Practical Accounting Project on Proprietorship Trading Business (T271 JV5)
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.271(T271), Journal Voucher No.5(JV5) Entry in TallyPrime
Learning Objective from this Post :
Journal Entry for Transfer of Drawing Accounts to Capital Account.
Journal Voucher Entry for Transfer of Drawing Accounts to Capital Account 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. 271
Date : 31/03/2026
Drawings Account ₹26,000/- and Advance Income Tax ₹46,500/- transferred to Capital Account for Final Account to determine the Final Proprietor's Capital Account Balance.
Journal Entry :
Steps to enter in TallyPrime
On Gateway of Tally Screen,
Press 'V' or select and press 'Enter' on 'Vouchers'
Press 'F7' or click on 'F7:Journal' for Journal Voucher Entry
Press 'F2' or click on 'F2:Date' to enter Date of Voucher/Date of Transaction.
Place Debit Ledger and Credit Ledger Accounts with amount as shown in the image below.
Press 'Ctrl+A' or 'Enter' or 'Y' to Accept/Save Voucher.
Now Voucher Entry for the above transaction is Complete.
Balance Sheet after transfer Entry showing Capital Account :
To view and practice all transactions of this project in a proper sequence,
Click this page link : PRACTICAL PROJECTS
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