DISCOUNT ON CREDITORS

DISCOUNT ON CREDITORS

When a businessman gets discount from his Sundry Creditors then it is called Discount on Creditors. It comes under Indirect Income.

Example:-

Goods purchased from Raman for Rs. 80,000. 10 % discount received from him.

Do the voucher entries.

To maintain:-

Create a company and then create ledger as follow:-

Path for ledger creation:- G.O.T. (Gateway of Tally)--> accounts info--> ledger--> create (multiple).

After that, do voucher entry as follow:-

Path for voucher creation:- G.O.T. (Gateway of Tally)--> accounting voucher--> F9 (Purchase Voucher).

View the profit & loss report:-

Path for view profit and loss report:- G.O.T. (Gateway of Tally)--> Profit & Loss a/c.

Now calculate discount given by the creditor as given below:-

Discount = 80,000 * 10 % = 8,000

So, the discount is Rs. 8,000.

Now do adjustment entries:

Create adjustment ledger as follow:-

Path for adjustment ledger creation:- G.O.T. (Gateway of Tally)--> accounts info--> ledger--> create (single).

And then do voucher entry:-

Path for adjustment voucher creation:- G.O.T. (Gateway of Tally)--> accounting voucher--> F7 (Journal Voucher).

View the profit and loss report:-

Path for view profit and loss report:- G.O.T. (Gateway of Tally)--> Profit & Loss a/c.

For more information press “Alt + F1”.

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DISCOUNT ON DEBTORS

DISCOUNT ON DEBTORS

When a businessman provides discount to his debtor then it is called Discount on Debtors. It comes under Indirect Expenses.

Example:-

Goods sold to Mohan for Rs. 50,000. 5 % discount given to him.

Do all the voucher entries.

To maintain:-

Create a company and then create ledger as follow:-

Path for ledger creation:- G.O.T. (Gateway of Tally)--> accounts info--> ledger--> create (multiple).

After that, do voucher entry as follow:-

Path for voucher creation:- G.O.T. (Gateway of Tally)--> accounting voucher--> F8(Sales Voucher).

Now view the profit & loss report:-

Path for view profit and loss report:- G.O.T. (Gateway of Tally)--> Profit & Loss a/c.

Now calculate discount received by the debtor as given below:-

Discount = 50,000 * 5 % = 2,500

So, the discount is Rs. 2,500.

Now do adjustment entries:

Create adjustment ledger as follow:-

Path for adjustment ledger creation:- G.O.T. (Gateway of Tally)--> accounts info----> ledger--> create (single).

And then do voucher entry:-

Path for adjustment voucher creation:- G.O.T. (Gateway of Tally)--> accounting voucher--> F7(Journal Voucher).

View the profit and loss report:-

Path for view profit and loss report:- G.O.T. (Gateway of Tally)--> Profit & Loss a/c.

For more information press “Alt + F1”.

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UNACCRUED INCOME

UNACCRUED INCOME

When a businessman receives advance income up to the end of current year or when service will be rendered in the next year then such income is called Unaccrued Income.

Example:-

         a)     Rent due Rs. 6,000.

         b)     Rent received Rs. 12,000.

         c)      Unaccrued income Rs. 6,000.

To maintain:-

First of all, create a company.

After that, create ledger as follow:-

Path for Ledger Creation:- G.O.T. (Gateway of Tally)--> accounts info--> ledger--> create(single).

Now do voucher entry as follow:-

Path for Voucher Creation:- G.O.T.(Gateway of Tally)--> accounting voucher--> press F6 (Receipt Voucher).

Now view the profit & loss report:-

Path for view Profit & Loss a/c:- G.O.T. (Gateway of Tally)--> Profit & loss a/c.

Now we will create ledger entries as follow:-

Path for Adjustment Ledger Creation:- G.O.T. (Gateway of Tally)--> accounts info--> ledger--> create (single).

Now do voucher entry as follow:-

Path for Adjustment Voucher Creation:- G.O.T.(Gateway of Tally)--> accounting voucher--> press F7 (Journal Voucher).

Now view profit & loss report as follow:-

Path for view Profit & Loss a/c:- G.O.T.(Gateway of Tally)--> Profit & loss a/c.

Now view the Balance Sheet report as follow:-

Path for view Balance Sheet report:- G.O.T.(Gateway of Tally)--> Balance Sheet.

Press “Alt + F1” for more details.

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ACCRUED INCOME

ACCRUED INCOME

All those income which a trader earns but not received by dint of any reason is called Accrued Income.

Example:-

         a)    Commission due Rs. 15,000.

         b)    Commission received Rs. 10,000.

         c)     Accrued commission Rs. 5,000.

To maintain:-

First of all, create a company.

After that, create ledger as follow:-

Path for Ledger Creation:- G.O.T. (Gateway of Tally) --> accounts info --> ledger --> create(single).

Now do voucher entry as follow:-

Path for Voucher Creation:- G.O.T.(Gateway of Tally) --> accounting voucher --> press F6 (Receipt Voucher).

Now view the profit & loss report:-

Path for view Profit & Loss a/c:- G.O.T. (Gateway of Tally) --> Profit & loss a/c.

Now we will create ledger entries as follow:-

Path for Adjustment Ledger Creation:- G.O.T. (Gateway of Tally) --> accounts info --> ledger --> create (single).

Now do voucher entry as follow:-

Path for Adjustment Voucher Creation:- G.O.T.(Gateway of Tally) --> accounting voucher --> press F7 (Journal Voucher).

Now view profit & loss report as follow:-

Path for view Profit & Loss a/c:- G.O.T.(Gateway of Tally) --> Profit & loss a/c.

Now view the Balance Sheet report as follow:-

Path for view Balance Sheet report:- G.O.T.(Gateway of Tally) --> Balance Sheet.

Press “Alt + F1” for more details.

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PREPAID EXPENSES

PREPAID EXPENSES

When a trader expenses excess amount than determined amount then it is called Prepaid Expenses.

Example:-

                         I.     Insurance Premium due Rs. 20,000 on 31-03-2015.

                      II.     Insurance Premium paid till Rs. 30,000 on 31-03-2015.

                   III.    Prepaid Insurance Rs. 10,000.

To maintain:-

First of all we create a company.

After creating a company, create ledger as follow:-

Path for Ledger Creation:- G.O.T. (Gateway of Tally) --> accounts info --> ledger --> create(single).

Now do voucher entry as follow:-

Path for Voucher Creation:- G.O.T.(Gateway of Tally) --> accounting voucher --> press F5 (Payment Voucher).

Now view the profit & loss report:

Path for view Profit & Loss a/c:- G.O.T. (Gateway of Tally) --> Profit & loss a/c.

Now we will create ledger entries as follow:-

Path for Adjustment Ledger Creation:- G.O.T. (Gateway of Tally) --> accounts info --> ledger --> create (single).

Now do voucher entry as follow:-

Path for Adjustment Voucher Creation:- G.O.T.(Gateway of Tally) --> accounting voucher --> press F7 (Journal Voucher).

Now view profit & loss report as follow:-

Path for view Profit & Loss a/c:- G.O.T.(Gateway of Tally) --> Profit & loss a/c.

Now view the Balance Sheet report as follow:-

Path for view Balance Sheet report:- G.O.T.(Gateway of Tally) --> Balance Sheet.

Press “Alt + F1” for more details.

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ADJUSTMENT

ADJUSTMENT

When a trader observes the profit & loss of his business, at the closing date then he find out some entries are due. For this he uses adjustment entry.

Example :-

     1)    Outstanding Expenses:- All those expenses which are due till the closing date are called Outstanding Expenses.

 Example:-

          a)    Salary due Rs. 1,60,000   (31-03-2014)

          b)    Salary paid till Rs. 1, 00,000   (31-03-2014)

          c)     Outstanding salary 60,000   (31-03-2014)

To do the following entries, first of all we will create a company.

After creating company we create ledger entries as follow:

Path for Ledger Creation:- G.O.T. (Gateway of Tally) --> accounts info --> ledger --> create(single)

After creating ledger, do voucher entry as follow:-

Path for Voucher Creation:- G.O.T.(Gateway of Tally) --> accounting voucher --> press F5 (Payment Voucher)

Now view the profit & loss report:

Path for view Profit & Loss a/c:- G.O.T. (Gateway of Tally) --> Profit & loss a/c.

Now we will create ledger entries as follow:-

Path for Adjustment Ledger Creation:- G.O.T. (Gateway of Tally) --> accounts info --> ledger --> create(single).

Now do voucher entry as follow:

Note:- All the adjustment entries are done by Journal Voucher.

Path for Adjustment Voucher Creation:- G.O.T.(Gateway of Tally) --> accounting voucher --> press F7 (Journal Voucher).

Now view profit & loss report as follow:

Path for view Profit & Loss a/c:- G.O.T.(Gateway of Tally) --> Profit & loss a/c.

Now view the Balance Sheet report as follow:-

Path for view Balance Sheet report:- G.O.T.(Gateway of Tally)--> Balance Sheet.

Press “Alt + F1” for more details.

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