Learning Tally in easy steps(Part III)

Common Accounting Group and their Definition

Capital (also called as पूँजी ) is a group that holds all those ledgers that are concerned to Proprietor in any manner.

1. Capital /Proprietor Ledger- Comes under Capital Group and holds the amount invested by owner into business.
2. Drawings- Comes under Capital Group & holds the amount drawn by owner for his personal use from business.

Sundry Debtor
Debtors are actually customer or client of your business. All ledgers that belongs to customers are placed under SUNDRY DEBTORS group. These ledgers always show a 'dr' (debit) balance and are considered as our CURRENT ASSETS. Sundry Debtors are also referred to as देनदार i.e from whom your business is going to receive money corresponding to any Credit Sales Transaction.

Sundry Creditors
Creditors are suppliers or dealer of your business. All such ledgers which are of your supplier's concern, falls under the category of SUNDRY CREDITOR Group. These ledgers always show a 'cr' (credit) balance and are considered as our CURRENT LIABILITIES. Sundry Creditors are also referred to as लेनदार i.e. to whom you have to pay money for your credit purchase transactions

Cash/Cash-in-Hand
All such ledgers that falls under the working cash category are placed under Cash/Cash-in-Hand

Expenses (Direct & Indirect)
All such ledgers under which you maintain your direct business expenses or business expenses comes under  Expenses Group. Expenses are always debited.

Fixed Assets
Assets are defined as those part of you business stays with you business for long time and also increases your business value.

Now, I am providing you here a list of various types of voucher which will help you understand various voucher types and other details.

1. Start business with Rs. 10,000,00/-
2. Purchased offer furniture for Rs. 50,000/- and other misc. Office Accessories for Rs. 5000/- 
3. Paid office rent in advance Rs. 12,500/-
4. Purchased goods for "Shyam  Co-Op" worth Rs. 2,50,000/-
5. Paid to "Shyam Co-Op" Rs. 2,48,000/- and Received a discount of Rs. 2000/-
6. Sold goods "Dev Enterprises" worth Rs. 2,75,000/-
7. Received payment from "Dev Enterprises" along with Rs. 1000 as late payment penalty

First Voucher
This voucher can be considered as the one time entry which is performed when your business commence. Here,we are receiving "cash" in the business from "proprietor" . Thus,
Voucher Type : Receipt
Ledgers:  Cash :Cash-in-Hand(dr)
               Capital(Prop): Capital(cr)

Second Voucher
In this Voucher, we are purchasing assets(furniture comes under assets). However, it can't be considered as PURCHASE because we are not going to sale it further. Thus,
Voucher Type: Payment
Ledgers:    Cash: Cash-in-Hand (cr) Rs. 55,000/-
                 Assets: Fixed Assets(dr) Rs. 55,000/-
Or,

1. Cash-in-Hand  (cr)  Rs. 55,000/-
2. Assets (dr)   Rs. 50,000/-
3. Office Accessories - (dr) Rs. 5000/-

In Case, you don't consider accessories under ASSETS

Third Voucher
This voucher is a simple PAYMENT VOUCHER for RENT
Voucher Type: PAYMENT
Ledgers:  1. Cash (Cr.) Rs 12,500/-
               2.  Rent (InDirect Expenses) (Dr) Rs. 12,500/-

RENT comes under InDirect Expenses.

Fourth Voucher
This voucher shows that you have purchased goods from "Shyam Coop" on credit. Thus,
Voucher Type: PURCHASE
Ledgers: 1. Purchase A/c : Dr. Rs. 2,50,000/-
              2. Shyam Coop: Cr Rs. 2,50,000/-

Fifth Voucher
This voucher shows that you have paid Rs 2,48,000/- to Shyam Coop against purchase of Rs. 2,50,000/- . Thus, it comes under the category of discount received which forms your Indirect Income.Thus,
Voucher Type: PAYMENT
Ledgers:  1. Cash :  'Cr' Rs 2,48,000/- 
               2. Discount Rec : 'Dr' Rs. 2,000/-
               3. Shyam Coop: 'Dr' Rs. 2,50,000/-
Here, Discount Received shows a 'Cr' balance because Indirect Incomes are such an amount which you were supposed to give but haven't given. Thus, it is represented as Credit Amount

Sixth Voucher
In this voucher we have sold goods on credit. Thus,
Voucher Type: Sales
Ledger : 1. Sales A/c : 'Cr' Rs.2,75,000/-
              2. Dev Enterprises : 'Dr'  Rs. 2,75,000/- 

Seventh Voucher
Now, we have received payment from DEV Enterprises. Thus,
Voucher Type: Receipt
and we have received Rs. 1000/- as penalty. Thus,
Ledger: 1. Cash 'Dr' : Rs. 2,76,000/-
            2. Dev Enterprises 'Cr' Rs, 2,75,000
            3. Penalty (Indirect Income): 'Cr' : Rs, 1000/-

I hope the above illustrations of various types of vouchers have cleared your basic concepts of Accounting Vouchers and how we are going to handle them under Tally.
This comes to end to the concepts that we are supposed to gain prior to start working in TALLY. Next Session i.e. tomorrow we will be discussing "How to Start Working in Tally"

Till then Have a Nice Reading Session..............n ENJOY READING