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Tally Assignment 1

The document outlines a practical exercise in Tally Prime for ABC Traders, a retail business dealing in electronics and home appliances, detailing their financial year, opening balances, stock information, GST rates, and transactions for April 2023. Key transactions include sales and purchases of various products, payments made, and GST-related activities. The document serves as a comprehensive guide for managing financial records and GST compliance for the specified period.

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259 views2 pages

Tally Assignment 1

The document outlines a practical exercise in Tally Prime for ABC Traders, a retail business dealing in electronics and home appliances, detailing their financial year, opening balances, stock information, GST rates, and transactions for April 2023. Key transactions include sales and purchases of various products, payments made, and GST-related activities. The document serves as a comprehensive guide for managing financial records and GST compliance for the specified period.

Uploaded by

jahanvi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Assignment Title: Practical Exercise in Tally Prime - ABC Traders

Company Details

Company Name: ABC Traders


Nature of Business: Retail of electronics and home appliances
GSTIN: 27AAACA1234B1ZC
Financial Year: 1st April 2023 to 31st March 2024

Opening Balances of Ledgers

Ledger Name Type GST Type Opening Balance


(₹)
State Bank of India Bank - 50,000
Capital Account Capital - 5,00,000
Furniture & Fixtures Fixed Asset - 1,00,000
Stock-in-Hand Current Asset - 3,00,000
Creditors – XYZ Ltd. Sundry Registered 1,00,000 (Cr)
Creditor Dealer
Debtors – Ramesh Sundry Registered 1,50,000 (Dr)
Traders Debtor Dealer
GST Payable Duties & GST 20,000 (Cr)
Taxes

Opening Stock Information

Stock Item Unit Quantity Rate Value


(₹) (₹)
LED TVs (32 Nos 50 10,000 5,00,000
inches)
Washing Machines Nos 20 15,000 3,00,000
Refrigerators (200L) Nos 10 20,000 2,00,000

GST Details

 GST Rates Applicable:


o 18% for LED TVs and Refrigerators
o 12% for Washing Machines
 GST RCM (Reverse Charge): Applicable on services like freight and
transport.
4. Transactions for the Month of April 2023

1. 01-Apr: Sold 10 LED TVs @ ₹12,000 each to Ramesh Traders (GST


@18%).
2. 02-Apr: Purchased 15 Washing Machines @ ₹13,500 each from XYZ
Ltd. (GST @12%).
3. 03-Apr: Received payment of ₹1,00,000 via cheque from Ramesh
Traders.
4. 04-Apr: Paid ₹50,000 to XYZ Ltd. via SBI bank account.
5. 05-Apr: Paid electricity bill of ₹8,000 (GST not applicable).
6. 06-Apr: Received goods transport service worth ₹5,000 from Bright
Logistics (GST @5% under RCM).
7. 07-Apr: Sold 5 Refrigerators @ ₹25,000 each to Priya Electronics (GST
@18%).
8. 08-Apr: Received advance of ₹50,000 for goods from Sunny Traders
(GST @18% on advance).
9. 09-Apr: Issued debit note to XYZ Ltd. for defective Washing Machines
worth ₹13,500 (1 unit, GST @12%).
10.10-Apr: Paid salary of ₹30,000 to employees (GST not applicable).
11.11-Apr: Purchased office chairs worth ₹10,000 (GST @18%).
12.12-Apr: Sold 5 LED TVs @ ₹12,500 each to Priya Electronics (GST
@18%).
13.13-Apr: Paid ₹10,000 for office stationery (GST @12%).
14.14-Apr: Received credit note from XYZ Ltd. for excess payment of
₹5,000.
15.15-Apr: Purchased Refrigerators (5 units) @ ₹19,000 each from ABC
Appliances (GST @18%).
16.16-Apr: Paid advertisement expense of ₹20,000 (GST @18%).
17.17-Apr: Received full payment for the advance order from Sunny
Traders.
18.18-Apr: Sold Washing Machines (3 units) @ ₹18,000 each to Priya
Electronics (GST @12%).
19.19-Apr: Paid transport charges of ₹6,000 (GST @5% under RCM).
20.20-Apr: Filed GST return and adjusted input-output GST.

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