Opening Balance Calculation in Tally Prime

Opening Balance

Prepare Trial Balance for Mr. Ravi Pvt Ltd (Salem Branch) as on 1st April 2022 from the following ledgers.

Particular	Rs	Particular	Rs
Capital	180000	Wages	800
Creditors	30000	Discount	10000
Debtors	77500	Interest	1500
Purchase	20000	Bills Payable	350
Bad Debts recovered	5000	Bills Receivable	1900
Purchase return	2300	Bank O/D	4600
Sales	10000	Salaries	32000
Sales Return	400	Stock	4600
Plant & Machinery	45000	Cash	50000
Carriage outward	10850	Bank Charges	800
Provision	55000	Carriage inward	10100
Telephone charges	1800	Type writer	20000

Create a New Company

Go to the Gateway of Tally.
Select "Create Company" or "Company Info" (exact wording may vary based on your version).

Enter Company Details:

Fill in the details for Mr. Ravi Pvt Ltd (Salem Branch).

Company Name: Mr. Ravi Pvt Ltd (Salem Branch)
Address: [Enter the company's address]
Financial Year: April 1, 2022, to March 31, 2023
Books Beginning from: April 1, 2022
Country: [Select the country]

Ledger Creation

Capital Ledger

Access Accounts Information:

Gate way of Tally -> Masters -> Create by selecting it from the main menu.
Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the capital ledger.

Name: Enter a name for the ledger (e.g., "Capital").
Under: Choose the appropriate group under "Capital Account".
Opening Balance: Enter the Amount Rs.180000.

Save the Ledgers:

Press Enter to save the ledger details.

Creditors Ledger

Access Accounts Information:

Gate way of Tally -> Masters -> Create by selecting it from the main menu.
Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the creditor’s ledger.

Name: Enter a name for the ledger (e.g., "Creditors").
Under: Choose the appropriate group under "Sundry Creditors".
Opening Balance: Enter the Amount Rs.30,000.

Save the Ledgers:

Press Enter to save the ledger details.

Debtors Ledger

Access Accounts Information:

Gate way of Tally -> Masters -> Create by selecting it from the main menu.
Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Debtors’s ledger.

Name: Enter a name for the ledger (e.g., "Debtors").
Under: Choose the appropriate group under "Sundry Debtors".
Opening Balance: Enter the Amount Rs.77,500.

Save the Ledgers:

Press Enter to save the ledger details.

Purchase Ledger

Access Accounts Information:

Gate way of Tally -> Masters -> Create by selecting it from the main menu.
Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Purchase ledger.

Name: Enter a name for the ledger (e.g., "Purchase").
Under: Choose the appropriate group under "Purchase Accounts".
Opening Balance: Enter the Amount Rs.20,000.

Save the Ledgers:

Press Enter to save the ledger details.

Follow the above steps for below Ledger.

Particulars	Amount
Purchase Return	₹.2300

Bad Debts Recovered Ledger

Access Accounts Information:

Gate way of Tally -> Masters -> Create by selecting it from the main menu.
Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Bad Debts Recovered ledger.

Name: Enter a name for the ledger (e.g., "Bad Debts Recovered ").
Under: Choose the appropriate group under "Indirect Income".
Opening Balance: Enter the Amount Rs.5,000.

Save the Ledgers:

Press Enter to save the ledger details.

Sales Ledger

Access Accounts Information:

Gate way of Tally -> Masters -> Create by selecting it from the main menu.
Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Sales ledger.

Name: Enter a name for the ledger (e.g., "Sales").
Under: Choose the appropriate group under "Sales Accounts".
Opening Balance: Enter the Amount Rs.10,000.

Save the Ledgers:

Press Enter to save the ledger details.

Follow the above steps for below Ledger.

Particulars	Amount
Sales Return	₹.400

Plant & Machinery Ledger

Access Accounts Information:

Gate way of Tally -> Masters -> Create by selecting it from the main menu.
Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Plant & Machinery ledger.

Name: Enter a name for the ledger (e.g., "Plant & Machinery ").
Under: Choose the appropriate group under "Fixed Assets".
Opening Balance: Enter the Amount Rs.45,000.

Save the Ledgers:

Press Enter to save the ledger details.

Follow the above steps for below Ledger.

Particulars	Amount
Type Writer	₹.20,000

Carriage Outward Ledger

Access Accounts Information:

Gate way of Tally -> Masters -> Create by selecting it from the main menu.
Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Carriage Outward ledger.

Name: Enter a name for the ledger (e.g., "Carriage Outward").
Under: Choose the appropriate group under "Indirect Expenses".
Opening Balance: Enter the Amount Rs.10,850.

Save the Ledgers:

Press Enter to save the ledger details.

Follow the above steps for below Ledger.

Particulars	Amount
Telephone Charges	₹.1,800
Discount	₹.10,000
Interest	₹.1500
Salaries	₹. 32,000
Bank Charges	₹. 800

Provision Ledger

Access Accounts Information:

Gate way of Tally -> Masters -> Create by selecting it from the main menu.
Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Provision ledger.

Name: Enter a name for the ledger (e.g., "Provision").
Under: Choose the appropriate group under "Provision".
Opening Balance: Enter the Amount Rs.55,000.

Save the Ledgers:

Press Enter to save the ledger details.

Wages Ledger

Access Accounts Information:

Gate way of Tally -> Masters -> Create by selecting it from the main menu.
Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Wages ledger.

Name: Enter a name for the ledger (e.g., "Wages").
Under: Choose the appropriate group under "Direct Expenses".
Opening Balance: Enter the Amount Rs.800.

Save the Ledgers:

Press Enter to save the ledger details.

Follow the above steps for below Ledger.

Particulars	Amount
Carriage inward	₹.10100

Bill Payable Ledger

Access Accounts Information:

Gate way of Tally -> Masters -> Create by selecting it from the main menu.
Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Bill Payable ledger.

Name: Enter a name for the ledger (e.g., "Bill Payable").
Under: Choose the appropriate group under "Current Liabilities".
Opening Balance: Enter the Amount Rs.350.

Save the Ledgers:

Press Enter to save the ledger details.

Bill Receivable Ledger

Access Accounts Information:

Gate way of Tally -> Masters -> Create by selecting it from the main menu.
Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Bill Receivable ledger.

Name: Enter a name for the ledger (e.g., "Bill Receivable").
Under: Choose the appropriate group under "Current Assets".
Opening Balance: Enter the Amount Rs.1900.

Save the Ledgers:

Press Enter to save the ledger details.

Follow the above steps for below Ledger.

Particulars	Amount
Stock	₹.4600

Bank O/D Ledger

Access Accounts Information:

Gate way of Tally -> Masters -> Create by selecting it from the main menu.
Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Bank O/D ledger.

Name: Enter a name for the ledger (e.g., "Bank O/D").
Under: Choose the appropriate group under "Bank O/D Account".
Opening Balance: Enter the Amount Rs.4600.

Save the Ledgers:

Press Enter to save the ledger details.

Cash Ledger

Access Accounts Information:

Gate way of Tally -> Masters -> Create by selecting it from the main menu.
Navigate to "Accounts Masters" by selecting it from the main menu.

Choose Ledgers:

Under "Accounts Masters," select "Ledgers."

Enter Ledger Details:

Fill in the necessary details for the Cash ledger.

Name: Enter a name for the ledger (e.g., "Cash ").
Under: Choose the appropriate group under "Cash in Hand".
Opening Balance: Enter the Amount Rs.50000.

Save the Ledgers:

Press Enter to save the ledger details.

To use the default ledger, press page up button.

Select Chart of Accounts:

Under the "Display" menu, choose "Account Books" and then select "Ledgers" or "Group Summaries."

Select Trial Balance:

Under the "Display" menu, choose "Trial Balance." You can do this by pressing T or by navigating to "Display" -> "Trial Balance."