Tally Prime

 

Define Stock item. 

    A Stock Item is the actual item that a business trades in. It represents the individual goods or materials that are bought, sold, or manufactured.

2. How could you delete a ledger in Tally Prime?
To delete a ledger in Tally Prime: Go to Gateway of Tally > Alter > Ledger > Select the Ledger > Press Alt + D > Press Enter to confirm deletion.

3. Enumerate the steps in the generation of a Profit and Loss account in Tally Prime.
Steps:

1. Go to Gateway of Tally > Display More Reports.
2. Select Statement of Accounts > Profit & Loss A/c.
3. The report is auto-generated based on ledger entries.
4. Use F1 to F12 keys for customizing the view.

4. Shortcut keys:

• Payment Voucher: F5
• Contra Voucher: F4
• Debit Note Voucher: Ctrl + F9
• Journal Voucher: F7

5. What is Pay Head? 

    A Pay Head is a salary component (like Basic Pay, HRA, PF) used to define earnings, deductions, bonuses, etc., in payroll processing.

6. Features of TDS in Tally Prime:

• Auto-calculation of TDS based on nature of payment
• Support for TDS deduction at multiple rates
• Deductor & Deductee Master creation
• TDS returns & certificates (Form 26Q, Form 16A)
• E-TDS file generation
• TDS adjustments and ledger reports

7. Different types of accounting vouchers in Tally Prime with examples:

• Contra (F4): Cash deposited in bank
• Payment (F5): Salary paid
• Receipt (F6): Cash received from a debtor
• Journal (F7): Depreciation entry
• Sales (F8): Goods sold to a customer
• Purchase (F9): Purchase of raw materials
• Debit Note (Ctrl + F9): Goods returned to supplier
• Credit Note (Ctrl + F8): Goods returned by customer

8. Steps to enter inventory details:
a) Stock Group: Gateway of Tally > Inventory Info > Stock Groups > Create
b) Stock Category: Inventory Info > Stock Categories > Create
c) Units: Inventory Info > Units of Measure > Create (e.g., Nos)
d) Godown: Inventory Info > Godowns > Create
e) Stock Items:

• Create “Computer tables” – 100 Nos @ ₹7,000
• Create “Tables” – 100 Nos @ ₹5,000
• Create “Chairs” – 100 Nos @ ₹22,000

9. Steps to enable GST in Tally Prime:

1. Gateway of Tally > F11 (Features) > Statutory & Taxation
2. Enable GST: Yes
3. Set GST details: Company GSTIN, State, Period
4. Create GST ledgers: CGST, SGST, IGST
5. Assign tax rates to stock items

10. Steps in creation of Payroll in Tally Prime:

1. Enable Payroll: F11 > Enable Payroll Feature
2. Create Pay Heads: Basic Pay, HRA, PF, etc.
3. Create Employee Groups and Employees
4. Create Salary Details
5. Generate Payroll Vouchers
6. View Payslip: Display > Payroll Reports > Payslip
7. Process Salary through Payroll Voucher
8. Generate Payroll Reports

11. Journal Entries with Ledger Groups and Voucher Types:

Date	Transaction	Ledger (Dr)	Ledger (Cr)	Voucher Type	Ledger Groups
Apr 1	Started business	Cash A/c Dr 1,00,000	Capital A/c Cr 1,00,000	Journal	Cash (Current Asset), Capital (Capital)
Apr 1	Paid into bank	Bank A/c Dr 50,000	Cash A/c Cr 50,000	Contra	Bank (Bank), Cash (Current Asset)
Apr 2	Purchased goods	Purchase A/c Dr 30,000	Cash A/c Cr 30,000	Purchase	Purchase (Direct Expense), Cash (Current Asset)
Apr 3	Bought furniture by cheque	Furniture A/c Dr 10,000	Bank A/c Cr 10,000	Journal	Furniture (Fixed Asset), Bank (Bank)
Apr 5	Sold goods for cash	Cash A/c Dr 20,000	Sales A/c Cr 20,000	Sales	Cash (Current Asset), Sales (Revenue)
Apr 8	Sold goods to Ramesh	Ramesh A/c Dr 10,000	Sales A/c Cr 10,000	Sales	Ramesh (Sundry Debtors), Sales (Revenue)
Apr 10	Bought goods from Ajay	Purchase A/c Dr 15,000	Ajay A/c Cr 15,000	Purchase	Purchase (Direct Expense), Ajay (Sundry Creditors)
Apr 12	Returned goods to Ajay	Ajay A/c Dr 1,000	Purchase Return A/c Cr 1,000	Debit Note	Ajay (Sundry Creditors), Purchase Return (Indirect Income)
Apr 15	Goods returned by Ramesh	Sales Return A/c Dr 500	Ramesh A/c Cr 500	Credit Note	Sales Return (Indirect Expense), Ramesh (Sundry Debtors)