Banking Transaction Assignment

This assignment focuses on understanding and practicing the Contra Voucher Entry in TallyPrime. Contra vouchers are used when there is a transfer of cash or bank funds between two accounts. For instance, when cash is deposited into the bank or withdrawn from the bank to cash.

Assignment No 1  Bank Details

Name : HDFC Bank
A/c No : 17520212334
IFS Code : HDFC0000017
Opening Balance : 50,000 Dr
Cheque Book with 100 Cheque leaves and the starting number is “009601”

 

Banking Transactions
Record following banking transactions in New Company

1. A cheque amounting to Rs. 20,000 was printed and paid to the supplier Anu Traders via Cheque
2. Received cash from the customer Music Shop Rs. 3,500 and the same deposited into the bank
3.Purchased a printer for office use for Rs. 15,000 from Metro Shoppe and cheque paid against the purchases;
4. Withdrawn Cash from bank Rs.2,000 for the petty expenses
5. Rent paid for the Office by cheque Rs. 5,000;
6. Cheque Received for Rs. 20,000 from Music Shop
7. Cheque received from customer Savita Traders Rs. 10,000
8. Cheque issued to Magnum Honda as blank cheques from 5th of every month for 12 months.

Assignment   Bank Details

Name : HDFC Bank
A/c No : 17520212334
IFS Code : HDFC0000017
Opening Balance : 50,000 Dr
Cheque Book with 100 Cheque leaves and the starting number is “009601”

 

Banking Transactions

Record following banking transactions in New Company

1. A cheque amounting to Rs. 20,000 was printed and paid to the supplier Anu Traders via Cheque
2. Received cash from the customer Music Shop Rs. 3,500 and the same deposited into the bank
3.Purchased a printer for office use for Rs. 15,000 from Metro Shoppe and cheque paid against the purchases;
4. Withdrawn Cash from bank Rs.2,000 for the petty expenses
5. Rent paid for the Office by cheque Rs. 5,000;
6. Cheque Received for Rs. 20,000 from Music Shop
7. Cheque received from customer Savita Traders Rs. 10,000
8. Cheque issued to Magnum Honda as blank cheques from 5th of every month for 12 months.

 

Assignment 1: Record a Cash Deposit into Bank Account

Scenario: You have ₹50,000 in cash, and you deposit ₹30,000 into your bank account. Use the Contra Voucher to record this transaction.

Steps:

1. Open TallyPrime.
2. Create the necessary ledgers:
   • Cash Account (under Cash in Hand)
   • Bank Account (under Bank Accounts)
3. Record the Contra Voucher for the cash deposit.
4. Submit a screenshot of your entry.

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Assignment 2: Record a Bank Withdrawal for Cash

Scenario: You withdraw ₹10,000 from your bank account and take it as cash. Use the Contra Voucher to record this transaction.

Steps:

1. Open TallyPrime.
2. Create the necessary ledgers:
   • Cash Account (under Cash in Hand)
   • Bank Account (under Bank Accounts)
3. Record the Contra Voucher for the bank withdrawal.
4. Submit a screenshot of your entry.

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Assignment 3: Transfer from One Bank Account to Another

Scenario: You transfer ₹25,000 from one bank account to another within the same company. Use the Contra Voucher to record this transaction.

Steps:

1. Open TallyPrime.
2. Create the necessary ledgers:
   • Bank Account 1 (under Bank Accounts)
   • Bank Account 2 (under Bank Accounts)
3. Record the Contra Voucher for the bank-to-bank transfer.
4. Submit a screenshot of your entry.

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Assignment 4: Cash Transfer from Cash Account to Petty Cash

Scenario: You transfer ₹2,000 from the main cash account to the petty cash account for office expenses. Record the transfer using the Contra Voucher.

Steps:

1. Open TallyPrime.
2. Create the necessary ledgers:
   • Cash Account (under Cash in Hand)
   • Petty Cash Account (under Cash in Hand)
3. Record the Contra Voucher for the transfer.
4. Submit a screenshot of your entry.

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Assignment 5: Record Cash Received from Bank for Business Transactions

Scenario: You receive ₹15,000 from the bank for a business sale. You deposit this cash directly into your company’s bank account. Use the Contra Voucher to record the deposit.

Steps:

1. Open TallyPrime.
2. Create the necessary ledgers:
   • Cash Account (under Cash in Hand)
   • Bank Account (under Bank Accounts)
3. Record the Contra Voucher for the cash received from the bank.
4. Submit a screenshot of your entry.

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Assignment 6: Bank Transfer for Payment to Supplier

Scenario: You pay ₹40,000 to a supplier using a bank transfer. Use the Contra Voucher to record the payment.

Steps:

1. Open TallyPrime.
2. Create the necessary ledgers:
   • Supplier Account (under Sundry Creditors)
   • Bank Account (under Bank Accounts)
3. Record the Contra Voucher for the payment to the supplier.
4. Submit a screenshot of your entry.

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Assignment 7: Cash Payment to Vendor

Scenario: You make a cash payment of ₹5,000 to a vendor for materials purchased. Use the Contra Voucher to record the transaction.

Steps:

1. Open TallyPrime.
2. Create the necessary ledgers:
   • Vendor Account (under Sundry Creditors)
   • Cash Account (under Cash in Hand)
3. Record the Contra Voucher for the payment to the vendor.
4. Submit a screenshot of your entry.

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Assignment 8: Cash Deposit in Bank after Sale

Scenario: You deposit ₹12,000 received from a sale into your bank account. Use the Contra Voucher to record the deposit.

Steps:

1. Open TallyPrime.
2. Create the necessary ledgers:
   • Sales Account (under Sales)
   • Bank Account (under Bank Accounts)
   • Cash Account (under Cash in Hand)
3. Record the Contra Voucher for the cash deposit in the bank.
4. Submit a screenshot of your entry.

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Assignment 9: Transfer of Funds for Loan Repayment

Scenario: You pay ₹30,000 from your bank account towards a loan repayment. Use the Contra Voucher to record the repayment.

Steps:

1. Open TallyPrime.
2. Create the necessary ledgers:
   • Loan Account (under Liabilities)
   • Bank Account (under Bank Accounts)
3. Record the Contra Voucher for the loan repayment.
4. Submit a screenshot of your entry.

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Assignment 10: Record a Cash Withdrawal for Business Expense

Scenario: You withdraw ₹8,000 from your bank account for office-related expenses in cash. Use the Contra Voucher to record the withdrawal.

Steps:

1. Open TallyPrime.
2. Create the necessary ledgers:
   • Business Expenses Account (under Indirect Expenses)
   • Cash Account (under Cash in Hand)
   • Bank Account (under Bank Accounts)
3. Record the Contra Voucher for the cash withdrawal for business expenses.
4. Submit a screenshot of your entry.