Read DK Goel Class 11 Accountancy Solutions for Chapter 27 Accounting Software Package Tally below. These DK Goel Accountancy Class 11 solutions have been prepared based on the latest book for DK Goel Class 11 for the current academic year by expert accounts teachers at studiestoday.com. These DK Goel Class 11 Solutions help commerce students in class 11 understand accountancy and build a strong base in accounts. Students in Class 11 who study accountancy and use the DK Goel Accountancy book to understand concepts of Chapter 27 Accounting Software Package Tally should understand the concepts and solve practice questions and exercises given at the end of the chapter. We have provided solutions for all questions and have also provided short notes for each problem. This will help Class 11 DK Goel Accountancy students to understand the questions properly. Refer to the solutions provided below prepared by CBSE NCERT teachers
Chapter 27 Accounting Software Package Tally DK Goel Class 11 Solutions
Class 11 Accountancy students should read the following DK Goel Solutions for Class 11 Chapter 27 Accounting Software Package Tally in Standard 11. All solutions provided below can be downloaded in Pdf and are available for free. This DK Goel Book for Grade 11 Accountancy will be very useful for exams and help you to score good marks in Class 11 accountancy examinations. On our website www.studiestoday.com, we have provided solutions for all chapters given in the DK Goel Accountancy Book for Class 11.
DK Goel Solutions Chapter 27 Accounting Software Package Tally Class 11 Accountancy
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.