Computerized Accounting and E-Filing of Tax Return Unit 1:

Computerized Accounting Package

By- Mithun Das
Assistant Professor

Accounting Masters- Introduction

Note 1
Example 1:

Mr. Atanu Hazra has started a business named M/S Hazra and Sons with a capital of Rs
200000. The following transactions took place during the year-

1. Goods purchased in cash Rs 50000.

2. Goods purchased on credit from Barun for Rs 35000.
3. Purchased stationery Rs 5000.
4. Sold goods in cash Rs 75000.
5. Sold goods on credit to Chinmoy for Rs 40000.
6. Purchased furniture for Rs 15000.
7. Paid rent Rs 15000.
8. Opened a bank account in SBI and transferred Rs 10000 in that account.
9. Paid Barun Rs 25000.
10. Received from Chinmoy Rs 30000.
11. Closing stock estimated Rs 10000.
Prepare final accounts in the books of Mr. Hazra using computerized accounting
package.
STEPS TO BE FOLLOWED TO SOLVE THIS QUESTION:

Gateway of Tally: > F3: Company > Create Company > Company Name:
M/S Hazra and Sons > mailing Name > Address > State > Country > Pin-
code > Telephone > Mobile > Email > Financial Year Beginning from:
01.04.2023 > Books beginning from > 01.04.2023 > Base Currency Symbol >
Formal Name > Accept: Yes

Page will show ‘Company created successfully’, then go to- Accounting >
Maintain Accounts: Yes > Enable bill-wise entry: Yes > Inventory > Maintain
Inventory: No >

Taxation> Enable GST: No > enable TDS: No > Accept: Yes> Return to
Gateway of Tally: Masters

Now, create all necessary Ledger Accounts (except cash and P/L a/c as
these accounts are already created by default) in the following way:

Gateway of Tally: > Create: ledger>

For Capital: Name: Capital > under: Capital Account> Put enter up to
reaching opening balance; opening balance: enter > Accept: Yes >

For Purchase: Name: Purchase > under: Purchase Account> Put enter up to
reaching opening balance; opening balance: enter > Accept: Yes >

For Barun A/c: Name: Barun A/c > under: Sundry creditor Account>
maintain Bill-by-bill: Yes > Put enter up to reaching opening balance;
opening balance: enter > Accept: Yes >

For Stationery: Name: Stationery > under: Indirect Expenses> Put enter up
to reaching opening balance; opening balance: enter > Accept: Yes >

For Sales: Name: Sales > under: Sales Account> Put enter up to reaching
opening balance; opening balance: enter > Accept: Yes >

For Chinmoy A/c: Name: Chinmoy A/c > under: Sundry Debtor Account>
maintain Bill-by-bill: Yes > Put enter up to reaching opening balance;
opening balance: enter > Accept: Yes >

For Furniture: Name: Furniture > under: Fixed Assets > Put enter up to
reaching opening balance; opening balance: enter > Accept: Yes >

For Rent: Name: Rent > under: Indirect Expenses > Put enter up to
reaching opening balance; opening balance: enter > Accept: Yes >
 For SBI: Name: SBI > under: Bank Account> Put enter up to reaching
opening balance; opening balance: enter > Accept: Yes >

For Stock: Name: Stock- in -Trade > under: Stock –in- Hand > Put enter
up to reaching opening balance; opening balance: enter > Accept: Yes >

After completion of all necessary ledger creation, voucher entries o be done

in the following way:

Return to Gateway of Tally: Transactions: Vouchers

1. For cash invested as Capital:

F6: Receipt > Account: Cash > Capital > 200000 > Narration: Cash
introduced as Capital> Accept: Yes >

2. For Goods purchased in cash Rs 50000

F5: Payment > Account: Cash > Purchase > 50000 > Narration: Purchased
goods in cash>Accept: Yes >

3. For Goods purchased on credit from Barun for Rs 35000

F9: Purchase > Supplier Invoice No: 1 > Date: Enter> Party Name: Barun a/c
> Skip details by pressing enter > Purchase > 35000 > New Ref: Skip details
and accept figure shown in screen > Narration: Goods purchased on credit >
Accept: Yes >

4. For Purchased stationery Rs 5000

F5: Payment > Account: Cash > Stationery > 5000 > Narration: Purchased
stationery in cash > Accept: Yes >

5. For Sold goods in cash Rs 75000

F6: Receipt > Account: Cash > Sales > 75000 > Narration: Sold goods in
Cash > Accept: Yes >

6. For Sold goods on credit to Chinmoy for Rs 40000

F8: Sales > Party Name: Chinmoy a/c > Skip details by pressing enter > Sales
> 40000 > New Ref: Skip details and accept figure shown in screen >
Narration: Goods sold on credit > Accept: Yes >

7. For Purchased furniture for Rs 15000

F5: Payment > Account: Cash > Furniture > 15000 > Narration: Purchased
Furniture in cash > Accept: Yes >
8. For Paid rent Rs 15000

F5: Payment > Account: Cash > Rent > 15000 > Narration: Paid rent >
Accept: Yes >

9. For Opened a bank account in SBI and transferred Rs 10000 in that account

F4: Contra > Account: SBI (Account to be debited) > Cash > 10000 >
Accept figure > Narration: Cash deposited in SBI > Accept: Yes >

10. For Paid Barun Rs 25000

F5: Payment > Account: Cash > Barun a/c > 25000 > Against Ref: accept by
pressing enter > Narration: paid to Barun as part payment of his total due >
Accept: Yes >

11. For Received from Chinmoy Rs 30000

F6: Receipt > Account: Cash > Chinmoy a/c > 30000 > Against Ref: accept
by pressing enter > Narration: received from Chinmoy as part of his total due
> Accept: Yes > Return to Gateway of Tally: Masters:

12. For Closing stock estimated Rs 10000

Go to gateway of Tally> Alter > ledger > Stock – in – Trade > Accept by
pressing enter up to closing balance > put ‘m’ (or closing date) > 10000 (Dr) >
Accept: Yes

After completion of all voucher entries, P/L a/c and Balance Sheet for the
year may be seen.

For showing P/L a/c; the following steps to be taken-

P/L a/c: F2: Period > From 1.4.2023 to 31.3.2024

For showing Balance Sheet; the following steps to be taken

Balance Sheet: F2: Period > From 1.4.2023 to 31.3.2024