FINANCIAL ACCOUNTING PRACTICAL

Time Allowed : 1 Hour maximum marks:20

The company details are as follow ;

1. Name – your name ( College Roll No)

2. Address : Your Name ,Your Phone and mobile No.

3. Currency symbol:Rs

Enter the following transaction of the company in Tally and show various reports

• All payment to creditors and receipt from debtors is done through State Bank pf Jaipur.

• Any other payment and receipt is done through Oriental Bank of Commerce or cash.

Balance sheet as on 31^st March, 2020

Liabilities	Amount	Assets	Amount
Capital	6,00,000	Personal Computer	42,000
Reserves	25,000	Plant and Machinery	2,00,000
Profit and Loss Account	50,000	Furniture	20,000
Secured loan	25,000	Stock	1,00,000
10% Debentures	50,000	Debtors	1,80,000
Loan from ABC Ltd	45,000	Bills Receivables	50,000
Bills Payable	5,000	Oriental Bank of Commerce	1,65,000
Sundry Creditors	1,85,000	State Bank Of Jaipur	1,41,960
Salaries outstanding	5,000	Cash in Hand	91,040
	9,90,000		9,90,000

• The company deals in the following stocks:

Name of the items	Group	Quality	Rate	Opening stock Value
Electric bulbs	Lights	50 pcs	100	5,000
LED Lights	Lights	150 pcs	180	27,000
Coolers	Cooling Products	10 pcs	400	4,000
Ceiling fans	Cooling Products	80 pcs	800	64,000
Total				1,00,000

• The lists of Debtors and Creditor are as follows:

Debtors	AMOUNT(Rs)	Creditors	Amount(Rs)
Arvind	75,000	M/s Kapoor Brothers	1,10,000
Uday	60,000	Ramesh Brothers	25,000
Madan	27,000	Rakesh &Co.	30,000
Kamlesh	18,000	Nitin	20,000
	1,80,000		1,85,000

• The following transactions took place during the year 2020-2021:

sr.No	Transaction	Amount(Rs)
1	Cash deposited in Sbj	10,000
2	Paid carriage inwards	4,400
3	Purchased 40 LED Lights from Rakesh & Co. for list price Rs 180 each
4	Rakesh &Co. allows trade discount@10%
5	Sales to Uday of 50 electric bulbs.	7,500
6	10 electic bulbs returned by Uday
7	Uday paid by cheque in full settlement for current year transcations.	5,500
8	Interest paid on 10% Debentures.
9	Depreciate plant and machinery , having a useful life of 10 years.

You are required to:-

1. Create a company as per details given above

2. Create appropriate groups and ledger Accounts.

3. Enter the transactions as given selecting appropriate voucher type.

4. Display the following statements in details view:

1. Profit and loss Accounts

2. Balance sheet

3. Day Book

4. Ratio Analysis