Practice Sheet-2 - Debit and Credit Ledger Account selection with Journal Entry
Practice Sheet - 2 of 12 (Transactions for the month of May' 2021)
Students/learners can get benefit and complete knowledge on this Practical Project after completion of all the 12 Practice Sheets with a proper sequence.
TRIMURTHY TRADERS
(Prop : Mr. Surya Krishnamurthy)
Financial Year : 2021-22(April' 2021 to March' 2022)
Assessment Year : 2022-23(April' 2022 to March' 2023)
Purchased Goods from Sagar Traders, Odisha as per Invoice No-KA/1052 for ₹10,85,246/-.
Item/Product/Taxable Value ₹9,19,700/-, CGST ₹82,773/- and SGST ₹82,773/-.
Total Invoice Value is ₹10,85,246/-(i.e Taxable Value ₹9,19,700 + CGST ₹82,773 + SGST ₹82,773).
See the Invoice details below.
Debit Ledgers are :
Purchases A/c
CGST A/c
SGST A/c
- In Traditional Approach :
Purchases A/c is under type Nominal Account - Expense.
CGST A/c is under type Personal Account - Receiver.
SGST A/c is under type Personal Account - Receiver.
- In Modern Approach :
Purchases A/c is under type Asset Account - Increase.
CGST A/c is under type Asset Account - Increase.
SGST A/c is under type Asset Account - Increase.
Credit Ledger : Sagar Traders,Odisha A/c
In Traditional Approach - Sagar Traders,Odisha A/c is under Personal Account - Giver.
In Modern Approach - Sagar Traders,Odisha A/c is under Liability Account - Increases.
Journal Entry
Click here to know how to enter the above Purchase Invoice in TallyPrime.
Date : 01/05/2021 (Transaction No. 12)
Amount paid to ABC Roadways for ₹9197/- vide Chq No-700103, Axis Bank Current A/c towards freight for Inv No-KA/1052.
Debit Ledger : Carriage & Freight A/c
In Traditional Approach - Carriage & Freight A/c is under type Nominal Account - Expense.
In Modern Approach - Carriage & Freight A/c is under type Expense Account - Increases.
Credit Ledger : Axis Bank Current A/c
In Traditional Approach - Axis Bank Current A/c is under Real Account - Goes Out.
In Modern Approach - Axis Bank Current A/c is under Asset Account - decreases.
Journal Entry
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 01/05/2021 (Transaction No. 13)
Goods sold to Radhakrishna Enterprises, Odisha as per Invoice No-001 for ₹1,63,673.40
Item/Product/Taxable Value ₹1,39,350/-, CGST ₹12,161.70 and SGST ₹12,161.70
Total Invoice Value is ₹1,63,673.40(i.e Taxable Value ₹1,39,350 + CGST ₹12,161.70 + SGST ₹12,161.70).
See the Invoice details below.
Debit Ledger : Radhakrishna Enterprises,Odisha A/c
In Traditional Approach :
Radhakrishna Enterprises,Odisha A/c is under type Personal Account - Receiver.
In Modern Approach :
Radhakrishna Enterprises,Odisha A/c is under type Asset Account - Increase.
Credit Ledgers are :
Sales A/c
CGST A/c
SGST A/c
In Traditional Approach :
Sales A/c is under type Nominal Account - Income.
CGST A/c is under type Personal Account - Giver.
SGST A/c is under type Personal Account - Giver.
In Modern Approach :
Sales A/c is under type Revenue Account - Increase.
CGST A/c is under type Liability Account - Increase.
SGST A/c is under type Liability Account - Increase.
Journal Entry
Click here to know how to enter the above Sales Invoice in TallyPrime.
Date : 01/05/2021 (Transaction No. 14)
Goods sold to Santoshi Trading Co,Odisha as per Invoice No-002 for ₹1,45,901.40
Item/Product/Taxable Value ₹1,25,430/-, CGST ₹10,235.70 and SGST ₹10,235.70
Total Invoice Value is ₹1,45,901.40(i.e Taxable Value ₹1,25,430 + CGST ₹10,235.70 + SGST ₹10,235.70).
See the Invoice details below.
Debit Ledger : Santoshi Trading Co,Odisha A/c
In Traditional Approach :
Santoshi Trading Co,Odisha A/c is under type Personal Account - Receiver.
In Modern Approach :
Santoshi Trading Co,Odisha A/c is under type Asset Account - Increase.
Credit Ledgers are :
Sales A/c
CGST A/c
SGST A/c
In Traditional Approach :
Sales A/c is under type Nominal Account - Income.
CGST A/c is under type Personal Account - Giver.
SGST A/c is under type Personal Account - Giver.
In Modern Approach :
Sales A/c is under type Revenue Account - Increase.
CGST A/c is under type Liability Account - Increase.
SGST A/c is under type Liability Account - Increase.
Journal Entry
Click here to know how to enter the above Sales Invoice in TallyPrime.
Date : 01/05/2021 (Transaction No. 15)
Amount withdrawn by Proprietor towards his personal expenses for ₹6,000/-
Debit Ledger : Drawings A/c
In Traditional Approach - Drawings A/c is under type Personal Account - Receiver.
(Note : Drawings Account is considered as Personal Account because in Proprietorship Firm Accounting 'Drawings Account' is a sub-ledger of Capital Account).
- In Modern Approach - Drawings A/c is under type Capital Account - decreases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 01/05/2021 (Transaction No. 16)
Purchased office stationery from M/s. Lily Stationery as per Cash Memo No- 199 for ₹410/-.
Debit Ledger : Printing & Stationery A/c
In Traditional Approach - Printing & Stationery A/c is under type Nominal Account - Expense.
In Modern Approach - Printing & Stationery A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 01/05/2021 (Transaction No. 17)
Amount paid to BSNL for ₹650/- for Telephone Bill for the month of April’ 2021 as per Money Receipt No-1000023546.
Debit Ledger : Telephone Expenses A/c
In Traditional Approach - Telephone Expenses A/c is under type Nominal Account - Expense.
In Modern Approach - Telephone Expenses A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 01/05/2021 (Transaction No. 18)
₹310/- paid towards petrol for vehicle.
Debit Ledger : Vehicle Maintenance A/c
In Traditional Approach - Vehicle Maintenance A/c is under type Nominal Account - Expense.
In Modern Approach - Vehicle Maintenance A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 02/05/2021 (Transaction No. 19)
Amount paid towards salary for the month of April’ 2021 for ₹10,000/-.
Debit Ledger : Salary A/c
In Traditional Approach - Salary A/c is under type Nominal Account - Expense.
In Modern Approach - Salary A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 02/05/2021 (Transaction No. 20)
Amount paid to Mr. Rakesh Das towards Rent for the month of April’ 2021 for ₹4,000/-.
Debit Ledger : Rent A/c
In Traditional Approach - Rent A/c is under type Nominal Account - Expense.
In Modern Approach - Rent A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 02/05/2021 (Transaction No. 21)
₹365/- paid to Krishna Variety Store as per Cash Memo No-510 for purchase of Office Stationery.
Debit Ledger : Printing & Stationery A/c
In Traditional Approach - Printing & Stationery A/c is under type Nominal Account - Expense.
In Modern Approach - Printing & Stationery A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 02/05/2021 (Transaction No. 22)
₹420/- paid to CESU towards electricity charges for the month of April ‘ 2021.
Debit Ledger : Electricity Charges A/c
In Traditional Approach - Electricity Charges A/c is under type Nominal Account - Expense.
In Modern Approach - Electricity Charges A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 02/05/2021 (Transaction No. 23)
₹2050/- paid to Chanakya Art towards Advertisement and publicity expenses as per Bill No-270.
Debit Ledger : Advertisement Expenses A/c
In Traditional Approach - Advertisement Expenses A/c is under type Nominal Account - Expense.
In Modern Approach - Advertisement Expenses A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 02/05/2021 (Transaction No. 24)
Amount paid towards staff food expenses for ₹4600/-.
Debit Ledger : Staff Food Expenses A/c
In Traditional Approach - Staff Food Expenses A/c is under type Nominal Account - Expense.
In Modern Approach - Staff Food Expenses A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date :02/05/2021 (Transaction No. 25)
Amount paid towards petrol for vehicle for ₹185/-.
Debit Ledger : Vehicle Maintenance A/c
In Traditional Approach - Vehicle Maintenance A/c is under type Nominal Account - Expense.
In Modern Approach - Vehicle Maintenance A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - Decreases.
Journal Entry
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 31/05/2021 (Transaction No. 26)
Chq No-700105 of Axis Bank Current A/c for ₹2,31,438/- issued to Krishna Enterprises, Odisha towards outstanding due.
Debit Ledger : Krishna Enterprises A/c
In Traditional Approach - Krishna Enterprises A/c is under type Personal Account - Receiver.
In Modern Approach - Krishna Enterprises A/c is under type Liability Account - Decreases.
Credit Ledger : Axis Bank Current A/c
In Traditional Approach - Axis Bank Current A/c is under Real Account - Goes Out.
In Modern Approach - Axis Bank Current A/c is under Asset Account - Decreases.
Journal Entry
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Date : 31/05/2021 (Transaction No. 27)
Amount paid to Sagar Traders, Odisha for ₹4,00,000/- through RTGS drawn from Axis Bank Current A/c towards outstanding due.
Debit Ledger : Sagar Traders,Odisha A/c
In Traditional Approach - Sagar Traders,Odisha A/c is under type Personal Account - Receiver.
In Modern Approach - Sagar Traders,Odisha A/c is under type Liability Account - Decreases.
Credit Ledger : Axis Bank Current A/c
In Traditional Approach - Axis Bank Current A/c is under Real Account - Goes Out.
In Modern Approach - Axis Bank Current A/c is under Asset Account - Decreases.
Journal Entry
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 31/05/2021 (Transaction No. 28)
₹120/- paid to Krishna Variety Store as per Cash Memo No-780 for purchase of Office Stationery.
Debit Ledger : Printing & Stationery A/c
In Traditional Approach - Printing & Stationery A/c is under type Nominal Account - Expense.
In Modern Approach - Printing & Stationery A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 31/05/2021 (Transaction No. 29)
Amount paid to Mr. Ajit Patel towards market visit for ₹2,510/-.
Debit Ledger : Travelling Expenses A/c
In Traditional Approach - Travelling Expenses A/c is under type Nominal Account - Expense.
In Modern Approach - Travelling Expenses A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 31/05/2021 (Transaction No. 30)
₹842/- paid towards medicine for staff.
Debit Ledger : Staff Welfare Expenses A/c
In Traditional Approach - Staff Welfare Expenses A/c is under type Nominal Account - Expense.
In Modern Approach - Staff Welfare Expenses A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - decreases.
Journal Entry
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 31/05/2021 (Transaction No. 31)
₹196/- paid towards petrol for vehicle.
Debit Ledger : Vehicle Maintenance A/c
In Traditional Approach - Vehicle Maintenance A/c is under type Nominal Account - Expense.
In Modern Approach - Vehicle Maintenance A/c is under type Expense Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under Real Account - Goes Out.
In Modern Approach - Cash A/c is under Asset Account - Decreases.
Journal Entry
Click here to know how to enter the above Payment Voucher in TallyPrime.
Date : 31/05/2021 (Transaction No. 32)
Chq No-102321 received from Santoshi Trading Co., Odisha for ₹1,45,901.40 towards outstanding due and deposited into Axis Bank Current Account.
Debit Ledger : Axis Bank Current A/c
In Traditional Approach - Axis Bank Current A/c is under type Real Account - Comes in.
In Modern Approach - Axis Bank Current A/c is under type Asset Account - Increases.
Credit Ledger : Santoshi Trading Co,Odisha A/c
In Traditional Approach - Santoshi Trading Co,Odisha A/c is under Personal Account - Giver.
In Modern Approach - Santoshi Trading Co,Odisha A/c is under Asset Account - Decreases.
Journal Entry
Click here to know how to enter the above Receipt Voucher in TallyPrime.
Date : 31/05/2021 (Transaction No. 33)
Amount received from Radhakrishna Enterprises, Odisha for ₹1,50,033.96 through NEFT towards outstanding due, credited into Axis Bank Current Account.
Debit Ledger : Axis Bank Current A/c
In Traditional Approach - Axis Bank Current A/c is under type Real Account - Comes in.
In Modern Approach - Axis Bank Current A/c is under type Asset Account - Increases.
Credit Ledger : Radhakrishna Enterprises,Odisha A/c
In Traditional Approach - Radhakrishna Enterprises,Odisha A/c is under Personal Account - Giver.
In Modern Approach - Radhakrishna Enterprises,Odisha A/c is under Asset Account - Decreases.
Journal Entry
Click here to know how to enter the above Receipt Voucher in TallyPrime.
Date : 31/05/2021 (Transaction No. 34)
₹52/- charged on Axis Bank Current A/c towards service charges.
Debit Ledger : Bank Charges A/c
In Traditional Approach - Bank Charges A/c is under type Nominal Account - Expense.
In Modern Approach - Bank Charges A/c is under type Expense Account - Increases.
Credit Ledger : Axis Bank Current A/c
In Traditional Approach - Axis Bank Current A/c is under Real Account - Goes Out.
In Modern Approach - Axis Bank Current A/c is under Asset Account - Decreases.
Journal Entry
Click here to know how to enter the above Payment Voucher in TallyPrime.
View Reports in TallyPrime Accounting Software.
One can view different Reports like Ledger Statements, Trial Balance, Profit & Loss Account, Balance Sheet etc. at any time for any period.
1) Let's View Trial Balance as on date 31/05/2021
Follow these steps.
On 'Gateway of Tally' Screen
Press 'D' or select and press 'Enter Key' on 'Display More Reports'
Press 'T' or select and press 'Enter Key' on 'Trial Balance'
Press 'F2' or click on 'F2:Period' to select Period (from date 01/04/2021 to date 31/05/2021)
After entry the required date range, press 'Enter Key'
Press 'Alt+F1' to view Trial Balance in detail format(Group with Ledger Wise)
The above image is the Final view of Trial Balance from date 01/04/2021 to 31/05/2021.
2) Let's View Profit & Loss Account as on date 31/05/2021
Follow these steps.
On 'Gateway of Tally' Screen
Press 'P' or select and press 'Enter Key' on 'Profit & Loss A/c'
Press 'F2' or click on 'F2:Period' to select Period (from date 01/04/2021 to date 31/05/2021)
After entry the required date range, press 'Enter Key'
Press 'Alt+F1' to view Profit & Loss A/c in details.
3) Let's View Balance Sheet as on date 31/05/2021
Follow these steps.
On 'Gateway of Tally' Screen
Press 'B' or select and press 'Enter Key' on 'Balance Sheet'
After entry the required date range, press 'Enter Key'
Press 'Alt+F1' to view Balance Sheet in details.
The above image is the Final view of Balance Sheet from date 01/04/2021 to 31/05/2021.
Related Articles :
Double Entry System of Book Keeping
Trading and Profit & Loss Account
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