Trimurthy Traders(Prop : Mr.Surya Krishnamurthy) - Transaction No.1 of Practice Sheet-1, Receipt Voucher No.1 Entry in TallyPrime

Practice Sheet - 1(Transactions for the month of April' 2021)

TRIMURTHY TRADERS

(Prop : Mr. Surya Krishnamurthy) 

Financial Year : 2021-22(April' 2021 to March' 2022)

Assessment Year : 2022-23(April' 2022 to March' 2023)

Date : 01/04/2021 (Transaction No.1)

Mr. Surya Krishnamurthy started a Proprietorship Business at Cuttack - 753001, Odisha with ₹10,00,000/- by Cash.

Trade Name - TRIMURTHY TRADERS, Nature of Business - Wholesale and Retail Trader of Electrical Goods.

GSTIN - 21AAECS0527O1ZY

Journal Entry:

Journal Entry for Capital introduced

Let's enter the above transaction using Accounting Software TallyPrime

Steps for entering the transaction

Open TallyPrime and select 'Create Company'.

Create Company using TallyPrime

Press 'Enter'

and enter the required fields

Company Creation using TallyPrime

Press 'Y' to accept

or Press 'Enter' to accept

Setting up applicable fields after Company Creation

Select 'Yes' on applicable fields 

and fill up the requisite field

If one have to enter the GSTIN detail

Select on 'Yes' on 'Enable Goods & Services Tax(GST)'

Now let's fill up the GSTIN detail.

Filling up GSTIN detail of Company in TallyPrime

Press 'Y' to accept

or Press 'Enter' to accept

Accepting Company data after GSTIN setup of Company in TallyPrime

Press 'Y' to accept

or Press 'Enter' to accept

Gateway of Tally Screen - ready for Voucher Entry
Creation of 'Cash Ledger Account' is not necessary. Because 'Cash' and 'Profit & Loss A/c' are default Ledger Accounts existing in Tally Accounting Software.

Create Ledger 'Capital A/c' under Primary Group 'Capital Account'.

Select and press 'Enter' on 'Create '

Ledger Creation in TallyPrime


Select and press 'Enter' on Ledger.

Type the Ledger Name and fill other details.

Ledger Creation in TallyPrime

Press 'Y' or 'Enter' to accept.

Press 'Escape' to go to 'Gateway of Tally' Screen

(You can say or mention 'GOT' in place of Gateway of Tally)

Gateway of Tally Screen in TallyPrime

Journal Entry:

Journal Entry for Capital introduced

For the above Journal Entry

One have to Select and press Enter on 'Voucher'.

Or can press the highlighted text 'V' on GOT screen.

Press 'F6' to come to Receipt Voucher mode. 

Press 'F2' to enter date of transaction.

Capital introduced by the Proprietor using TallyPrime

Select and press Enter on Ledger 'Capital A/c' where 'To' or 'Cr' shows.

Input the Capital Amount for ₹10,00,000/-.

Select and press Enter on Ledger 'Cash' where 'By' or 'Dr' shows.

Input the Amount for ₹10,00,000/-

Write Narration for the transaction, space provided on bottom of the Voucher Entry Screen.

Receipt Voucher Entry for Capital introduced by the Proprietor in TallyPrime.

Press 'Y' or Enter to accept.

Now Voucher Entry for the above transaction(Capital introduced by the Proprietor vide Cash) is Complete.

Location: Bengaluru, Karnataka, India

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