 2018- Pass Entries between 2018 to 2020 in XYZ Firm and calculate the Profit/loss and Balance sheet as per financial year.

Pass Opening Balance in (2018) Ledger

(Outstanding Parties and other Ledgers Amount at the end of 2017 Year)

Outstanding Creditors List

Arun Patel       -           90,000 Rs

Sunil Pal          -           56,000 Rs

 

Outstanding Debtors List

Mahesh Soni   -           55,000 Rs

Vikram Bhatt   -           4,50,000 Rs

Gagan Kumar  -           85,000 Rs

 

Cash & Bank Report

Cash Balance   -           76,700 Rs.

HDFC Bank      -           1,35,600 Rs

 

Fixed Assets

Printer                         -           30,000

Furniture                     -           80,000

Tools & Equipment’s   -           50,000

 

Capital Previous Balance is 8,16,300 Rs

Financial Year - 2018

1^st April

Owner Invest Capital in Business 1 Lacs and deposit 50,000 in HDFC Bank

 

1^st June

·        Paid 20,000 Rs to Party (All Creditors)

·         Purchase Cash Rs 50,000 Rs

 

1^st August

Received 50,000 Cash from Debtors (All Debtors)

 

1^st Dec

·         Sold Goods for cash Rs 2,40,000

 

31^st March

Adjustment the 5% Depreciation on ALL Assets

 

Check the Balance sheet for Year 2018-2019 and Outstanding Report of Payable/ Receivable

 

Net Profit of firm in 2018 is 1,82,000 and 

Balance sheet is 12,04,300

 

Outstanding Receivable                                                        

Gagan Kumar                         :           35,000 Rs                   

Mahesh Soni                          :           5,000 Rs                      

Vikram Bhatt                          :           4,00,000 Rs

 

 Outstanding Payable

 Arun Patel                  :           70,000

Sunil Pal                      :           36,000

Now, Change the financial Year 2019-2020 for pass following entries.

 

Financial Year - 2020

2^nd Apr

Withdraw cash 25,000 from HDFC Bank

 

2^nd May

·         Paid to Arun by Cheque 24,500 Rs and 19,200 Rs to Sunil.

·         Purchase Goods Rs 90,000 and Sold Goods Rs 1,80,000

 

1^st Sep

Received Cash from Vikram Bhatt 90,000 Rs & 25,000 as cheque from Gagan Kumar.

 

31^st Mar

Adjustment the 5% Depreciation on Assets

Calculate the Profit/Loss and Balance sheet for Year 2019-2020 and Outstanding Report of Payable/ Receivable

 

Net Profit of firm in 2018 is 82,400 and Balance sheet is 12,43,000

 

Outstanding Receivable                                                         

Gagan Kumar                         :           10,000 Rs                   

Mahesh Soni                          :           5,000 Rs                     

Vikram Bhatt                          :           3,10,000 Rs

 

Outstanding Payable

 Arun Patel                  :           45,500

 Sunil Pal                      :           16,800

Subjects:

Tally Prime

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