Assignments for Practice

This assignment is designed to help you understand the Inventory Module of TallyPrime. You will learn how to manage stock by creating stock groups, categories, units, godowns, and stock items. Proper inventory setup is crucial for businesses involved in trading, manufacturing, and distribution.   Inventory Tasks Overview In this assignment, you will complete the following: Create 3 Stock Groups Create 3 Stock Categories Create 2 Units of Measure Create 2 Godowns Create 10 Stock Items with Quantity, Rate, and Amount   Task 1: Create Stock Groups Gateway of Tally → Create → Stock Groups S.No Stock Group Name Under Group 1 Electronics Primary 2 Mobile Accessories Primary 3 Home Appliances Primary   Task 2: Create Stock Categories Gateway of Tally → Create → Stock Categories S.No Stock Category Name 1 Branded 2 Non-Branded 3 Refurbished   Task 3: Create Units of Measure Gateway of Tally → Create → Units of Measure S.No Unit Name Type 1 Nos Simple 2 Box Simple     Task 4: Create Godowns Gateway of Tally → Create → Godowns S.No Godown Name Location 1 Main Warehouse Pune 2 Retail Store Mumbai   Task 5: Create 10 Stock Items Gateway of Tally → Create → Stock Items Select the proper Group, Category, Unit, Godown, Quantity, Rate, and Amount. S.No Item Name Group Category Unit Godown Quantity Rate (₹) Amount (₹) 1 Samsung LED TV Electronics Branded Nos Main Warehouse 5 25,000 1,25,000 2 Mi Smart TV Electronics Non-Branded Nos Retail Store 4 18,000 72,000 3 LG Washing Machine Home Appliances Branded Nos Main Warehouse 3 30,000 90,000 4 Vivo Charger Mobile Accessories Branded Nos Retail Store 10 500 5,000 5 Earphones – Boat Mobile Accessories Branded Nos Main Warehouse 8 1,000 8,000 6 Microwave – IFB Home Appliances Branded Nos Main Warehouse 2 12,000 24,000 7 Samsung Mobile A14 Electronics Branded Nos Retail Store 6 15,000 90,000 8 Refurbished Laptop Electronics Refurbished Nos Main Warehouse 3 20,000 60,000 9 Air Conditioner Home Appliances Branded Nos Main Warehouse 2 35,000 70,000 10 Power Bank – 10000mAh Mobile Accessories Non-Branded Nos Retail Store 7 1,200 8,400   Assignment Submission Guidelines Create all items, units, categories, and godowns in TallyPrime. Take screenshots of: One Stock Group One Stock Item with all details One Godown Submit a short write-up: “What I learned from Inventory Setup in TallyPrime” Email your screenshots and write-up to ankititsolutions2@gmail.com   Learning Outcome After completing this assignment, you will: Understand how inventory is organized in accounting software. Learn to create and manage items for retail or wholesale businesses. Be able to handle inventory setup in a real business environment.

A Journal Entry is the first step in the accounting cycle. It records all financial transactions in the books of accounts in chronological order using the double-entry system. Each transaction has: At least one Debit At least one Credit Equal amounts on both sides   Golden Rules of Accounting Journal entries follow these three Golden Rules based on account types: Account Type Rule for Debit Rule for Credit Personal Account Debit the Receiver Credit the Giver Real Account Debit What Comes In Credit What Goes Out Nominal Account Debit All Expenses and Losses Credit All Incomes and Gains Tip: First identify the account type before passing a journal entry.   In this assignment, you will practice creating 30 basic journal entries used in accounting. Each entry includes a transaction and its correct journal entry answer. This will help you understand how financial transactions are recorded in a business through the double-entry system.   Instructions Read each transaction carefully. Identify which accounts are affected and apply the Golden Rules of Accounting. Write the correct journal entry with Dr (debit) and Cr (credit).   List of 30 Journal Entries with Answers S.No Transaction Journal Entry 1 Owner started business with ₹5,00,000 cash Cash A/c Dr ₹5,00,000 To Capital A/c ₹5,00,000 2 Purchased goods for ₹50,000 in cash Purchase A/c Dr ₹50,000 To Cash A/c ₹50,000 3 Sold goods for ₹70,000 in cash Cash A/c Dr ₹70,000 To Sales A/c ₹70,000 4 Paid rent ₹10,000 Rent A/c Dr ₹10,000 To Cash A/c ₹10,000 5 Received commission ₹5,000 Cash A/c Dr ₹5,000 To Commission Received A/c ₹5,000 6 Purchased furniture for ₹25,000 Furniture A/c Dr ₹25,000 To Cash A/c ₹25,000 7 Paid salary ₹20,000 Salary A/c Dr ₹20,000 To Cash A/c ₹20,000 8 Paid electricity bill ₹2,000 Electricity A/c Dr ₹2,000 To Cash A/c ₹2,000 9 Received interest ₹3,000 Cash A/c Dr ₹3,000 To Interest Received A/c ₹3,000 10 Goods sold on credit to Ramesh ₹40,000 Ramesh A/c Dr ₹40,000 To Sales A/c ₹40,000 11 Purchased goods on credit from Ram Traders ₹35,000 Purchase A/c Dr ₹35,000 To Ram Traders A/c ₹35,000 12 Paid Ram Traders ₹35,000 Ram Traders A/c Dr ₹35,000 To Cash A/c ₹35,000 13 Received ₹40,000 from Ramesh Cash A/c Dr ₹40,000 To Ramesh A/c ₹40,000 14 Withdrew cash for personal use ₹5,000 Drawings A/c Dr ₹5,000 To Cash A/c ₹5,000 15 Paid mobile expenses ₹1,000 Mobile Expense A/c Dr ₹1,000 To Cash A/c ₹1,000 16 Paid insurance premium ₹3,000 Insurance A/c Dr ₹3,000 To Cash A/c ₹3,000 17 Banked cash ₹50,000 Bank A/c Dr ₹50,000 To Cash A/c ₹50,000 18 Withdrawn cash from bank ₹10,000 Cash A/c Dr ₹10,000 To Bank A/c ₹10,000 19 Loan taken from SBI ₹1,00,000 Bank A/c Dr ₹1,00,000 To Loan from SBI A/c ₹1,00,000 20 Paid interest on SBI loan ₹5,000 Interest A/c Dr ₹5,000 To Bank A/c ₹5,000 21 Goods returned to supplier Ram Traders ₹2,000 Ram Traders A/c Dr ₹2,000 To Purchase Return A/c ₹2,000 22 Goods returned by Ramesh ₹3,000 Sales Return A/c Dr ₹3,000 To Ramesh A/c ₹3,000 23 Paid office rent by cheque ₹8,000 Rent A/c Dr ₹8,000 To Bank A/c ₹8,000 24 Received cheque from Suresh ₹15,000 Bank A/c Dr ₹15,000 To Suresh A/c ₹15,000 25 Paid advertisement expense ₹6,000 Advertisement A/c Dr ₹6,000 To Cash A/c ₹6,000 26 Paid audit fees ₹4,000 Audit Fees A/c Dr ₹4,000 To Cash A/c ₹4,000 27 Received refund from electricity office ₹500 Cash A/c Dr ₹500 To Electricity A/c ₹500 28 Received advance from customer ₹20,000 Cash A/c Dr ₹20,000 To Advance from Customer A/c ₹20,000 29 Deposited additional capital ₹1,00,000 Bank A/c Dr ₹1,00,000 To Capital A/c ₹1,00,000 30 Issued cheque for printing ₹1,500 Printing & Stationery A/c Dr ₹1,500 To Bank A/c ₹1,500 Assignment Submission Guidelines Write all 30 journal entries in your notebook or accounting register. Practice each entry in TallyPrime (Optional). Submit your completed work with your name and training batch. Email a photo or scanned copy of your work to ankititsolutions2@gmail.com   Learning Outcome By completing this journal entry assignment, you will: Understand real-world business transactions. Learn how to apply debit and credit rules correctly. Build confidence in recording journal entries. Prepare for ledger posting and trial balance generation.  

In this assignment, you will learn how to create various types of Ledgers in TallyPrime, which are essential for recording transactions. You will create 30 ledger accounts with correct group classifications and mention whether the amount is Debit (Dr) or Credit (Cr). This practical exercise will help you understand how to categorize ledger entries properly under appropriate accounting groups.   Step-by-Step Instructions to Create a Ledger Open your selected company in TallyPrime. From the Gateway of Tally, go to: Accounts Info → Ledgers → Create Enter the required details: Name of the Ledger Under Group (e.g., Capital Account, Sundry Debtors, etc.) Opening Balance and mention whether it is Dr (Debit) or Cr (Credit) Press Ctrl + A to save the ledger.   List of 30 Ledger Accounts to Create in TallyPrime S.No Ledger Name Group Under Opening Balance Dr/Cr 1 Cash Cash-in-Hand 50,000 Dr 2 Axis Bank Bank Accounts 1,00,000 Dr 3 Capital Account Capital Account 3,00,000 Cr 4 Purchase A/c Purchase Accounts 0 Dr 5 Sales A/c Sales Accounts 0 Cr 6 Rent Paid Indirect Expenses 15,000 Dr 7 Salary Expense Indirect Expenses 30,000 Dr 8 Electricity Expense Indirect Expenses 5,000 Dr 9 Mobile Expense Indirect Expenses 2,000 Dr 10 Commission Received Indirect Incomes 7,000 Cr 11 Interest Received Indirect Incomes 3,000 Cr 12 Furniture & Fixtures Fixed Assets 75,000 Dr 13 Computer Equipment Fixed Assets 1,20,000 Dr 14 Loan from SBI Bank Secured Loans 2,00,000 Cr 15 Loan from Friend Unsecured Loans 50,000 Cr 16 GST Output IGST Duties & Taxes 12,000 Cr 17 GST Output CGST Duties & Taxes 6,000 Cr 18 GST Output SGST Duties & Taxes 6,000 Cr 19 GST Input IGST Duties & Taxes 10,000 Dr 20 GST Input CGST Duties & Taxes 5,000 Dr 21 GST Input SGST Duties & Taxes 5,000 Dr 22 Ram Traders Sundry Creditors 40,000 Cr 23 Shyam Enterprises Sundry Creditors 25,000 Cr 24 Ramesh Kumar Sundry Debtors 60,000 Dr 25 Suresh Agencies Sundry Debtors 45,000 Dr 26 Printing & Stationery Indirect Expenses 3,000 Dr 27 Office Rent Indirect Expenses 10,000 Dr 28 Audit Fees Indirect Expenses 4,000 Dr 29 Miscellaneous Income Indirect Incomes 2,000 Cr 30 Drawings Capital Account 20,000 Dr   Assignment Submission Guidelines Create all 30 ledgers with proper groups and balances. Take screenshots of the creation screen for at least 5 different ledgers. Submit a short summary: “What I learned from Ledger Creation in TallyPrime.” Email your assignment to ankititsolutions2@gmail.com   Learning Outcome After completing this assignment, you will: Understand how to create ledger accounts in TallyPrime. Know how to select the correct group for each type of ledger. Learn the difference between debit and credit balances. Be able to prepare accounts for any type of business.  

Assignment: Accounting & TallyPrime Journal Entry Objective: To create journal entries, ledgers, profit & loss account, balance sheet, and determine net profit based on the given transactions between 1st January 2025 to 31st January 2025. 1. Ledger Creation (Sr. No, Ledger Account Name, Under Group, Account Type) Sr. No Ledger Account Name Under Group Account Type 1 Cash Current Assets Real 2 Building Fixed Assets Real 3 Plant & Machinery Fixed Assets Real 4 Motor Vehicle Fixed Assets Real 5 Purchases Purchase Accounts Nominal 6 Depreciation on Building Depreciation Accounts Nominal 7 Passion Plus Fixed Assets Real 8 Furniture Fixed Assets Real 9 Laptop Fixed Assets Real 10 Depreciation on Laptop Depreciation Accounts Nominal 11 Depreciation on Furniture Depreciation Accounts Nominal 12 Air Condition Fixed Assets Real 13 Depreciation on Air Condition Depreciation Accounts Nominal 14 Motorola Mobile Fixed Assets Real 15 Depreciation on Plant & Machinery Depreciation Accounts Nominal 16 Sales Sales Accounts Nominal 17 Mukesh & Sons (Receivable) Sundry Debtors Personal 18 Mahi & Com (Receivable) Sundry Debtors Personal 19 Mustafa & Brothers (Receivable) Sundry Debtors Personal 20 Arjun & Sons (Receivable) Sundry Debtors Personal 21 Bank Current Assets Real 2. Journal Entries Sr. No Date Ledger Account Name Under Group Debit (₹) Credit (₹) Account Type 1 01-Jan-2025 Cash Current Assets 2,00,000 Real Opening Balance – 2,00,000 Real 2 02-Jan-2025 Building Fixed Assets 5,00,000 Real Cash Current Assets 5,00,000 Real 3 03-Jan-2025 Plant & Machinery Fixed Assets 5,00,000 Real Cash Current Assets 5,00,000 Real 4 04-Jan-2025 Motor Vehicle Fixed Assets 1,25,000 Real Cash Current Assets 1,25,000 Real 5 05-Jan-2025 Cash Current Assets 1,25,000 Real Motor Vehicle Fixed Assets 1,25,000 Real 6 06-Jan-2025 Depreciation on Building Depreciation Accounts 5,000 Nominal Building Fixed Assets 5,000 Real 7 07-Jan-2025 Passion Plus Fixed Assets 48,000 Real Cash Current Assets 48,000 Real 8 08-Jan-2025 Furniture Fixed Assets 18,000 Real Cash Current Assets 18,000 Real 9 09-Jan-2025 Laptop Fixed Assets 45,000 Real Cash Current Assets 45,000 Real 10 10-Jan-2025 Depreciation on Laptop Depreciation Accounts 450 Nominal Laptop Fixed Assets 450 Real 11 11-Jan-2025 Depreciation on Furniture Depreciation Accounts 1,800 Nominal Furniture Fixed Assets 1,800 Real 12 12-Jan-2025 Air Condition Fixed Assets 30,000 Real Cash Current Assets 30,000 Real 13 13-Jan-2025 Depreciation on Air Condition Depreciation Accounts 300 Nominal Air Condition Fixed Assets 300 Real 14 14-Jan-2025 Motorola Mobile Fixed Assets 9,850 Real Cash Current Assets 9,850 Real 15 15-Jan-2025 Depreciation on Plant & Machinery Depreciation Accounts 5,000 Nominal Plant & Machinery Fixed Assets 5,000 Real 16 16-Jan-2025 Sales Sales Accounts 50,000 Nominal Mukesh & Sons (Receivable) Sundry Debtors 50,000 Personal 17 17-Jan-2025 Sales Sales Accounts 5,00,000 Nominal Mahi & Com (Receivable) Sundry Debtors 5,00,000 Personal 18 18-Jan-2025 Sales Sales Accounts 1,50,000 Nominal Mustafa & Brothers (Receivable) Sundry Debtors 1,50,000 Personal 19 19-Jan-2025 Sales Sales Accounts 80,000 Nominal Arjun & Sons (Receivable) Sundry Debtors 80,000 Personal 20 20-Jan-2025 Mukesh & Sons (Receivable) Sundry Debtors 43,000 Personal Cash Current Assets 43,000 Real 21 21-Jan-2025 Mahi & Com (Receivable) Sundry Debtors 3,50,000 Personal Cash Current Assets 3,50,000 Real 22 22-Jan-2025 Mustafa & Brothers (Receivable) Sundry Debtors 1,20,000 Personal Cash Current Assets 1,20,000 Real 23 23-Jan-2025 Arjun & Sons (Receivable) Sundry Debtors 50,000 Personal Cash Current Assets 50,000 Real 3. Profit & Loss Account Income: Particulars Amount (₹) Sales Income 7,80,000 Expenses: Particulars Amount (₹) Depreciation on Building 5,000 Depreciation on Laptop 450 Depreciation on Furniture 1,800 Depreciation on Air Condition 300 Depreciation on Plant & Machinery 5,000 4. Balance Sheet Liabilities: Particulars Amount (₹) Owner’s Equity (Capital) 7,67,450 Assets: Particulars Amount (₹) Cash 2,00,000 Building 4,95,000 Plant & Machinery 4,95,000 Motor Vehicle 1,25,000 Passion Plus 48,000 Furniture 16,200 Laptop 44,550 Air Condition 29,700 Motorola Mobile 9,500 Sundry Debtors (Receivables) 7,00,000 Final Answer: ✅ Net Profit = ₹ 7,67,450/- ✅ Balance Sheet Matches (Assets = Liabilities).