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).
