Tally-Inventory Control

(Stock Groups, Stock Items, Stock Categories, Unit Of Measure)

CONTENT

-->PROBLEM

-->INTRODUCTION

-->OBJECTIVE

-->PROCEDURE

-->OUTPUT

PROBLEM:

1. Bharath Bulbs pvt Ltd. dealers indifferent types of bulbs started business on 1-4-200

8 with building Rs 75000, Furniture Rs 20000 and cash Rs 25000.

2. On 1-4-2008 Opened a Savings A/c (A/C No -10063) in syndicate bank by depositing Rs 5000.

3. taken a Loan from Canara Bank amounting to Rs 15000, Loan A/c no; 1019.

4. On 1-4-2008 Purchased 25 Sodium Bulbs @ Rs 750 each, 30 Mercury Bulbs @ Rs 225 each from M/s Bajaj Electricals, due days 8.

5. 1-4-2008 Purchased 50 Tubes @ Rs 35 each from M/s Compton Greves dated 1-4-08 due days 10.

6. Purchsed 5 chairs for office use @ Rs 200 by paying cash.

7. On 2-4-08 3 tubes @ Rs 45 Sold to Mr Amar, invoice no: 111, dated 2-4-2008 due days 5.

8. On 3-4-2008 2 Sodium Bulbs @ Rs 1000 each and 2 tubes @ Rs 45 each sold to Mr Akbar, invoice no:112 dated 2-4-08 due days 5.

9. On 5-4-08 Mr Amar returned 1 tube as per the invoice no: 111 dated 2-4-08 and paid Rs 90 in full settlement of the bill.

10. On 7-4-08 deposited Rs 500 into Syndicate Bank.

11. On 10-04-08 sold 10 Mercury bulbs at Rs 290 each to Mr Amar invoice no: 113 dated 10-04-08 due days 5 and received Rs 2000 cash for the same.

12. On 15-04-08 15 Tubes @ Rs 32 purchased from M/s Bajaj Electricals bill no: 154 dated 15-04-08, due date 30-04-08.

13. On 20-04-08 Canara Bank charged Rs 150 as Interest on Loan.

14. Paid Rs 1000 to Canara bank Loan A/c

15. On 26-04-08 paid for Salaries Rs 2000 by Syndicate Bank cheque No: 23440 dated 26-04-08 and Travelling Expenses Rs 100 by cash.

16. On 30-04-08 purchsed 10 Sodium Bulbs @ Rs 950 each from M/s Bajaj Electricals bill no: 3641, dated 30-04-08 due days 15 with a discount of Rs 95.

17. 5 Sodium Bulbs sold to Mr. Amar @ Rs 1250 each invoice no: 114 dated 30-04-08 due date 06-04-08 and charged Rs 125 against packing and Forwarding Charges.

18. Charge Depreciation on Building Rs 500 and on Furniture Rs 200.

Prepare Ledger A/cs, Stock Groups, Unit Of Measure, Stock Items And pass voucher entries. Display Profit & Loss A/c and Balance Sheet of the company..

INTRODUCTION:

Inventory control; refers to a systematic control over the pu

rchasing, storing and issuing of materials, in order to ensure the smooth flow of production and minimise the investment in stock.

Stock Groups: Grouping enables easy identification and reporting of Stock Items in the stores. Stock Items are classified on the basis of their common features like brand, type, size, quantity, quality etc to from stock groups.

Stock Items: it is also known as Stock Ledger accounts. Like Ledger accounts, individual stock ledger account is created for each stock item for its proper recording and control. It is the lowest level of imformation about the stock.

Stock Categories: If there are varieties of stocks in the Godowns, stock categories provide a horizontal classification of these stock Items. The stock Categories provides parallel allocation of Stock Items and better organise your information.

OBJECTIVE:

Create a new company "Bharath Bulbs Pvt Ltd", prepare Ledger Heads, create Stock groups, Stock Items and unit of measure. Pass voucher entries.

PROCEDURE:

Step 1: Create Company Bharath Bulbs Pvt Ltd, maintai accounts as 'Accts with Inventory'.

Step 2: Change company features F11

Integrate Accounts Cum Inventory --> Yes

Maintain Bill wise details --> Yes

Use Debit/Credit notes--> Yes

Step 3: Change Configuration F12

Gateway Of Tally--> F12 Configuration--> Accts/Inv info--> Inventory Master--> Allow advanced entries in Masters = Yes

Step 4: Ledger Creation

Ledger A/c Name : Group Name

Building A/c : Fixed Assets

Furniture A/c : Fixed Assets

Syndicate banks A/c : bank Accounts

Canara bank Loan A/c : Secured loan

Capital A/c : Capital Accounts

Purchases A/c : Purchases Account

M/s Bajaj Electricals A/c : Sundry Creditors

M/s Crompton Greves A/c : Sundry Creditors

Mr. Amar A/c : Sundry Debtors

Mr. Akbar A/c : Sundry Debtors

Salaries A/c : Indirect Expenses

Travelling Expenses A/c : Indirect Expenses

Sales A/c : Sales Account

Sales Returns A/c : Sales Account

Discount Received A/c : Indirect Income

Packing & Forwarding A/c: Indirect Income

Depreciation A/c : Indirect Expenses

Int on Bank Loan A/c : Indirect Expenses

Step 5: Stock group creation

GWT--> Inventory Info--> Stock group--> Create

Create Stock group 'Bulbs' under 'primary'.

Step 6: Create Unit of Measure

GWT--> Inventory Info--> Unit Of Measure--> Create

Create unit of measure 'Number' with symbol 'No;' and Formal Name 'Number'.

Step 7: Create Stock Items

GWT--> Inventory Info--> Stock Items--> Create

Stock Items shuld be Under the group 'Bulbs' with Costing method- FIFO and Market Valuation Method- Standard Price

Stock items are:

Sodium Bulbs

Mercury Bulbs

Tubes

Step 8:Passing Vouchers

--------------------------------------------------------------

1. Buildings A/c Dr

Furniture A/c Dr (Journal F7)

To Capital A/c

Cash Dr

To capital A/c (Receipt F6)

---------------------------------------------------------------

2. Syndicate bank A/c Dr

To Cash A/c (Contra F4)

---------------------------------------------------------------

3. Cash A/c Dr

To Canara Bank Loan A/c (F6: Receipt)

---------------------------------------------------------------

4. Purchase A/c Dr

To M/s Bajaj Electrical A/c (F9: Purchase)

Name of Item Qty Rate

Sodium Bulbs 25 750

Mercury Bulbs 30 225

---------------------------------------------------------------

5. Purchase A/c Dr

To M/s Compton Greaves A/c (F9: Purchase)

Name of Item Qty Rate

Tubes 50 35

---------------------------------------------------------------

6. Furniture A/c Dr

To Cash A/c (F5: Payment)

---------------------------------------------------------------

7. Mr. Amar A/c Dr

To Sales A/c (F8: Sales)

Name of Item Qty Rate

Tubes 3 45

---------------------------------------------------------------

8. Mr. Akbar A/c Dr

To Sales A/c (F8: Sales)

Name of Item Qty Rate

Sodium Bulbs 2 1000

Tubes 2 45

---------------------------------------------------------------

9. Sales Returns A/c Dr

To Mr. Amar A/c (Credit Note)

Cash A/c Dr

To Mr. Amar A/c (F6: Recipt)

---------------------------------------------------------------

10. Syndicate bank A/c Dr

To Cash A/c (F4: Contra)

---------------------------------------------------------------

11. Mr. Amar A/c Dr

To Sales A/c (F8: Sales)

Name of Item Qty Rate

Mercury Bulbs 10 290

Cash A/c Dr

To Mr. Amar A/c (F6: Receipt)

---------------------------------------------------------------

12. Purchase A/c Dr

To M/s Bajaj Electricals A/c (F9: Purchase)

Name of items Qty Rate

Tubes 15 32

---------------------------------------------------------------

13. Int on Bank Loan A/c Dr

To Canara Bank Loan A/c (F7: Journal)

---------------------------------------------------------------

14. Canara Bank Loan A/c Dr

To Cash (F5: Payment)

---------------------------------------------------------------

15. Salaries A/c Dr

To Syndicate Bank A/c (F5: Payment)

Travelling Expenses A/c Dr

To Cash A/c (F5: Payment)

---------------------------------------------------------------

16. Purchases A/c Dr

To M/s Bajaj Electricals A/c (F9: Purchase)

Name of Item Qty Rate

Sodium Bulbs 10 940.50

M/s Bajaj Electricals A/c Dr (Debit Note)

To Discount Received A/c 95.00

---------------------------------------------------------------

17. Mr. Amar A/c Dr

To Sales A/c (F8: Sales)

Name of Items Qty Rate

Sodium Bulbs 5 1250

Cash A/c Dr

To Packing & Forwarding A/c (F6: Receipt)

---------------------------------------------------------------

18. Depreciation A/c Dr

To Building A/c

To Furniture A/c (F7: Journal)

---------------------------------------------------------------

OUTPUT:

Gateway Of Tally ----> Balance Sheet

Gateway Of Tallt----> Profit & Loss A/c