KADG - T7 PURV1Journal Entry in TallyPrime with Final Accounts

Practical Accounting Project on Proprietorship Trading Business (T7 PURV1)

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, Vyapaar , Marg etc and many others. 

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

KA DIGITAL WORLD (KADG)

Transaction No.7(T7), Purchase Voucher No.1(PURV1) Entry in TallyPrime

Learning Objective from this Post :

• Journal Entry for credit purchase of Trading Goods (Inter-State Transaction) 

• Creditor's Ledger Account creation under group 'Sundry Creditors'. 

• Purchase Ledger Account creation under Group 'Purchase Account' using TallyPrime 

• 'IGST' Ledger Account creation under group 'Duties & Taxes'.

• Stock Item Creation.

• Purchase Invoice Entry(Inventory) using TallyPrime.

Business Details with Address

Trade 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

  Transaction No.7   

Date : 02/04/2025

Goods purchased from M/s.Taj Computer, Mumbai as per Invoice No.107 for ₹12,20,769/-.

Journal Entry :

Steps to enter in TallyPrime

On Gateway of Tally Screen,

Press 'C' or select and press 'Enter' on 'Create'

Select and press 'Enter' on 'Ledger'

Write Creditor's Name and other details as required.

Press 'Y' or 'Enter' to Accept.

Then, Write Ledger Name 'Purchases' and others details. 

Create Ledger Account 'IGST' under group 'Duties & Taxes'.

Type of Duty/Tax 'GST'

Tax type 'IGST'

Create Stock Items.

On Gateway of Tally Screen,

Press 'C' or select and press 'Enter' on 'Create'

Select and press 'Enter' on 'Stock Item'

 

Press 'Alt+c' on Units to create Stock unit of measure.

Press 'Y' or 'Enter' to Accept.

Create Next Stock Item. 

Press 'Y' or 'Enter' to Accept. 

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

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

Press 'F9' or click on 'F9: Purchase' to activate Purchase Voucher.

Fill required details like related Ledger Accounts, Party Accounts, Invoice No., Stock Items purchased etc. for Invoice Entry.

Press 'Ctrl+A' or 'Y' or 'Enter' to Accept/Save Invoice.

Now Voucher Entry for the above transaction is Complete. 

One can check effect of this Entry on various Ledger Account and Statements.

Trial Balance :

On Gateway of Tally Screen.

Press 'D' or select and press 'Enter' on 'Display More Reports'.

Press 'T' to view 'Trial Balance'

Press 'Alt+F1' for Ledger-wise detailed view.

Profit and Loss Account :

On GOT(Gateway of Tally) Screen 

Press 'P' or select and press 'Enter' on 'Profit & Loss A/c'

Press 'Alt+F1' for Ledger-wise detailed view.

Balance Sheet :

On GOT(Gateway of Tally) Screen

Press 'B' or select and press 'Enter' on 'Balance Sheet'

Press 'Alt+F1' for Ledger-wise detailed view.

You can see other Reports and Statements as per your need.