Acoounting entry in tally

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Ritesh Mazumder (Querist)
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23 December 2011 We have a C&f business. the parent company provide us wth stock and we give it to the stockist. But we generate sales bill as they use our vat number though it is not our sales. Now in tally we have to show it as sales because parent company use our vat number to sale goods. this is not our revenue. They give commission which is our only revenue. how to show effect of such sales in tally as if it will be a part of sales without being a part of revenue.

somebody please help me.

Guest

Guest (Expert)

25 December 2011 25th December, 2011

Parent Company name will be created in the Supplier Ledger. Stockist name will be created in the Customer Ledger. You will create an Input VAT Ledger. You will create an Output VAT Ledger. Finally, you will create a VAT Adjustment Class in Journal Voucher Type.

1. In Tally, the VAT No. of the Parent Company will be updated in their Master.

2. The following entries in sequence will be passed in Tally :

a) On receipt of goods from the parent Co :

Dr. Stock on Consignment
Cr. Parent Company

b) On issue of goods to stockist :

Dr. Stockist
Cr. VAT Payable
Cr. Sales

c) On receipt of cheque from stockist :

Dr. Bank
Cr. Stockist

d) On payment of VAT :

Dr. VAT Payable
To. Bank

e) On transfer of the monies to Parent :

Dr. Parent Company
Cr. Commission Receivable
Cr. Bank

f) Adjustment entry on sale to stockist :

Dr. Sales
Cr. Stock on Consignment

For step by step detail, you can refer the book Tally 9 (Upto Release 3.0) by Vishnu Priya Singh.

FCA Prashant Chavan

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