Problem 1 Bill wise details and Inventory Management Prob 1 : In a Co (XYZ Ltd) the extracted form of a balance sheet as at 31-3-2017 Liabilities Amount (Rs) Capita Account Capital Sundry Creditors Supreme Pvt Ltd(Note 1) Assets Amount (Rs) Sundry Debtors: Java trading Co(Note 2) 100,000 50,00,000 200,000 Cash at bank 500,000 Closing stock( Note 3) Additional Information: Bill wise break up of Supreme Pvt Ltd.(Note 1) Bill Date Bill No 1-6-2016 Sup-01 31-3-2017 Sup-02 Due Date 90 Days 40 Days Amount 100,000 100,000 Bill wise break up of Java Trading CoLtd.(Note 2) Bill Date Bill No 1-8-2016 S-JTC-02 02-12-2016 S-JTC-03 Due Date 45 Days 60 Days Amount 60,000 40,000 Closing stock( Note 3) Name(Item) Under Category units Qty Rate Sony 25 inches Tv Philips 29 inches TV Philips 25 inches TV Videocon 29 inches TV Videocon 25 inches Tv Sony TV Philips TV Philips TV Videocon TV Videocon TV 25 inches TV 29 inches TV 25 inches TV 29 inches TV 25 inches TV Pcs Pcs Pcs Pcs Pcs 20 30 50 80 60 20000 28000 18000 27000 17000 On 1-4-2017 The Co purchased the following goods from Supreme Pvt Ltd Name Sony 25 inches TV Philips 29 inches TV Under Sony TV Philips TV Category 25 inches TV 29 inches TV units Pcs Pcs Qty 10 20 Rate 20500 28200 Bill No Sup/04 Problem 1 Bill wise details and Inventory Management On 2-4-2017 The Co sold the following goods to Java Trading Co. Name Philips 25 inches TV Videocon 29 inches TV Videocon 25 inches TV Under Philips Tv Category 25 inches TV Units Pcs Qty 10 Rate 19000 Videocon TV 29 inches TV Pcs 20 29000 Videocon TV 25 inches TV Pcs 10 18000 Bill No JTC/07 Solution: To solve the problem we have to do the following:At first, we have opened Tally ERP-9 and then we have to proceed as follows: - Creation of a company To create a company the steps are: Gate way of Tally – Company info (ALT+F3) –create, Now we have to enter the name of the company i.e XYZ Ltd and other necessary details such as Country : India, State : W.B, Financial year from : 1/4/2017 Books beginning from: 1/4/2017 and then accept it. Problem 1 Bill wise details and Inventory Management According to problem, now we have to press F11 to activate the company features option i.e a. Accounting Features (F1) b. Inventory Features (F2) Now by pressing F1 we have enabled the features as follows:Maintain Accounts only: No Integrate Accounts with Inventory: Yes Maintain Bill-wise details: Yes Enabled Invoicing: Yes Record purchases invoice mode: Yes Similarly, by pressing F2 (Inventory Features) we have also enabled the features as follows: Maintain Stock Categories: Yes Problem 1 Bill wise details and Inventory Management Now we have to create the necessary ledgers To create the ledger the steps are:- GW of Tally – Account info-- ledger – single ledger – create Enter the name of the ledger such as capital Select the necessary Accounts Group i.e Under : Capital Account Enter the opening balance: 50,00,000 And then accept it. Now we have to create Supreme Pvt Ltd as follows To create the ledger Supreme Pvt Ltd the steps are:- GW of Tally – Account info-- ledger – single ledger – create Here we have entered the details as follows: - Name of the ledger: Supreme Pvt Ltd Under: Sundry Creditors Opening balance: 200,000 Cr and pressed enter key At this moment, Tally shows Bill wise screen and we have entered and accepted the details as given bellow- Problem 1 Bill wise details and Inventory Management In this way, we have to create the rest of other ledgers Now we have to create stock related details such as stock category, stock Group, Units, stock item etc. To create stock category the steps are:- GW of Tally- Inventory Info –Stock Category – Create. In this way, we have to create the rest of the stock category Now, we have to create stock Group: To create stock Group the steps are:GW of Tally- Inventory Info –Stock Group – Create. Similarly, we have to create the rest of other stock groups Now we have to create units of measures To create units of measures the step are: GW of Tally – Inventory Info – Units of Measure – Create Problem 1 Bill wise details and Inventory Management Now we have to create stock Item: Stock Item creation To create stock item the steps are: GW of Tally – Inventory Info –Stock Item – Single Stock Item – Create. Then save it Now we have to create voucher entry:: To make voucher entry the steps are:- GW of Tally – Accounting Voucher Select the necessary voucher type according to the nature of transaction. [ For example press F9 to activate the purchase voucher for goods purchased on credit] Press Alt+F2 to enter the period. Change Period From 1-4-2017 To 31-3-2018 Now press F2 to enter voucher date: 01-04-2017 Enter the necessary journal entry and record the other details as necessary. Then accept the voucher. Note : at the time of Voucher entry to accept the company related data press ctrl+A. **To move bock one screen to another screen press ‘Esc’ Key. Problem 1 Bill wise details and Inventory Management Similarly we have to create the rest of other voucher Entry. After completion of all the steps we can display the necessary reports like Trial balance B/S, Profit and loss account, stock summary etc as follows To display Trial Balance :- GW of Tally- Display - Day Book-Trial balance To display Profit & Loss Account :- GW of Tally- Profit & Loss Account To display Balance Sheet :- GW of Tally- Balance Sheet To display Stock Summary :- GW of Tally- Stock Summary