Unit 1 and 3 Accounts basic and final Accounts

Q 1.Multiple choice questions each question carry

equal marks

1. Assets are usually reported on the balance sheet at

which amount?
a) Cost
b)Current Market Value
c) Expected Selling Price
2. Find out the value of assets if: Liabilities=5000 and
Capital=1000

a) 4000
b)6000
c) 7000
d)3000

3. Earnings are the result of the difference between:

a) Revenue and assets.
b)Revenue and liabilities.
c) Liabilities and expenses.
d)Revenue and expenses.

Capital of a business decreases if there is an increase

in

a. Drawings
b. Income
c. Gains
d. Fresh capital

Which of the following groups use financial

accounting?
 a) Management, employees, shareholders and
lenders
b)Suppliers, customers and competitors
c) Tax authorities, government and general public
d)All of the above

Payment of expenses will ______ the assets

a) Increase
b)Reduce
c) apportion
d)Overstate

The four principal qualitative characteristics of

useful financial statements are:
a) Understandability, relevance, reliability,
comparability.
b)Timeliness, relevance, reliability,
comparability.
c) Understandability, relevance, accuracy,
comparability.
d)Understandability, relevance, reliability,
simplicity.

Which of the following equations represents the

balance sheet?
a) Assets + Liabilities = Shareholders Equity
b)Assets = Liabilities = Shareholders Equity
c) Assets = Liabilities - Shareholders Equity
d)Assets = Liabilities + Shareholders Equity

Earnings are the result of the difference between:

a) Revenue and assets.
b)Revenue and liabilities.
c) Liabilities and expenses.
 d)Revenue and expenses.

How do we describe the process of adjusting the

value of an asset by recognizing that it is
consumed in a way that does not completely
eliminate the resource?
a) Adjustment
b)Valuation
c) Depreciation
d)Waning

Which financial statement is used to show what

the firm owns?
a) Income statement
b)Balance sheet
c) Statement of retained earnings
d)Cash flow statement

Which of the following groups use financial

accounting?
e) Management, employees, shareholders
and lenders
f) Suppliers, customers and competitors
g)Tax authorities, government and general
public
h) All of the above

Give Definition of any two of the following

a) Capital Expenditure
b)Cost concept with example
c) Accounting equation
d)Deferred Revenue expenses
Give the adjustment effects of the following

a) Prepaid Income
b)Drawings
c) Interest on Capital
d)Outstanding Expenses
e) Closing Stock
Mention the name of account of any three
also gives reason and rules for its debit and
credit for the same

A. Gujarat sports club Account

B. Discount Received
C. Drawings Account
D.Bills Receivable Accounts
E. Machinery Installation charges
Define any three of the following terms with
relevant examples

1. Going concern
2. Depreciation
3. Reserve
4. Accounting and Book keeping
5. Provisions on Debtors and creditors

Disscuss any three of the following concepts

and conventions for the particular situations

1. The provision is made for doubtful debts on

debtors.
2. If husband and wife run a provision store and
incur household expenses, then it is not
 recorded in the books.
3. The changes in the value of machinery are not
shown in the books of accounts.
4.Work in the progress is valued on the basis of
the cost incurred on it.

Give journal entries or two folds effects of any five

1. Paid Life insurance of Rs 2000

2. Bought goods for cash Rs. 10000
3. Paid Cash in Bank of Baroda Rs 12000
4. Purchase Car Rs. 2000
5. Sold goods to Shweta 5000
6. Paid rent 800
7.
Prepare an imaginary Trading and profit and loss &
Balance sheet

Discus any three of the following concepts and

conventions for the particular situations
1. The provision is made for doubtful debts on debtors
2. If husband and wife run a provision store and incur
household expenses, then it is not recorded in the books
3. The changes in the value of machinery are not shown
in the books of accounts.
4. Work in the progress is valued on the basis of the cost
incurred on it.
Kindly show the two fold effects of any five
[5x2=10]

Sujal started business with cash 25,000.

Bought goods for cash Rs. 10,000.
 Opened bank account with Rs 12,000.
Purchase Furniture Rs. 2,000.
Sold goods to jignesh 5,000.
Paid rent in cash 800.
Paid salary to the accountant Kunal Rs 1,200.

Give the format of Proper format of Trading,

Profit and loss and Balance sheet

What is the types of accounts in which we deal and

also discuss its rules with example.

Disuss your understanding about reserves and

provisions distinguishing both of them.

Give the adjustment effects of the following

Closing Stock
a) Prepaid Expenses
b)Depreciation
c) Interest on Capital
d)Outstanding Income

Prepare the Trading, Profit and loss and Balance

sheet

Particulars Dr Cr
Stock on 1.4.1996 140000
Purchases 480000
Wages 100000
Discount 10000 12000
salaries 28000
Rent and General
Expenses 50000
P&L A/C 1.4.1996 130000
Dividend Paid 18000
Equity Capital 200000
Debtors and Creditors 24000 22000
Plant and Machinery 72000
Cash 8000
Reserve 30000
Bad Debt 6000
Sales 542000

Additional Information

1. Stock on 31.3.1997 86000

2. Depreciation Plant and Machinery by 5% half yearly
3. Provide 6% as discount on debtors
4. Provide 2.5% as discount on Creditors

Make comment for any if any assumptions.

Unit 2 Non Trading Concern

3) From the following balance sheet and receipts and payment
account of GARVI GUJARAT you are required to prepare income
and expenditure account for the year ending on 31 Dec 2005 and
the Balance sheet as on 31-12-2005:

BALANCE SHEET
Liabilities Rs. Assets Rs.

Rent outstanding 100 Motor car 10,00

0
Bank overdraft 2,200 Investments 20,00
0

Capital Fund 28,20 Subscription due 500

0

30,50 30,50
0 0

RECEIPTS AND PAYMENT ACCOUNT

Dr. Cr.
Receipts Rs. Payment Rs.

To subscription 8,000 By bank overdraft b/f 2,200

To Interest on investments By salaries 2,600

(Investments of 1,000
Rs. 20,000)

To sale of Motor By rent 800

To (Motor worth of Rs. 9,400 By stationery and printing 250

10,000)

To sale of Pasti 1,600 By Equipments 14,00

0

To Entertainment income 300 By post and Telegrams 150

By Balance c/f 300

20,30 20,30
0 0

ADDITIONAL INFORMATION

1) Subscripts includes Rs. 200 of2006 and Rs.500 of 2004

2) Subscripts to be received Rs.200 of2005

3) Rent includes Rs. 100 of2004. Outstanding rent Rs. 100

of2005.
4)

BALANCE SHEET AS ON 31st DECEMBER, 2004

Liabilities Rs. Assets Rs.

Capital Fund 34,0 Sports Equipments 21,60

00 0

Prize-fund 10,0 10% prize fund investments 10,00

00 0

Subscriptions received in 3,00 Outstanding subscription 1,000

advance 0

Salaries outstanding 500 Furniture 6,000

Prepaid sundry expenses 400

Cash on hand 8,500

47,5 47,50
00 0

RECEIPTS AND PAYMENTS ACCOUNT

For the year ended 31st Dec 2005

Dr. Cr.
Receipts Rs. Payment Rs.

Opening cash balance 8,50 Salaries 13,50

0 0

Subscriptions 22,0 Sports equipments purchased 6,400

00

Interest on prize- funds 500 Distribution of prize 800

investment

Sale of old furniture (book 650 Purchase of furniture(1-10-05) 4,000

value Rs.1,000)

Income from tournament 3,25 Rent 1,200

 0

Entrance fees 1,60 Sundry expenses 1,500

0

Tournament expenses 2,800

Closing cash balance 6,300

36,5 36,50
00 0

OTHER INFORMATION:

31-12-05

(Rs.)

1) Subscription outstanding
4,000

Subscription received in advance

2,000

Salaries paid in advance

1,000

Sundry expenses outstanding

200

Value of sports equipments

21,000

2) Furniture is to be depreciated at10% per annum

Half of the entrance fees is to be capitalized

1).from the following receipts and payment account of

Bardoli Cricket Club and the additional information,
Prepare an Income and Expenditure account for the year
ended 31st December,2010 and a Balance Sheet as on
that date:-
 Receipts and Payments Account
For the year ended 31stdecember,2010
Receipts Amt. Payments Amt.
To balance b/d: By crockery 2,650
purchased
Cash 3,520 By maintenance 6,820
Bank 27,380 By match expenses 13,240
Fixed deposit at 6% 30,000 By salaries 11,000
To membership 40,000 By conveyance 820
subscription (including By upkeep of Lawn 4,240
Rs. 6000 for 2009) By postage stamp 1,050
To entrance fees 2,750 By purchase of 9,720
cricket goods
To donation 5,010 By sundry expenses 2,000
To interest on fixed 900 By Investments 5,700
deposit By tournament exp. 18,800
To tournament fund 20,000 By Balance c/d :
To sale of crockery 2,000 Cash 2,200
(book value Rs. 1,200) Bank 23,320
Fixed deposit at 6% 30,000
1,31,560 1,31,56
0

Information:
1) Monthly salary is Rs. 1000.
2) The value of unused postage stamps is follows :
31st Dec. 2009 Rs. 750
31st Dec. 2010 Rs. 900
3) Stock of cricket goods is as follows:
31st Dec. 2009 Rs. 3,210
31st Dec. 2010 Rs. 2,800
4) Arrears in Membership Subscription :
2009 Rs. 6,600
 2010 Rs. 8,000
5) Donation in entrance fees are not to be capitalized.
6) Capital fund as on 31stDec 2009 Rs. 72,660.

2) The income and expenditure account of jai hind sports

club for the year ending 31-12-2010 is given below:

Income and Expenditure Account

Dr. Cr.
Expenditure Amt Income Amt.
To Rent 1,200 By subscriptions 10,460
To stationary & postage 520 By lockers rent 350
To wages 1,365 By subscription for 2,000
To repairs 475 annual program
To expenses of annual 1,690
program
To interest 636
To depreciation on 1,000
equipment
To salary 600
To Excess of income 5,324
over expenditure
12,810 12,810

3) From the following information of a club prepare

Income and Expenditure account for the year ending on
31st Dec. 2010 and Balance sheet as on that date.

Receipts and Payments

Account
 For the year 2010
Dr. Cr.
Receipts Amt. Payments Amt.
To balance b/d 3,000 By expense 40,000
Subscription 58,000 By stationery and
postage 800
To investments 1,500 To salary 2,400
(book value Rs. 2,000) (from 1-12-09 to 30-
11-10)
To interest on 500 By building 20,000
investments
To entrance fees 1,000 By balance c/d 800
(to be capitalised )
64,000 64,000

Additional Information:
Particulars 31-12-09
31-12-10
Rs. Rs.
Investment 12,000
?
Stock of stationery 200
100
Outstanding subscription 2,000
-
Subscription received
in advance -
1,000
Unpaid expenses -
3,000
Prepaid expenses 1,000
-
Salary is always payable on 7th day of the next month
 What is the difference between receipt and
payment account & Income and expenditure
account?

Discuss few heads taken in Income and

expenditure accounts

Draw an income and expenditure account with

imaginary figures

Unit 4 Tally Question

1. 1) All expenses and losses always having..?

A. Credit balance

B. Debit balance

C. Exact difference balance

D. Balance entered in voucher

2. 2) Tracking number is used in _____________transaction

A. Bank

B. Cash

C. All

D. Stock item
 3. 3) ____________ is the function key for changing date

A. F1

B. F2

C. F3

D. F4

4. 4) Balance sheet display...

A. Entire summary of the all ledger accounts

B. Balances of all individual account

C. Bank and cash Balances

D. Exact financial position of the business on specific date

5. 5) Tally is...

A. Package, which maintains accounts only

B. Which maintains accounts with inventory records

C. Which display the detail report trial balance, balance sheet etc

D. All are correct

6. 6) Which of the following is not a account type

A. Personal Accounts

B. Real Accounts

C. Occasional account

D. Nominal account

7. 7) Term loans & other medium /long _term loans comes under __________Group

A. Unsecured Loan

B. Secured Loan

C. Loans & Advances

D. Current liability

8. 8) ____________is beginning date of financial year

A. 1st January

B. 1st February

C. 1st March

D. 1st April

9. 9) Manufacturing expenses comes under___________ Group

A. Expenses (Indirect)

B. Miss Expenses

C. Direct Expenses
D. None

10. 10) Which financial statement can be made from Trial balance

A. Ledger

B. Purchases

C. Sales

D. Balance sheet

11. 11) In case of personal accounts the receiver is

A. Debit

B. Credit

C. Both

D. Balance entered in voucher

12. 12) Which of the following information is must to create a company

A. Name of the company & Financial year

B. Name of the company & Income Tax No

C. Name of the company & Sales Tax No

D. All Above

13. 13) Journal book is used to

A. Records all the entries

B. To records all the non-cash transactions only

C. Entries regarding general transactions

D. All sale and purchase records

14. 14) _____________is a Reserved group which goes to liabilities

A. Capital A/C
B. Fixed Asset

C. Investment

D. Sundry debtors

15. 15) Alias is ____________

A. To change group name

B. Simple mechanism to call an account by another name

C. Type of Group

D. Type of Ledger

16. 16) Rates & Taxes comes under ____________ Groups

A. Duties &Taxes

B. Income

C. Expenditure

D. None

17. 17) Sales purchase A/C groups are reflected in _____________

A. Profit & loss A/C

B. Balance sheet

C. Journal Register

D. None if the above

18. 18) Limit on single payments is available for_______________

A. Only Groups

B. Only ledger Accounts

C. Group& Ledger

D. None of the above

19. 19) System of traversing form Balance sheet to voucher permitting to view al the
A. Special situation

B. Tracking

C. Audit trail

D. None of the above

20. 20) In tally 5.4 _____________ option is available for maintaining Accounts

A. Account only

B. Accts-with-Inv

C. Inventory only

D. All are correct

21. 21) Trial Balance contains ___________ balance of all accounts

A. Opening

B. Closing

C. Only credit

D. None

22. 22) Under Group _______________ can be created

A. Vouchers

B. Date

C. Multiple Ledgers

D. All above

23. 23) Reports come under exception reports

A. Memorandum Vouchers

B. Negative stock

C. Optional Vouchers

D. All above
 24. 24) Closing stock appears in _______________

A. Balance Sheet

B. Trial Balance

C. Profit & loss A/C

D. None of the above

25. 25) Cash in hand & bank A./C balance helps for______________

A. Inventory control

B. Payment Decision

C. Sales performance

D. None

26. 26) Tally give the facility to fine tune our control of Budgets over ledger accounts,

A. This statement is true

B. Tally does not give the facility to fine tune our control if Budgets

C. Tally gives the facility to fine tune our control of Budgets over only cost Centers

D. Tally gives the facility to fine tune our control of budgets over group of Accounts

27. 27) Changes carried out in F12 are ______________

A. Global & will be effective for all working companies

B. Not Global will not be effective for all working companies

C. Affected to that particular company only

D. None of the above

28. 28) Tally provides option to post stock value from Inventory directly to balance sheet

A. Non Integrated Accounts

B. Integrated Accounts & Inventory

C. Comprehensive Accounting
D. Multiple Accounting

29. 29) Restoration of data is ____________

A. Re-entering the data

B. Process of getting back the earlier data in Hard disk

C. Process of keeping a copy of the data in another place

D. All above

30. 30) _________Can not be printed in a Quick Format

A. Trial Balance

B. Balance Sheet

C. Cheque

D. Ledger

31. 31) _________key is used to view next level details of the item on the same screen.

A. Ctrl + Enter

B. Shift + Enter

C. Shift + R

D. Ctrl + S

32. 32) _________Vouchers is a pure inventory voucher

A. Delivery Note

B. Cash Paid Creditor

C. Material rejection entry

D. Expenses

33. 33) Inventory Managment comprises of _________

A. Delivery In

B. Delivery Out
C. Inventory control

D. All of above

34. Contra entry is used for ___________

A. Transaction involves Cash and Bank

B. Transactions related to Purchase

C. Salaries paid to the employees

D. Contracting expenses only

35. 35) Optional Voucher is____________

A. Voucher Type is emergency

B. Voucher Type

C. Temporary Voucher which does not update any figure any where

D. Voucher which update figures

36. 36) Memorandum Voucher is used to

A. Enter entry having multiple account effect

B. For entries regarding bank overdraft

C. Remind entry which may have effect in future

D. None of these

37. 37) Which of the following is not a voucher type ____________

A. Contra

B. Payment

C. Capital

D. Receipt

38. 38) In case of personal Accounts Credit effect goes with

A. Sometimes to giver & sometimes to taker

B. Bank Account

C. The Receiver

D. The Giver

39. 39) In each & every entry Debit & Credit balance must be equal

A. Not necessary in Contra entry

B. Above statement is true

C. This is applicable in payment type entries only

D. None of the above

40. 40) Which of the following account groups can be classified as a Nominal accounts

A. Accounts of Buyer, Suppliers, Owners, Lenders etc

B.Accounts of fixed and current assets such as Cash, Building, Plant and Machinery, vehicles etc

C. Accounts relating to expenses and Income such as sales, purchases Discount Allowed,

D. All types of Bank, Stock and Cash account

41. 41) Duties & Taxes is considered as ___________________ in accounting groups.

A. Current liabilities

B. Current assets

C. Fixed assets

D. Taxes

42. 42) In balance sheet the shortcut key to activate the value is _________________

A. F7

B. B

C. F6

D. A

43. 43) The supplier of the company belongs to ___________________ group in accounting
A. Supplier

B. Sundery debtor

C. Sundry creditor

D. Sundry Customer

44. 44) VAT stands for

A. Value Added Tax

B. Valuable At Tax

C. Value Added Tally

D. VAT Stands TAX

45. 45) ______________________ is the short key to change period in tally

A. Ctrl + F2

B. Alt + F2

C. Alt + F1

D. F2

46. 46) Fax machine is a ____________ asset.

A. Fixed

B. Direct

C. Current

D. None

47. 47) Use Alt + F8 for________________

A. Stock journal

B. Goods out

C. Goods In

D. None
 48. 48) Tally is---------------Software

A. Computerize Accounting

B. Manual Accounting

C. Operating System

D. Language

49. 49) Alias is _____________

A. To change group name

B. Simple mechanism to call an account by another name

C. Type of group

D. Type of ledger

50. 50) TDS deduction ____________________ key used

A. ALT + T

B. ALT + S

C. ALT + Q

D. ALT + G

1) Explain what is Tally and where it can be used?

Tally is a software for accounts and inventory management, which is used for performing many functions like

Performing all basic accounting functions

Estimating job costing
Storing details and managing inventory items
Managing payroll
Filing tax return, managing profit, and loss statement, preparing a balance sheet, VAT
forms, trial balance, cash-flow report, etc.
Maintaining budget scenarios
Calculating interest on the outstanding amount
Managing data over different locations and synchronize it
2) Mention what is the difference between Tally ERP 9 and Tally 7.2?

Tally 7.2 Tally ERP 9

It is an upgraded version of Tally 7.2, and provides

It is an integrated solution that provides a function many features like TDS, Payroll management, Excise for
related to accounting, reporting and inventory dealers, etc.
This version includes VAT (Value Added Tax) This version includes handling of POS invoicing,

functionality, Licensing and Tax deduction at source Statutory and Taxation, Payroll, Multi-lingual support, etc.
It is widely used because of simplifying VAT, It is more popular because of providing advanced

Service Tax and TDS formalities inventory management and simplifying accounting
It provides two licensing, Single User Licensing and It is available in two edition Tally Silver (Single User

Multi User Licensing Edition) and Tally Gold (Multi-User Edition)

3) Mention what features are available in Tally ERP 9 for Accounting?

For Accounting Tally ERP 9 offers

Outstanding Management
Cost/Profit Centers Management
Invoicing
Budget/Scenario Management
Other features like Cheque Printing, etc.
4) Mention what are the functional enhancement or features included into Tally ERP 9?
E-mailing option: Users can send accounting reports to multiple recipients along with an
additional facility like Net-banking and Printing in various format is provided.
Accounting Voucher: A new type of numbering feature is added to the voucher, it
ensures that the voucher are numbered sequentially
Print Bank Transaction Details: It provides an option to take the print of bank details
on formal receipt
Credit Limits: The Credit Limit control set for a party ledger will not be applied on sales
order. A warning or alert message will pop up on the credit limit, and user can still save the
voucher
CST: Even in a simple format the CST form details entered in the invoice will get printed
Excise for Manufacturers: All details related to buyers and suppliers can be displayed
in the voucher also daily stock register can be maintained according to date wise, multi items
types and Tariff wise
Inventory Vouchers: For inventory section, you can now mention the Godown address
and also print the name
Payroll: New TALLY ERP 9, enables processing of salary according to the National Pension
Scheme
 Service Tax: Under journal vouchers, the taxable amount, taxable percentage and
notification number will be showed in the service tax details. Auto adjustment of service tax
payable can be done against service tax input credit and cenvat
VAT Option: Recording multiple items with different VAT rates is possible by configuring
the setting of Default Accounting Allocations for Selected Item In Invoice.
Tax Audit: Form like 3CB, 3CD and 3CA have been updated as per the requirements of
CBDT
XBRL: The document is constrained to only those companies that have the nature of
the report set toconsolidated
5) Mention what are the two pre-defined ledger available in Tally ERP 9?

In Tally ERP 9, there are two types of pre-defined ledgers

Cash: Under the group Cash-in-hand this ledger is created, you can enter the
opening balance as on the books beginning from.
Profit and Loss Account: This ledger is created under the group Primary. In
this ledger, previous years profit or loss is entered as the opening balance of this ledger.

6) Mention what are the types of ledger you can make in Tally ERP 9?

The types of ledger you can make in Tally ERP 9 are

Creating a sales/purchase ledger

Creating an Income/Expense ledger

Creating a party ledger

Creating bank account

Creating a tax ledger

Creating a current liabilities

7) Mention what is the shortcuts for Voucher Creation and Alteration Screen in Tally
ERP 9?

For Tally ERP 9, to create any master (ledger, stock item) on the voucher or alteration screen, you have to enter
Alt+C.

To alter or configure any master item on a voucher, you have to select specific ledger or stock item on the sales
voucher screen and press Ctrl+Enter.

8) Mention what is the shortcut to repeat the narration on a voucher?

To repeat the narration on a voucher, press Ctrl+R.

9) Explain what is group in Tally ERP 9?

Group is a collection of ledgers of the same nature. In the business, expenses like electric bills, telephone bill,
conveyance, etc. are commonly included in groups. Ledger based on these expenses are created to be used
while accounting vouchers are entered.

10) Mention what are the types of Tally ERP 9 vouchers? Also give the shortcut for
creating this vouchers?

Types of Tally ERP 9 vouchers include

Contra Voucher->( F4 ) : It indicates the transfer of funds from bank

account to the cash account or cash account to bank account, or one bank to another
bank account
Payment Voucher->( F5) : It describes payment histories like payment
of salary or office rental
Receipt Voucher->(F6) : This voucher describes any transaction that
involves the receipt like payment made to the bank
Journal Voucher->(F7) : It includes the expenses to maintain the
business or company running like expenses made after marketing
Sales/Invoice Voucher->(F8) :This voucher describes the sales made, it
displays the sale invoice
Credit Note Voucher->(Cntrl+F8): Entry in this voucher is made in
when customer returns some items due to incorrectly dispensed
Purchase Voucher->(F9) : Entry in this voucher is made when any item
is purchase for running the business
Debit Note Voucher->(Cntrl+F9) : Entry in this voucher is made when
goods are sent back to the suppliers due to damage or goods expired
Reversing Journals->F10 : It is special journal entry that is
automatically reversed after the date of the journal
Memo Voucher->Cntrl+F10: Entry in this voucher is made to display the
unknown expense at that moment of time and can be converted to actual sale
voucher, or it can also be deleted.
11) Mention what is the short cut to retrieve the last line which is removed in Tally
ERP 9?

To recover the last line which is removed, short cut used is Ctrl+U.

12) Mention when you create a company in Tally ERP 9, what information does
directory stores?

Directory in Tally ERP 9 specifies the path where the company data will be stored.

13) Mention what is the short cut to recall the last narration saved for the first ledger
in the voucher?
The short cut to recall the last narration stored for the first ledger in the voucher is Alt+R.

14) Explain how to set up an employee in Tally ERP 9 for their payroll?

To process employees salaries, Tally ERP 9 give facility to create the required groups and classify into different
categories likeEmployee category, Employee groups and Employees.

1. Employee group creation:

Under employee group creation screen-> Select Primary Cost
Category as the Category
Name the employees group as Sales

Select the group as Primaryand then click on accept to finish with

employee group creation

2. Employee Master:
Under employee master you can include all the details about the
employees like Statutory details, Pass-port & Visa Details, Contract details etc.

15) Explain what trial balance is and how you check trial balance in Tally ERP9?

Trial Balance is basically a summary of all the ledger balances and checks whether the figures are correct and
balanced. It is a way to confirm that the journal entries are correctly posted to the general ledger. In trial
balance, the total of all debts balances should be equal the total of all the credit balances.

16) Explain what is the default configuration Tally ERP 9 provides for Balance Sheet?

Balance Sheet in Tally ERP 9 will display two columns with Liabilities and Assets. The balance sheet displays
the closing balances of all the primary groups or capital accounts and the net profit for the period.

17) Mention how you can view the Books of Accounts in Tally ERP 9?

To view the Books of Accounts

You have to press D at the gateway of Tally ERP 9 to bring up the Display
menu
At the display menu, press A to bring up the Accounts Books menu

18) Mention what are the options available in Account Books Menu in Tally ERP 9?

Account Books Menu include

Bank Book (s)

Cash Book (s)

 Ledger

Group Summary

Sales Register

Purchase Register

Journal Register

19) What does the statement of Inventory be used for?

Statement of inventory is used to view the reports on Inventory based on Godowns. Tracking details of items
according to the inventory. Also, to query on stock and check out the budgets forecasts and plans, statistics,
etc.

20) Explain in Tally ERP 9, how you can view profit and loss statement?
To view the profit and loss statement, click F1: Detailed and it will display the information based on the
default primary groups. With every transaction/voucher that is entered is updated instantly.
21) Explain how you can generate schedule VI profit & loss account using auditors
edition of Tally ERP 9?

Using auditors edition of Tally ERP 9, the schedule-VI balance sheet can be generated. For that

Go to the gateway of Tally ->Audit & Compliance->Financial Statements-

>Profit & Loss account
Press Ctrl+3 to load the previous years company to generate the Schedule
VI profit & loss account with two years data

22)Mention what are the requirements to connect Tally ERP 9 remotely?

Remote connectivity for Tally ERP 9 is very useful feature, to connect remotely you have

At the Customer end At the remote location

Valid internet connection

A licensed version of Tally ERP 9 with a Tally.NET

subscription
Create and authorize remote users for a company Valid internet connection

that has to be operated remotely A licensed version of Tally ERP 9

For remote access load & connect the company to A valid password and User ID to access the

Tally.NET for remote access software

23) Mention what is the short cut to select the credit note voucher in Tally ERP 9?

Press on F8 (cntrl+F8), it enables you to select the credit note voucher in Tally ERP 9.

24) What is the shortcut to duplicate a voucher and to add a voucher in Tally ERP 9?
To duplicate a voucher: use short cut keys Alt+2
 To add a voucher: use short cut keys Alt+A.

25) What is the short cut to cancel a day book or list of vouchers in Tally ERP 9?

In Tally ERP 9, short cut to cancel a day book or list of vouchers is ALT+X

26) What is the short cut to filter the information based on the monetary value all
most from all report screens in Tally ERP 9?

To filter the information based on the monetary value in Tally ERP 9, you can use the short cut Alt+F12.

27) Explain what features you can use to convert data in encrypted form in Tally ERP9?

To convert data in encrypted form in Tally ERP 9, you can use function Tally Vault. To use Tally Vault you to go
to the gateway of Tally and press F3 and there you can select the company for which you want to encrypt the
data. Only persons having valid password can view those encrypted data.

28) Mention what is the shortcut to select the purchase order voucher type?

To select the purchase order voucher type, at accounting and inventory voucher creation and alteration
screens, you can short cut as ALT+F4.

29) How can you copy text from Tally

You can use the shortcut Ctrl+Alt+C to copy text and shortcut Ctrl+Alt+V to paste text

30) How can you check company statutory details?

You can use the shortcut Ctrl+Alt+B to check statutory details from any screen.