DK Goel Solutions Chapter 27 Accounting Software package: Tally
Read below DK Goel Solutions Class 11 Chapter 27 Accounting Software Package Tally. These solutions have been prepared based on the latest DK Goel Accountancy book issued for this academic year.
In this chapter you can understand about insights into Tally its features and installation processes. Tally is used widely in various organizations, this chapter gives you basic insights into the software and its features.
The chapter also includes questions which are very well made and are very helpful to understand the concepts for Class 11 Students of Accountancy.
DK Goel Solutions Class 11 Chapter 27 solutions are free and will help you to prepare for Class 11 Accountancy.
Accounting Software package: Tally DK Goel Class 11 Accountancy Solutions
Students can refer below for solutions for all questions given in your DK Goel Accountancy Textbook for Class 11 in Chapter 27
Short Questions for DK Goel Solutions Class 11 Chapter 27
Question 1: What are the salient features in tally?
Below is the important characteristic in the tally:
- Management of inventory is possible at Tally. Once the available units are entered into it, you can obtain an update of the stock summary after each transaction.
- As the payroll feature in the tally, there is no need to separately keep records of wages and salaries.
- In Tally, there are many tax-related characteristics such as balance sheet, P&L statement, TDS return, GST and many more forms are easily generated.
- 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?
The following alternative is available from the Tally screen gateway:—
1) Product Info:-‘tally ” app name with its version name.
2) Horizontal Button Bar:- Under the Data Product. The Hot Keys horizontal control bar emerges. This bar has Print, Export, E-mail, Language and Support buttons open.
3) Tally Menu:- We can see the tally menu with the list of job choices on the right section of the Gateway screen.
4) Vertical Button Bar:- The vertical button bar displays multiple buttons with different function keys/hot keys that provide access to different functions.
5) Current period:- This option displays the start date and end date entered by the user for the financial year.
6) Current date.
7) Active Company:- An active company emerges under the current time alternative. Active Company is the user’s last selected firm.
8) Selected Company:- The list of all selected corporations will be shown along with the date of the last voucher entered.
9) Tally Calculator/Command Line:- We can trigger the calculator by pressing Ctrl+N to execute the calculations.
Question 3: Explain five primary groups in tally.
The key categories in the tally are below:-
- Capital:- It falls under Owner’s Capital, Partner’s Capital, Equity Share Capital, Choice Share Capital. The Primary Party.
- Loans:- It is used to keep account of the Loans taken by the Company. Bank Overdraft, Protected Lending, Unsecured Loans sub-groups-
- Current Liabilities:- Obligations & Taxes, Regulations, Sundry Creditors and Other Current Liabilities sub-groups.
- Fixed objects:- Immovable assets, such as trademarks, trading rights, equipment, goodwill, construction, etc.
- Current Assets – Stock in hand, Loans & Advances, Sundry Debtor, Bank a/c, and Cash in hand. Existing assets:
Question 4: Explain any five types of accounting vouchers in Tally.
Below are the tally vouchers:—
- Receipt Voucher:- All cash transactions are registered via the receipt voucher. Both the transactions in which cash account and bank account are debited fall under this voucher.
- Payment voucher:- All money transfers are recoded by way of a payment voucher. Payments have to be reported in the payment voucher for all expenses, borrowers and advances.
- Contra Voucher:- This voucher is only available to transfer money from a cash account to a bank account. This coupon documents the transfer of money from the bank and the deposit of money into the bank.
- Journal Voucher:- The Journal Voucher is used for tracking transactions that are not currency. It’s a Voucher Change.
- 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.
Below are the steps should be followed to create a company in tally:-
- 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:
i. Company name.
ii. Company mailing address
iii. IT number
iv. Accounting module
v. Financial year
vi. Other details
vii. Saving the profile.
Question 6: How can you generate different Reports in tally?
Below are the steps to follow for generating 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:
i. Trial Balance:
Gateway of tally > Display > Trial Balance.
ii. Day book:
Gateway of tally > Display > Day Book.
iii. Accounts book:
Gateway of tally > Display > Accounts Book > Sales Register.
Gateway of tally > Display > Cash/Bank Book.
iv. Cash flow/ fund flow:
Gateway of tally > Display > Cash/ Fund Flow
Question 7: What are the advantages of Tally?
Here are the benefits of the tally:—
- The reports that tally software generates are correct and consistent.
- It is really easy to use. A individual with fundamental accounting knowledge will quickly work on it.
- Any form of corporate organization is approved. It doesn’t matter if the organization is large or small.
- Various reports at any point in time can be produced very quickly.
Here are the essential characteristics in Tally –
● In Tally, accountants do not have to hassle to record the salary and wages separately as the exclusive payroll feature helps in the task.
● Tally features a cost center facility that enables users to locate the cost of a specific job conveniently.
● Tally can be used to generate a bag full of MIS reports and design the budgets.
● With Tally, users can quickly design balance sheets, VAT forms, service tax returns, TDS returns, and much more. These enable the users to design tax reports much easily.
The main categories in Tally are explained below –
Capital – It includes Partner’s Capital, Owner’s Capital, Choice Share Capital, and Equity Share Capital.
Current Liabilities – It includes all forms of current liabilities and sub-groups, including taxes, regulations, and sundry creditors.
Loans – It keeps track of the loans taken by a firm.
Fixed Assets – It keeps track of a company’s fixed assets, including goodwill, equipment, trademark, etc.
Current Assets – It includes loans & advances, stocks owned, Cash, Bank a/c, etc.
The four types of vouchers in Tally are – Receipt, Payment, Journal, and Contra Voucher
Journal Voucher is a voucher used to register transactions that are not related to cash. It is basically a document that records the details of the financial transaction of a company. It features the transaction details like unique identifying numbers, transaction dates, amounts, and much more.
A purchase voucher is a document used to track all the purchase transactions of a business. In Tally, users can easily create credit purchases and purchases from Purchase Voucher.
Here are the steps to create a company in Tally –
● Press ALT+F3 Keys.
● It will display all the company details.
● A dialog box pops up. Now use the keys to hit the ‘Create Company’ option and click enter.
● Fill in the necessary details to create a company, including company name, mailing address, IT number, and the other required information.