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Accounting in tally

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 July 2013 My query is how to account a purchase entry and sales entry in tally for a trading company.
For eg. purchase 1000+50(5%tax)=1050/= a tax invoice. please clarify below mentioned flow is right or wrong.If wrong please explain the correct entry.
1.put entry of stock inward shwon as stock journal.
2.then pass a purchased-tax invoice under journal ie.purchase Dr 1000
ot@5% 50
To ABC 1050
(being xxx purchased)
Now we are selling this product to our client. then I pass the below entries
1.entry for stock outward shown as stock journal.
2.pass a sales under journal ie.
xyz Dr 1155
To Sales 1100
To it@ 5% 55
(being xxx sold to xyz)
is this is right way of accounting in tally?
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Hemant Kumar

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Hemant Kumar (Expert)
23 July 2013 Correct entry.

1) Purchase

Purchase ac. Dr. 1000.00
(Item name...Qty...Rate...Amount)
Input Vat 5% Dr. 50.00
To Sundry Creditors Ac.

2) Sales
Party Ac (XYZ)..Dr. 1155.00
To Sales Ac. 1100.00
(Item name...Qty..Rate...Amount)
To Vat output 5% Ac. 55.00
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