Question 1. What are the salient features in tally?
Solution 1: Below are the salient feature in tally:-
- Inventory management is possible in Tally. Once the available units are entered in it, update stock summary after each transaction can be obtained.
- As Payroll feature in tally so, there is no need of keeping record of salary and wages separately.
- There are many features regarding tax in Tally like Balance Sheet, P&L statement, TDS return, GST and many more forms are generated easily.
- It is easy in tally to find out the cost of a particular job as cost centre facility is available in tally.
Question 2. What menu option is available in Gateway of Tally Screen?
Solution 2: Below option is available in Gateway of Tally screen:-
1.) Product Info:- Software name ‘tally’ with its version name.
2.) Horizontal Button Bar:- Under the Product info. Horizontal button bar with Hot keys appears. Print, Export, e-mail, Language and help buttons are available in this bar.
3.) Tally menu:- At right part of Gateway screen we can see tally menu with the list of options to task.
4.) Vertical Button Bar:- Vertical button bar shows several buttons with various function keys/hot keys which provide access to various functions.
5.) Current Period:- This option displays the starting date and ending date of financial year entered by user.
6.) Current date.
7.) Active Company:- Under current period option active company appears. Active Company is the last selected company by the user.
8.) Selected Company:- Selected Companies displays the list of all selected companies along with the date of last voucher entered.
9.) Tally Calculator/Command Line:- To do the calculations we can activate Calculator by pressing Ctrl+N.
Question 3. Explain five primary groups in tally.
Solution 3: Below are the primary groups in tally:-
- Capital:- Owner’s Capital, Partner’s Capital, Equity Share Capital, Preference Share Capital comes under it. It is Primary group.
- Loans:- It is used to keep record of the Loans taken by the Company. Sub-groups – Bank Overdraft, Secured Loan, Unsecured Loans.
- Current Liabilities:- Sub-groups – Duties & Taxes, Provisions, Sundry Creditors and Other Current Liabilities.
- Fixed Assets:- Immovable properties like patents, Trade Rights, Plant, Goodwill, Building etc.
- Current Assets:- Sub-groups- Stock in hand, Loans & Advances, Sundry Debtor, Bank a/c and Cash in hand.
Question 4. Explain any five types of accounting vouchers in Tally.
Solution 4: Below are the vouchers of tally:-
- Receipt Voucher:- All receipt of money is recorded through receipt voucher. All the transactions in which cash account and bank account are debited come under this voucher.
- Payment Voucher:- All Payment of money are recoded through payment voucher. Payment towards any expenses, creditors and advances are to be recorded in payment voucher.
- Contra Voucher:- This Voucher is used for transferring fund between cash account to bank account only. Withdrawal of cash from bank and deposit of cash into bank are recorded in this voucher.
- Journal Voucher:- Journal Voucher is used to record non-cash transactions. It is an adjusting voucher.
- Purchases Voucher:- In Purchases Voucher we record all transactions related to purchases are recorded in this voucher.
Question 5.Explain the process of company creation.
Solution 5: In order to company creation flow below steps:-
- Press Alt+F3 company info. Will appear.
- One dialog box appears, use the arrow keys for selection of “Create Company” and press enter.
- Fill the necessary fields:
• Company name.
• Company mailing address
• IT number
• Accounting module
• Financial year
• Other details
• Saving the profile.
Question 6. How can you generate different Reports in tally?
Solution 6: Process of generate different reports in tally:
- Balance sheet:
Gateway of tally > Balance Sheet.
- Statement of profit:
Gateway of tally > Profit & Loss A/c.
- Ratio analysis:
Gateway of tally > Ratio Analysis.
- Display menu:
1.Trial Balance:
Gateway of tally > Display > Trial Balance.
2. Day book:
Gateway of tally > Display > Day Book.
3. Accounts book:
Gateway of tally > Display > Accounts Book > Sales Register.
Gateway of tally > Display > Cash/Bank Book.
4. Cash flow/ fund flow:
Gateway of tally > Display > Cash/ Fund Flow
Question 7. What are the advantages of Tally?
Solution 7: Below are the advantages of tally:-
- The reports generated by tally software are accurate and reliable.
- It is very simple to use. A person with basic knowledge of accounts can easily work on it.
- It is adopted any kind of business organisation. It does not matter that business is big or small.
- Various reports can be generated very easily at any point of time.