Assignment 16

 

Assignment 16                                               Non-Accounting Voucher, Scenario & Budget

Q.1 create a company as name Raj Electricals PVT LTD- Std Name-Day 1 for the financial year 20-

21 with the following opening

Liabilities	Amount	Assets	Amount
Capital	275000	Furniture	326000
Loan from Indian bank	122000	HDFC bank	71000
Profit and loss	32000	Cash	32000
	429000		429000

 

Q.2 On 1-5-20 company gives cash of Rs 5000 to an employee Mr. Burman to buys stationeries the actual bill is not confirmed now hence pass the memorandum entry

Q.3 On 2-5-20 Mr. Burman submitted stationery bill of Rs 4600 and returned balance amount to cashier make necessary effects in books of accounts

Q.4 On 1-7-20 Company projected a future sale of Rs 45000 to M/S Mohan now you pass the entry through optional voucher so that books of accounts will not get any effects

Q.5 For the midterm analysis of financial statements on 31-7-20 pass a reversing journal entry of salary due for the month of July 20 of Rs 35000 and the entry should be reverse after 1-8-20.

Q.6 now view the p/l and b/s as on 31-7-20 by creating scenario including the optional and reversing journal entries as shown.

Q.7 create a budget on travelling expenses Rs 10000 for the period 1-1-21 to 31-3-21 travelling expenses is having two categories i.e., location travel Rs (2000) and outside travels (8000)

Q.8 on 2-1-21 travelling expenses is paid for Rs 2100 (local travel Rs 550 outside travel Rs 1550

Q.9 check budget variance report for the month of January 21.

Q.10 on 1-2-21 travelling expenses is paid for Rs 3200 (local travel Rs 1050, outside travel Rs 2150)

Q.11 check total budget variance report

Hints:

Non Accounting Voucher: Those transaction or entry which does not effect the final account (P/L Account & Balance Sheet), iscalled non accounting Voucher.

 

In Tally these called unconventional voucher or exceptional voucher. There are 5 types:

 

a. Memorandum Voucher                      [Voucher Type]

b. Reversing Journal                                   [Voucher Type]              [MIS]

c. optional voucher                                    Ctrl+L

d. cancelled voucher                                Alt+X

e. Post-Dated voucher                             Ctrl+T

 

 

a. Memorandam : To memorise any transaction we use this voucher type. After confirmation of transaction we can convert this voucher in to any voucher type like payment or journal.

b. Reversing Journal [F10]: To pass any journal entry before the time we can use this voucher. e.g Depriciation, Provision, Due etc. And we want to see the effect of these voucher through scenario in Final Account.

c. Optional Voucher [Ctrl+L] We can make any voucher optional. e.g Sales, purchase etc.

d. Cancelled Voucher [Alt+X] If any voucher entry you want to cancel then we use this key. If we cancel the voucher then voucher number remain same, but if you delete the voucher then vocuher no. will shift.

e. Post-Dated Voucher [Ctrl+T] To pass the future payment we use this key. e.g On 12 Jan 2020 we pay rent through cheque of Rs. 5000 dated 20 jan 2020.

Q.1 Self

Q.2 GOT> Voucher> Show Inactive> Memorundam (Enter) & Activate> F2 (1-5)

Dr. Stationary                                                 5000

Cr. Cash                                                            5000

Check P/L Account, B/S, Exception Report

Q.3 Now when stationary bill rec.

Convert Memo in to Payment

GOT>Display>Exception Report> Memo Voucher> Voucher Alter> Change amount> Press F5> Accept

Check P/L Account, B/S, Exception Report

Q,4 Pass the entry in sales & make it optional & accept

Check P/L Account, B/S, Exception Report

Q.5 GOT> Voucher> Show Inactive> Reversing Journal (Enter)> Activate> F2 (31-7)

Dr. Salary (Ind. Exp)                                   35000

Cr. O/s Salary (Curr. liab)                       35000

Reverse on: 1-8

Q.6 Now to take effect of above voucher we create scenario

Scenario: Scenario management is a management tool through which we analysis various types of accounting and inventory related information and its helps us to make decision in the favour of our business.

GOT> Create> Show More> Scenario

Name: Mid term Report

Include Actual: yes

Include:

Sales optional

Reversing Journal

Exclude

End of list (accept)

Not to view Report:

GOT>P/L Account> Alt+F1>Press Alt+C

 From:1 - 4

To:31 - 3

Method: Default

Type: Mid Term Report

Q.7

Budget:To create estimate of future expense is knwon as budget.

In other words you can say "create plan for future expense is known as Budget".

Why we create budget/ Motive to create Budget:

1. To control on expense.

2. To communicate planning of the company to lower management. GOVT

3. To create better co-ordination between employees

4. To Check variance report

What is Under Budget & Over Budget?

Under Budget= Actual Expense< Budget (Plan Exp.), It means effective management.

Over Budget = Actual Expense> Budget (Plan Exp.), It means uneffective management.

 

Whan we should to check variance Report:

Depend on need of the company, Mean we can check it on daily, weekly or monthly basis.

Now how we active Budget feature in Tally?

GOT> Create> Show more> Budget

Q.7 => At first acivate Cost centre &

Create Cost Category. Traveling Exp.

Create Cost Centre: Local travel & Outside Travel

=> GOT> Create> Budget

Name: Travelling exp. Budget

Under: Primary

From	To	Group	Ledger	Cost centre
1-1-21	31-3-21	No	Yes	No

 

Account Name	Cost centre	Type of Budget	Amount
Travelling exp.	Local Travel	On Closing Balance	2000
Travelling exp.	Outside Travel	On net transaction	8000 (Accept)

Q.8 Self

Q.9 GOT> Display> Statement of Account> Cost Centre> Cost Centre Breakup> Local or Outside>Press Alt+F2 (From-1-1-21 to 31-1-21)> Press F10 (For Budget)> Select you budget (Enter)

Now see the report properly and understand