KADG - T1 RV1 Journal Entry in TallyPrime with Final Accounts

Practical Accounting Project on Proprietorship Trading Business (T1 RV1)

In this Practical Accounting Project, We are learning Journal Entry in all type of Digital Accounting Software, but as the Time constrain and Indian Scenario, we have taken the example of TallyPrime entry with screenshot and references here.

So, anyone can do the same transactions, as refer in this page with TallyPrime, which is also similar or little bit different in screen look only, if you choose any other Accounting Software like Zoho books, QuickBooks, BUSY, Vyapar , Marg etc and many others. 

The Transaction Process, that are given step by step is almost same and perfect for Digital Accounting ecosystem.

Digital Books of Account using TallyPrime

KA DIGITAL WORLD (KADG)

Transaction No.1(T1), Receipt Voucher No.1(RV1) Entry in TallyPrime

Learning Objective from this Post :

• Journal Entry for Capital Introduction in Cash by a Proprietor

• Company Creation using TallyPrime

• Company Feature Setting
  

• Proprietor's Capital A/c Ledger Creation using TallyPrime
  

• Receipt Voucher Entry in TallyPrime

  Transaction No.1  

Date : 01/04/2025

Mr. Sachin Kumar started a proprietorship Trading business with a Capital of ₹5,00,000/- by cash. 

Business Details with Address

Trade Name/Business Name : KA DIGITAL WORLD 

Financial Year 2025-26, Assessment Year 2026-27

Address : Bhubaneswar, Khurda, Odisha, India, PIN - 751001

Constitution/Style of Business : Proprietorship

Nature of Business : Retail and Wholesale Trading of Computer, parts and accessories.

GSTIN - 21ABDAC5162K1ZM 

(Enter a valid GSTIN for generating correct GST Reports like GSTR1 and GSTR3B)

Journal Entry :

Let's enter the above transaction using TallyPrime

Steps to enter in TallyPrime

Open TallyPrime

Select and press 'Enter' on 'Create Company'

Fill required details.

Company Name, Mailing Name, Address, State, Country, Contact No. etc.(see image below)

Press 'Y' or 'Enter' to Accept/Save

or

Press 'Ctrl+A' to Accept/Save.

Set the Company Features as per needs.

Select 'Yes' to enable a feature and 'No' to disable a feature.

Select 'Yes' on 'Enable Goods and Services Tax(GST)' to enter GST details.

Company's GST details entry.

Press 'Y' or 'Enter' to Accept/Save.

 

Press 'Y' or 'Enter' to Accept/Save.

Company is ready for transaction Entry.

Steps for Ledger Creation and Voucher Entry for the below mentioned Journal Entry.

There is no need to create 'Cash A/c', because 'Cash' Ledger is already exist in TallyPrime.

Create Ledger 'Capital A/c' under group 'Capital Account'

On 'Gateway of Tally' Screen

Select and press 'Enter' on 'Create' or click on 'Create' or press highlighted key 'C'

Select and press 'Enter' on 'Ledger'

Press 'F12' for configuration setup

Select 'Yes' on required options.

Fill Ledger Name 'Capital A/c' under Group 'Capital Account' with other details.

Press 'Y' or 'Enter' to Accept/Save.

Press 'Esc' for return to 'Gateway of Tally' Screen.

Press 'V' or select and press 'Enter' on 'Vouchers'

Press 'F6' or click on 'F6:Receipt' to come to Receipt Voucher mode.

Press 'F2' or click on 'F2:Date' to enter date of Voucher or Date of Transaction.

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

Place Debit Ledger and Credit Ledger Accounts with amount as shown in the image below.

Press 'Ctrl+A' to Accept/Save Voucher.

Now Voucher Entry for the above transaction is complete.

One can check effect of this Journal Entry on Various Financial Reports and Statements which is auto generated by the Software.

Capital Ledger Account

Capital Account Print Preview 

Cash Account

Cash Ledger Print Preview 

Trial Balance

Balance Sheet.

 Next Transaction