Day 13: Practical – One Month of Entries
✅ Today you will learn
- Enter a full month of vouchers in one sitting
- Check control balances (cash, bank, parties) like an auditor
- Record closing stock when inventory is not maintained
- Match TallyPrime’s trial balance, P&L and balance sheet with manual working
- Find and fix typical entry mistakes
🏢 In the real world
This is the exact test many employers give: “Here is one month of a shop’s transactions. Enter them and show me the trial balance and profit.” You already prepared Rohit Stationers’ books by hand in Days 4–7. Now you do the same in TallyPrime and prove both match – rupee for rupee.
Work plan
- 1Company Rohit Stationers, FY from 1-4-2026, inventory and GST off (Day 10).
- 2Create the 16 ledgers plus Closing Stock under Stock-in-Hand (Day 11).
- 3Enter the 17 vouchers in date order (Day 12 table). Educational mode: use dates 1, 2 or 31.
- 4Tick the control balances below before opening any report.
- 5Enter closing stock ₹30,000 as on 30-4-2026.
- 6Open Trial Balance, Profit & Loss and Balance Sheet and match them with this page.
Voucher count to expect in the Day Book: Contra 1, Payment 6, Receipt 3, Journal 1, Sales 2, Purchase 2, Debit Note 1, Credit Note 1.
Control balances – tick these first
| Ledger | Expected balance on 30-4-2026 |
|---|---|
| Cash | ₹87,120 Dr |
| SBI Bank | ₹39,500 Dr |
| Sai Traders | Nil |
| Gupta School | Nil |
| Drawings | ₹5,500 Dr |
| Purchases (net of goods withdrawn) | ₹63,500 Dr |
Trial balance in TallyPrime
Alt+G → Trial Balance (or Gateway → Display More Reports → Trial Balance). Press Alt+F1 for ledger-wise detail, Alt+F2 to set 1-4-2026 to 30-4-2026. Before closing stock is entered, it should read:
| Ledger account | Dr (₹) | Cr (₹) |
|---|---|---|
| Cash A/c | 87,120 | |
| SBI Bank A/c | 39,500 | |
| Capital A/c | 2,00,000 | |
| Drawings A/c | 5,500 | |
| Purchases A/c | 63,500 | |
| Purchase Returns A/c | 2,000 | |
| Sales A/c | 38,000 | |
| Sales Returns A/c | 1,000 | |
| Furniture A/c | 25,000 | |
| Rent A/c | 6,000 | |
| Electricity A/c | 2,300 | |
| Salary A/c | 12,000 | |
| Discount Allowed A/c | 380 | |
| Discount Received A/c | 500 | |
| Commission Received A/c | 1,800 | |
| Total | 2,42,300 | 2,42,300 |
Detailed trial balance (closing balances) – total ₹2,42,300 on both sides, same as Day 7.
Both were fully settled during April, so their closing balance is nil. TallyPrime hides zero-balance ledgers in the trial balance by default.
Closing stock when inventory is not maintained
- 1F11 → Integrate Accounts with Inventory = No (default when inventory is off).
- 2Create ledger Closing Stock under Stock-in-Hand (opening balance nil for a new business).
- 3Alt+G → Alter Master → Ledger → Closing Stock → enter date 30-4-2026 and amount ₹30,000 → Ctrl+A.
- 4The amount now appears in the Trading account (credit) and in the balance sheet under Current Assets.
Closing stock is a valuation, not a transaction. A journal “Closing Stock Dr / Trading A/c Cr” would double-count it. Enter it only in the ledger master as shown.
Read the result
| Trading Account of Rohit Stationers for the month ended 30 April 2026 | |||||
|---|---|---|---|---|---|
| Particulars | ₹ | Particulars | ₹ | ||
| To Opening Stock | 0 | By Sales | 38,000 | ||
| To Purchases | 63,500 | Less: Sales Returns | 1,000 | ||
| Less: Purchase Returns | 2,000 | 37,000 | |||
| 61,500 | By Closing Stock | 30,000 | |||
| To Gross Profit c/d | 5,500 | ||||
| 67,000 | 67,000 | ||||
| Profit & Loss Account of Rohit Stationers for the month ended 30 April 2026 | |||||
|---|---|---|---|---|---|
| Particulars | ₹ | Particulars | ₹ | ||
| To Rent | 6,000 | By Gross Profit b/d | 5,500 | ||
| To Salary | 12,000 | By Commission Received | 1,800 | ||
| To Electricity | 2,300 | By Discount Received | 500 | ||
| To Discount Allowed | 380 | By Net Loss (transferred to Capital) | 12,880 | ||
| 20,680 | 20,680 | ||||
| Balance Sheet of Rohit Stationers as at 30 April 2026 | |||||
|---|---|---|---|---|---|
| Particulars | ₹ | Particulars | ₹ | ||
| Liabilities | Assets | ||||
| Capital | 2,00,000 | Furniture | 25,000 | ||
| Less: Net Loss | 12,880 | Closing Stock | 30,000 | ||
| Less: Drawings | 5,500 | SBI Bank | 39,500 | ||
| 1,81,620 | Cash | 87,120 | |||
| 1,81,620 | 1,81,620 | ||||
Gross profit ₹5,500, but indirect expenses (₹20,680) exceed gross profit plus other income (₹7,800), so April shows a net loss of ₹12,880. Closing capital = ₹2,00,000 – ₹12,880 – drawings ₹5,500 = ₹1,81,620, equal to the balance-sheet total.
Solved examples
Example 1: Find the error from the symptoms
| Symptom in TallyPrime | Likely cause | Fix |
|---|---|---|
| Cash shows ₹91,720 instead of ₹87,120 | Electricity entered as a Receipt instead of a Payment (difference = 2 × ₹2,300) | Alter the voucher: change type to Payment (or delete and re-enter) |
| Cash ₹3,27,120, SBI Bank ₹2,00,500 Cr | Contra of 2 April entered the wrong way (bank → cash) | Open the Contra and swap the ledgers |
| Gupta School shows ₹380 Dr | Receipt of 18 April entered without the discount line | Ctrl+H → double entry; add Discount Allowed ₹380 Dr |
| Net loss ₹42,880 instead of ₹12,880 | Closing stock not entered | Alter Closing Stock ledger, add ₹30,000 on 30-4-2026 |
Practice exercises (unsolved – answer hidden)
Try each exercise on paper or in TallyPrime first, then open the answer to check.
🏋️ Practice – do it yourself
Show solution
TB ₹2,42,300; gross profit ₹5,500; net loss ₹12,880; balance sheet ₹1,81,620.Show solution
Every extra rupee of closing stock raises profit by a rupee: –₹12,880 + ₹15,000 = net profit ₹2,120.Show solution
(a) Net loss shrinks by ₹6,000 to ₹6,880 and a false ₹6,000 liability appears in the balance sheet; totals still agree, so only a group check finds it. (b) If the “Sales” ledger was used, profit is unaffected but the sales register and (later) GST returns miss ₹18,000 – always use the Sales voucher for goods.🏅 Job skills unlocked today
Quick quiz
🧠 Quick Quiz – test yourself
Interview corner
💼 Interview Corner
Your trial balance agrees but the profit looks wrong. What do you check?
Errors that do not affect agreement: wrong group (expense under liability), wrong voucher type, missing closing stock, duplicate or missing vouchers. I check groups via Chart of Accounts, control balances, the Day Book count and the closing stock entry.
How is closing stock recorded when accounts are not integrated with inventory?
Create a ledger under Stock-in-Hand and, in its alteration screen, enter the closing date and value. It then appears in the Trading account and the balance sheet.
Summary
- 17 vouchers → trial balance ₹2,42,300 on both sides.
- Closing stock ₹30,000 goes in the Stock-in-Hand ledger, not a journal.
- Gross profit ₹5,500, net loss ₹12,880, closing capital ₹1,81,620.
- Check cash, bank and party balances before reading reports.
Day 14: every important report in TallyPrime and the keys to drill, filter and export them.
Frequently Asked Questions
My trial balance total is different from ₹2,42,300. What should I do?
Why does the balance sheet not show profit separately?
Tally and TallyPrime are trademarks of Tally Solutions Pvt. Ltd. This is an independent course, not affiliated with or endorsed by Tally Solutions. All business names, GSTINs and figures in the examples are fictional samples.
