DK Goel Solutions Class 11 Accountancy Chapter 27 Accounting Software Package Tally

Question 1. 

Solution 1: Below are the salient feature in tally:-

1. Inventory management is possible in Tally. Once the available units are entered in it, update stock summary after each transaction can be obtained.
2. As Payroll feature in tally so, there is no need of keeping record of salary and wages separately.
3. There are many features regarding tax in Tally like Balance Sheet, P&L statement, TDS return, GST and many more forms are generated easily.
4. It is easy in tally to find out the cost of a particular job as cost centre facility is available in tally.

Question 2. 

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. 

Solution  3: Below are the primary groups in tally:-

1. Capital:- Owner’s Capital, Partner’s Capital, Equity Share Capital, Preference Share Capital comes under it. It is Primary group.
2. Loans:- It is used to keep record of the Loans taken by the Company. Sub-groups – Bank Overdraft, Secured Loan, Unsecured Loans.
3. Current Liabilities:- Sub-groups – Duties & Taxes, Provisions, Sundry Creditors and Other Current Liabilities.
4. Fixed Assets:- Immovable properties like patents, Trade Rights, Plant, Goodwill, Building etc.
5. Current Assets:- Sub-groups- Stock in hand, Loans & Advances, Sundry Debtor, Bank a/c and Cash in hand.

Question 4. 

Solution 4: Below are the vouchers of tally:-

1. 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.
2. 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.
3. 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.
4. Journal Voucher:- Journal Voucher is used to record non-cash transactions. It is an adjusting voucher.
5. Purchases Voucher:- In Purchases Voucher we record all transactions related to purchases are recorded in this voucher.

Question 5.

Solution  5: In order to company creation flow below steps:-

1. Press Alt+F3 company info. Will appear.
2. One dialog box appears, use the arrow keys for selection of “Create Company” and press enter.
3. Fill the necessary fields:

• Company name.

• Company mailing address

• IT number

• Accounting module

• Financial year

• Other details

• Saving the profile.

Question 6. 

Solution  6: Process of generate different reports in tally:

1. Balance sheet:

Gateway of tally > Balance Sheet.

2. Statement of profit:

Gateway of tally > Profit & Loss A/c.

3. Ratio analysis:

Gateway of tally > Ratio Analysis.

4. 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. 

Solution  7: Below are the advantages of tally:-

1. The reports generated by tally software are accurate and reliable.
2. It is very simple to use. A person with basic knowledge of accounts can easily work on it.
3. It is adopted any kind of business organisation. It does not matter that business is big or small.
4. Various reports can be generated very easily at any point of time.