Assignment On Voucher Entries – 3 in Tally Prime

Assignment On Voucher Entries – 3 in Tally Prime

Sure, here's another assignment on voucher entries in Tally Prime:

Problem:

On 01-01-2023, ABC Company purchased 200 units of a product at a rate of $30 per unit from XYZ Company on credit. On 05-01-2023, ABC Company returned 50 units of the product to XYZ Company due to defects. On 10-01-2023, ABC Company received a credit note of $1,000 from XYZ Company as a compensation for the defects. On 20-01-2023, ABC Company paid the remaining amount due to XYZ Company.

Create the necessary voucher entries in Tally Prime to record these transactions.

Solution:

Step 1: Create a purchase voucher for the purchase of 200 units of the product from XYZ Company on credit.

1. Go to the "Gateway of Tally" and select "Accounting Vouchers" from the list.
2. Select "Ctrl+F9: Purchase" to create a purchase voucher.
3. Enter the name of the supplier as XYZ Company and the purchase invoice details.
4. In the item details section, select the product being purchased and enter a quantity of 200 and a rate of $30.
5. Tally Prime will automatically calculate the amount of the purchase.
6. Press enter to save the voucher.

Step 2: Create a purchase return voucher for the return of 50 units of the product to XYZ Company due to defects.

1. Go to the "Gateway of Tally" and select "Accounting Vouchers" from the list.
2. Select "Ctrl+F9: Purchase" to create a purchase voucher.
3. Enter the name of the supplier as XYZ Company and the purchase invoice details.
4. In the item details section, select the product being returned and enter a negative quantity of 50 and a rate of $30.
5. Tally Prime will automatically calculate the amount of the return.
6. Press enter to save the voucher.

Step 3: Create a credit note voucher for the compensation of $1,000 received from XYZ Company.

1. Go to the "Gateway of Tally" and select "Accounting Vouchers" from the list.
2. Select "Ctrl+F8: Credit Note" to create a credit note voucher.
3. Enter the name of the party as XYZ Company and the credit note details.
4. In the "Particulars" section, select the purchase ledger for the transaction and enter the amount of $1,000.
5. Press enter to save the voucher.

Step 4: Create a payment voucher for the remaining amount due to XYZ Company.

1. Go to the "Gateway of Tally" and select "Accounting Vouchers" from the list.
2. Select "Ctrl+F5: Payment" to create a payment voucher.
3. Enter the name of the party as XYZ Company and the payment details.
4. In the "Particulars" section, select the purchase ledger for the transaction and enter the remaining amount due.
5. Press enter to save the voucher.

That's it! By creating these voucher entries in Tally Prime, you can accurately record the transactions and keep your accounts up to date.