SHRI RAM COLLEGE OF COMMERCE
UNIVERSITY OF DELHI
REMEDIAL CLASS
TALLY WITH GST
2022-2023
Students are requested to read the question carefully before starting with the solution
Question1: Create a Company in Tally Prime using the following particulars:
i. Name: __________________________________
ii. Your Address, Your Phone & Mobile No., Your Email ID
iii. Financial Year: 2021-2022
iv. Currency Symbol: (₹)
Specific Instructions
The business is a registered organization for GST with an office in Delhi.
GSTIN: 07GGGGG1314R9Z6
GST of 12% is applicable on all inventory-related items.
All transactions related to receipts and payments have been done through the bank
Skip narration while passing voucher entries.
Balance Sheet as at 31-3-2021
Liabilities Amount Assets Amount
(₹) (₹)
Capital 45,00,000 Land and Building 50,00,000
General Reserve 15,00,000 Plant and Machinery 10,00,000
Profit and Loss account 5,00,000 Investments(Face Value: ₹ 1,00,000) 1,50,000
10%Debentures (secured) 8,00,000 Stock 5,00,000
Sundry Creditors 3,00,000 Sundry Debtors 2,50,000
Provision for Tax 2,50,000 GST Input Tax Credit 50,000
Salaries Outstanding 50,000 Prepaid Insurance 1,800
State Bank of India 9,00,000
Cash in hand 48,200
Total 79,00,000 Total 79,00,000
Details of the stock on 31-3-2021
Items Group Quantity Rate (₹) Amount (₹)
(In pcs.)
ABC Shirt Cotton Shirt 400 350 1,40,000
ABC Shirt Linen Shirt 300 400 1,20,000
ABC Shirt Terrycot Shirt 75 200 15,000
XYZ Trouser Cotton Trouser 200 450 90,000
XYZ Trouser Linen Trouser 250 500 1,25,000
XYZ Trouser Terrycot Trouser 40 250 10,000
Total 5,00,000
SHRI RAM COLLEGE OF COMMERCE
UNIVERSITY OF DELHI
REMEDIAL CLASS
TALLY WITH GST
2022-2023
The list of the company’s debtors and creditors as of 31-3-2021
Sundry Debtors Amount Sundry Creditors Amount
B Ltd. of Delhi 80,000 M Ltd. of Delhi 1,00,000
G Ltd. of Delhi 50,000 S Ltd. of Punjab 60,000
V Ltd. of Delhi 70,000 A Ltd. of Delhi 80,000
R Ltd. Of Haryana 40,000 D Ltd. of Delhi 40,000
C (customer in Delhi) 10,000 E Ltd. of Delhi(unregistered) 20,000
Total 2,50,000 Total 3,00,000
The detail of the GST Input Tax Credit as of 31-3-2021
Particulars Amount(In ₹)
Input CGST 18,000
Input SGST 18,000
Input IGST 14,000
Total 50,000
Record the following transactions that took place during the financial year 2021-2022
Transaction Transaction Amount
date
1-04-2021 Purchased 300 pcs of ABC Shirt Cotton @ ₹ 360 per pcs from M ₹ 1,08,000
Ltd. of Delhi. (Excluding
GST)
1-05-2021 Sold 200 pcs of ABC Shirts Linen @ 1,000 per pcs from G Ltd. of ₹ 2,00,000
Delhi. (Excluding
GST)
1-06-2021 Sold 100 pcs of XYZ Trousers Cotton @ 2,100 per pcs from R Ltd. ₹ 2,10,000
(Excluding
GST)
1-07-2021 Paid ₹ 1,15,000 to M Ltd. in full settlement(including GST) for the transaction dated
1-04-2021.
1-07-2021 Received ₹ 2,30,000 from R Ltd. in full settlement(including GST) for the transaction
dated 1-06-2021.
1-09-2021 G Ltd. to whom sales were made on 1-06-2021, returned 15 pcs of ABC Shirts Linen.
1-11-2021 Purchased Plant and Machinery from the PQR Ltd. of Delhi for ₹ 18,00,000. The
amount did not include GST, and the applicable GST rate is 18%. The GST number
of PQR Ltd. is 07AACDE5423G1XA.
1-12-2021 Purchased Land and Building(GST exempted) from ABC Ltd. of Delhi for Rs.
30,00,000.
1-01-2022 To pay PQR Ltd. and ABC Ltd., the company borrowed from the bank an unsecured
loan of ₹ 10,00,000 @ 12% per annum and issued fully paid 10% Debentures(secured)
of ₹ 38,00,000. Both companies were paid fully on the same date.
SHRI RAM COLLEGE OF COMMERCE
UNIVERSITY OF DELHI
REMEDIAL CLASS
TALLY WITH GST
2022-2023
1-02-2022 The company sold all the investments on this date. 60% of investments were sold at a
profit of 50% of their face value, and the remaining investments were sold at a profit
of 20% of their book value.
1-03-2022 On this date, 30 Pcs of XYZ Trouser Linen were destroyed due to abnormal reasons,
and the GNP Insurance Company accepted the claim to the extent of 60% of the loss.
The claim amount is still payable by the GNP Insurance Company.
31-3-2022 Made the following payments on this date:
a) Electricity(GST exempt) ₹ 20,000
b) Telephone expenses inclusive of GST @18%( GSTIN of ₹ 16,520
Excel Telephone Co. is 07COPDTE1669W2XE)
( Services have been used purely for business)
c) Salaries(including outstanding at the beginning) ₹ 1,00,000
d) Interest on 10% Debentures ₹ 80,000
e) Insurance premium inclusive of GST @18% for the
current financial year Rs. 28,320
31-3-2022 Rent received for the current financial year ₹ 8,00,000
31-03-2022 The closing balance of Outstanding salary stands at ₹ 10,000
31-03-2022 Charge depreciation @ 5% per annum on Land and Building
Charge depreciation @ 20% per annum on Plant and machinery
31-03-2022 Prepaid expenses are related to the current financial year, 2021-22
You are required to:-
1. Create a company as per the details given above.
2. Create appropriate Groups and Ledger Accounts.
3. Enter the transactions as given by selecting an appropriate type of voucher.
4. Create a folder on your system by the name of your examination roll number and save
the following statements in the folder in PDF format (Detailed & Horizontal View
a) Day Book for the financial year 2021-2022
b) Trial Balance for the financial year 2021-2022
c) Profit and Loss Account for the financial year 2021-2022
d) Balance Sheet as of 31-March-2022
e) GSTR – 3B Report for the financial year 2021-2022
