Bank Reconciliation Statement in Tally ERP 9


The Following Would Be Recording In Journal Using Double Entry System. Do The Posting Process From Journal Entries And Prepare The Trial Balance, Trading A/C, Profit & Loss A/C, Balance Sheet and bank reconciliation statement also In The Books Of M/S.PENGUIN PVT LTD For The Following Year 2009 To 2010.

Particular Dr Cr
Capital 350000
Cash 100000
Indian bank 300000
Loan liability 150000
Bank o/d 48000
Furniture 30000
Good will 15000
Bills payable 200000
Land & building 50000
Bills receivable 130000
Bank deposit 100000

SUNDRY CREDITORS:

1. Mr.WIN INDIA Was Rs.5000 Bill.No.Ac75

2. Mr. COOL DREAM Was Rs.7000 Bill.No.AG085

SUNDRY DEBTORS:

1. Mr. FIVE STAR Ltd Rs.15000 Bill.No,AG076

2. Mr. LINE MARK Ltd Rs.20000


TRANSACTION DURING THE PERIOD OF APRIL:

1. Paid Telephone Charge Rs.2000 By Cheque [Vodafone] Ch.No.25131

2. Amount Paid To Mr. Win India Was Rs.5000 Against Bill. No. AC075.

Ch.No. 25132

3. Commission Received By Cheque Rs.10000 Ch.No.75461

4. 4 Month Salary Rs.10000 By Cheque Paid Ch.No.25133

5. Amount Received M/r.Five Star Rs.15000 By Cheque Discount allowed Rs.750.Ch.No.42678

6. Dividend Received Rs.29000 By Cheque .Ch.No.13555 (Post dated at 9.4.2009)

10 Paid Rent By Cheque Rs.4500 .Ch.No.25134

11 Amount Paid To Mr. Cool Dream Rs.7000 By Cheque Discount Received Rs.700 Ch.No.25135

16. Interest Received By Cheque Rs.2000 Ch.No.41596

17. Amount Received Mr. Lion Mark Was Rs.19000 Discount Allowed Rs.1000 By Cheque Ch.No.89576

19. Received Branch Income Rs. 25000 By Cheque .Ch.No. 89156

20. Paid Trade Expenses By Cheque Rs.2500 Ch.No.25137

25. Paid To General Expenses Rs.6000 Ch.No.25138

26. Received House Rent Rs.3000 Ch.No.695472

27. With Draw From Bank Rs.7000 Ch.No.25139

30. Deposit To Bank Rs.9000

Bank Statement For The Month Of April:

INDIAN BANK ,
25, GANDHI ROAD ,
CHERRY ROAD,
SALEM - 636007
Date Particular Reference Dr Cr Balance
1.4.2009 Balance B/d 300000
3.4.2009 Win India 25132 5000 295000
3.4.2009 Vodafone 25131 2000 293000
5.4.2009 Commission 75461 10000 303000
6.4.2009 Five star 42678 14250 317250
7.4.2009 Salary 25133 10000 307250
9.4.2009 ATM 15:15:49 2000 305250
10.4.2009 Dividend 3000 308250
12.4.2009 Cash 10000 318250
15.4.2009 Cool dream 25135 6300 311950
16.4.2009 Interest 41596 2000 313950
17.4.2009 EB charges 25136 1500 312450
19.4.2009 ATM 15:45:06 30000 282450
22.4.2009 Dividend 13555 29000 311450
25.4.2009 General exp 25138 6000 305450
25.4.2009 Guna 35486 15000 320450
27.4.2009 Nathan 25140 50000 270450
29.4.2009 Salary 65456 100000 370450
29.4.2009 Cash 90000 460450
30.4.2009 Cash 25139 7000 453450
30.4.2009 Interest 1000 454450
30.4.2009 Traveling 25141 20000 434450
closing 434450

Balance as per company book : 4,83,450

Balance as per passbook : 4,34,450

Answers:
opening balance 7,60,000
Gross profit -----
Net profit 1,25,450
Balance sheet 8,88,450

Answer

Company Creation

To create a new company in Tally.ERP 9, follow these steps:

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  • Open Tally.ERP 9 and select "Create Company" from the Gateway of Tally screen.
  • Enter the basic company details such as company name, address, email, telephone number, and other required information.
  • Select the appropriate country and state where the company is registered, and specify the appropriate financial year and base currency.
  • Choose the appropriate statutory compliance based on the company's nature of business and location.
  • Set up the company's chart of accounts by selecting the appropriate chart of accounts from the available templates or by creating a new one.
  • Specify the inventory details such as units of measurement, stock groups, and stock items if the company deals with inventory.
  • Configure the required taxation details such as GST, TDS, and other applicable taxes, based on the company's nature of business and location.
  • Set up the required vouchers and other configurations as per the company's needs and preferences.
  • Save the company details and exit the creation screen.

Once you have created the company, you can start entering the transactions and managing the accounts of the


Ledger Creation

To create a ledger for capital with a specific amount in Tally.ERP 9, follow these steps:

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  • Open Tally.ERP 9 and go to the Gateway of Tally screen.
  • Select "Accounts Info" from the menu and then select "Ledgers" from the submenu.
  • Select "Create" to create a new ledger.
  • In the "Name" field, enter "Capital" or the name of the owner(s) of the business who is/are contributing the capital.
  • In the "Under" field, select "Capital Account" from the list of available options. This will indicate that the ledger is a subledger of the "Capital Account" group.
  • If you want to add additional information such as the address or contact details of the owner(s), you can do so in the relevant fields.
  • In the "Opening Balance" field, enter the amount of capital contributed, in this case, Rs. 350000.
  • Select the appropriate date for the opening balance.
  • Save the ledger by pressing "Enter" or by selecting "Accept" from the menu.

Once you have created the ledger for capital with the specified amount, you can use it to record the capital contributions made by the owner(s) of the business. This will help you keep track of the amount of capital invested in the business and the ownership stakes of the various partners or shareholders.

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Transaction Entry

Apr 01 Telephone charges of Rs. 2000 paid by cheque [Vodafone] Ch.No. 25131

To create a paid rent entry in Tally ERP 9 with a rent amount of Rs. 300 and using group and ledger options, you can follow the steps below:

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  • Go to Gateway of Tally screen.
  • Select "Accounting Vouchers" from the menu or press "F9" key.
  • Select "Payment Voucher" from the list of available voucher types.
  • In the "Payment voucher" screen, enter the current date in the "Date" field.
  • In the "Account" field, select the ledger for "Telephone Charge" from the list of ledgers.
  • Enter the amount paid, i.e., Rs. 2000, in the "Amount" field.
  • In the "Bank/Cash Account" field, select the ledger for "Indian Bank" or the bank account from which the payment is being made.
  • In the "Cheque No." field, enter the cheque number, i.e., "25131" in this case.
  • In the "Particulars" field, enter "Paid Telephone Charge [Vodafone] Ch.No.25131" or a brief description of the payment made.
  • Press "Enter" or "Tab" to move to the next line.
  • In the next line, select the ledger for "Vodafone" or the name of the vendor from whom the telephone services are being availed.
  • Enter the amount paid, i.e., Rs. 2000, in the "Amount" field.
  • Press "Enter" or "Tab" to save the payment voucher.

This entry will debit the "Telephone Charge" ledger by Rs. 2000 and credit the "Indian Bank" ledger by the same amount. The payment voucher will also record the cheque number and vendor details for future reference.

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follow the above steps for following transaction.

Apr 2 Amount Paid To Mr. Win India Was Rs.5000 Against Bill. No. AC075. Ch.No. 25132

Apr 4 Month Salary Rs.10000 By Cheque Paid Ch.No.25133

Apr 10 Paid Rent By ChequeRs.4500 .Ch.No.25134

Apr 11 Amount Paid To Mr. Cool Dream Rs.7000 By Cheque Discount Received Rs.700 Ch.No.25135

Apr 15 Electric Charge Paid Cheque .Rs.1500 Ch.No.25136

Apr 20 Paid Trade Expenses By Cheque Rs.2500 Ch.No.25137

Apr 25 Paid To General Expenses Rs.6000 Ch.No.25138


Apr 02 Commission Received by cheque for Rs. 10000 with cheque no. 75461

To record a commission received by cheque for Rs. 10000 with cheque no. 75461 in Tally.ERP 9, follow these steps:

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  • Go to Gateway of Tally screen.
  • Select "Accounting Vouchers" from the menu or press "F9" key.
  • Select "Receipt Voucher" from the list of available voucher types.
  • In the "Receipt Voucher" screen, enter the current date in the "Date" field.
  • In the "Account" field, select the ledger for "Commission Received" from the list of ledgers.
  • Enter the amount received, i.e., Rs. 10000, in the "Amount" field.
  • In the "Bank/Cash Account" field, select the ledger for "Indian Bank" or the bank account where the cheque will be deposited.
  • In the "Cheque No." field, enter the cheque number, i.e., "75461" in this case.
  • In the "Particulars" field, enter "Commission Received By Cheque Rs. 10000 Ch.No. 75461" or a brief description of the commission received.
  • Press "Enter" or "Tab" to save the receipt voucher.

This entry will debit the "Commission Received" ledger by Rs. 10000 and credit the "Indian Bank" ledger by the same amount. The receipt voucher will also record the cheque number for future reference.

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    Apr 05 Amount Received M/r.Five Star Rs.15000 By Cheque Discount allowed Rs.750.Ch.No.42678

    To record the receipt of Rs. 15000 by cheque from M/r. Five Star along with a discount of Rs. 750 allowed on the same in Tally.ERP 9, follow these steps:

  • Go to Gateway of Tally screen.
  • Select "Accounting Vouchers" from the menu or press "F9" key.
  • Select "Receipt Voucher" from the list of available voucher types.
  • In the "Receipt Voucher" screen, enter the current date in the "Date" field.
  • In the "Account" field, select the ledger for "Indian Bank" or the bank account where the cheque will be deposited.
  • Enter the total amount received, i.e., Rs. 15000, in the "Amount" field.
  • In the "Cheque No." field, enter the cheque number, i.e., "42678" in this case.
  • In the "Particulars" field, enter "Amount Received M/r. Five Star Rs. 15000 By Cheque Discount allowed Rs. 750.Ch.No. 42678" or a brief description of the transaction.
  • Press "Enter" or "Tab" to move to the next line.
  • In the next line, select the ledger for "Discount Allowed" from the list of ledgers.
  • Enter the discount amount, i.e., Rs. 750, in the "Amount" field with a negative sign.
  • Press "Enter" or "Tab" to move to the next line.
  • In the next line, select the ledger for "M/r. Five Star" or the name of the party from whom the payment is being received.
  • Enter the amount received, i.e., Rs. 15000, in the "Amount" field.
  • Press "Enter" or Tab" to save the receipt voucher.

This entry will debit the "Indian Bank" ledger by Rs. 14250 (15000 - 750) and debit the "Discount Allowed" ledger by Rs. 750. The "M/r. Five Star" ledger will be credited by the total amount received, i.e., Rs. 15000. The receipt voucher will also record the cheque number and discount allowed for future reference.


Apr 27 With Draw From Bank Rs.7000 Ch.No.25139

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    To record a withdrawal of Rs. 7000 from a bank account using Cheque No. 25139 in Tally ERP 9 as a contra entry, with the debit to Cash and the credit to Indian Bank, you can follow these steps:

    To record this transaction in Tally ERP 9, follow these steps:

  • Create a new voucher: Go to Gateway of Tally -> Accounting Vouchers -> F4: Contra.
  • Enter the contra details: In the contra voucher, fill out the necessary details such as the date of the transaction, the bank account from which the withdrawal is being made, and the amount being withdrawn (Rs. 7000 in this case).
  • Enter Cheque No: In the same voucher, you can mention the Cheque No. 25139 in the "Cheque No." field.
  • Debit Cash Ledger: In the "Debit" field, select the Cash ledger account and enter the amount Rs.7000.
  • Credit Indian Bank Ledger: In the "Credit" field, select the Indian Bank ledger account and enter the amount Rs.7000.
  • Save the voucher: After entering all the details, save the voucher by pressing Ctrl+A or by clicking on the "Accept" button.
  • Check the ledger balance: After saving the voucher, you can check the ledger balances for Cash and Indian Bank to ensure that the transaction has been recorded correctly.

By following these steps, you can record a withdrawal of Rs. 7000 from a bank account using Cheque No. 25139 in Tally ERP 9 as a contra entry, with the debit to Cash and the credit to Indian Bank. A contra entry is used to record transactions that involve the transfer of funds between different accounts within the same entity.

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How to Use Bank Reconciliation in Tally Prime
  • Gateway of Tally -> Banking -> Bank Reconciliation -> Indian Bank Enter
    Alternatively,Go To -> Banking Utilities -> Bank Reconciliation -> Indian Bank Enter
  • Create ->Bank Date for Bank Reconciliation press Enter
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  • Accept the screen. As always, press Ctrl+A to Save.

Company Transaction
1-4-2022Paid Telephone Charge Rs.2000 By Cheque [Vodafone] Ch.No.25131
2-4-2022Amount Paid To Mr. Win India Was Rs.5000 Against Bill. No. AC075. Ch.No. 25132
3-4-2022Commission Received By Cheque Rs.10000 Ch.No.75461
4-4-2022Month Salary Rs.10000 By Cheque Paid Ch.No.25133
5-4-2022Amount Received M/r.Five Star Rs.15000 By Cheque Discount allowed Rs.750.Ch.No.42678
6-4-2022Dividend Received Rs.29000 By Cheque .Ch.No.13555
10-4-2022 Paid Rent By ChequeRs.4500 .Ch.No.25134
11-4-2022Amount Paid To Mr. Cool Dream Rs.7000 By Cheque Discount Received Rs.700 Ch.No.25135
15-4-2022Electric Charge Paid Cheque .Rs.1500 Ch.No.25136
16-4-2022Interest Received By Cheque Rs.2000 Ch.No.41596
17-4-2022Amount Received Mr. Lion Mark Was Rs.19000 Discount Allowed Rs.1000 By Cheque Ch.No.89576
19-4-2022Received Branch Income Rs. 25000 By Cheque .Ch.No. 89156
20-4-2022Paid Trade Expenses By Cheque Rs.2500 Ch.No.25137
25-4-2022Paid To General Expenses Rs.6000 Ch.No.25138
26-4-2022Received House Rent Rs.3000 Ch.No.695472
27-4-2022With Draw From Bank Rs.7000 Ch.No.25139
30-4-2022Deposit To Bank Rs.9000


Bank Statement
DateParticularReferenceDrCrBalance
1-4-2022Balance B/d300000
3-4- 2022Win India251325000295000
3-4- 2022Vodafone251312000293000
5-4- 2022Commission 7546110000303000
6-4- 2022Five star4267814250317250
7-4- 2022Salary2513310000307250
9-4-2022ATM 15:15:492000305250
10-4- 2022Dividend 3000308250
12-4- 2022Cash 10000 318250
15-4- 2022Cool dream251356300311950
16-4- 2022Interest415962000313950
17-4- 2022EB charges251361500312450
19-4-2022ATM 15:45:0630000282450
22-4-2022Dividend 1355529000311450
25-4-2022General exp251386000305450
25-4-2022Guna3548615000320450
27-4-2022Nathan2514050000270450
29-4-2022Salary65456100000370450
30-4-2022Cash90000460450
30-4- 2022Cash251397000453450
30-4-2022Interest1000454450
30-4-2022Travelling 2514120000434450
Closing434450



Missing Entry For Bank Statement

Follow the above steps for following transaction.

9-4-22 Cash withdraw from Bank Rs 2000

10-4-22 Dividend Received Rs 3000

12-4-22 Cash Deposit in Bank Rs 10000

19-4-22 Cash Withdraw from Bank Rs.30000

25-4-22 Amount Received from Mr. Guna Rs. 15000

27-4-22 Amount Paid Nathan Rs 50000

29-4-22 Salary received from Rs 100000

30-4-22 Cash deposit in bank Rs 90000

30-4-22 Interest Received Rs 1000

30-4-22 Paid Travelling Expenses Rs 20000


Profit and Loss

Tally.ERP 9 is a popular accounting software used by businesses for managing their financial transactions. Profit and loss in Tally ERP 9 is calculated based on the transactions recorded in the software.

To calculate profit and loss in Tally ERP 9, follow these steps:

  • Record all your business transactions in Tally ERP 9, including sales, purchases, expenses, and incomes.
  • Once you have recorded all the transactions, go to the ‘Display’ menu and select ‘Profit & Loss A/c’ to view the profit and loss statement.
  • The profit and loss statement will show the revenue earned by the business and the expenses incurred during a specific period. The difference between revenue and expenses will give you the net profit or loss for that period.
  • You can also view the profit and loss statement for a specific period, such as a month or a year, by selecting the relevant period in the software.
  • Tally ERP 9 also allows you to customize the profit and loss statement by adding or removing specific accounts, depending on your business requirements.

Overall, Tally ERP 9 makes it easy to calculate and manage profit and loss statements, helping businesses make informed financial decisions.

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Balance Sheet

A balance sheet is a financial statement that provides an overview of a company's financial position at a particular point in time. In Tally ERP 9, a balance sheet can be generated using the following steps:

  • Record all your business transactions in Tally ERP 9, including sales, purchases, expenses, and incomes.
  • Once you have recorded all the transactions, go to the ‘Display’ menu and select ‘Balance Sheet’ to view the balance sheet.
  • The balance sheet will show the company's assets, liabilities, and equity. Assets are the resources owned by the company, such as cash, inventory, and property. Liabilities are the obligations owed by the company to others, such as loans and accounts payable. Equity represents the residual interest in the assets of the company after deducting liabilities.
  • The balance sheet should always balance, meaning that the total assets should equal the total liabilities and equity.
  • Tally ERP 9 allows you to customize the balance sheet by adding or removing specific accounts, depending on your business requirements.
  • You can also generate a comparative balance sheet for multiple periods, allowing you to track changes in the company's financial position over time.

Overall, Tally ERP 9 makes it easy to generate and manage balance sheets, providing valuable insights into a company's financial health and helping businesses make informed financial decisions.

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Tally ERP 9