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NMIMS Global Access School for Continuing Education (NGA-SCE)
Course: Employability Skills – II Tally
Internal Assignment Applicable for April 2024 Examination
- Please Create a Company in Tally Using Following Mentioned Details: –
Company Name: – Tower Corporation
Primary Mailing Details
Mailing Name: – Tower Corporation
Address: – Dadar (West), Mumbai
Country: – India
State: – Maharashtra
Pin Code: – 422 011
Contact Details
Phone No.: – 022-334488
Mobile No.: – 99111 22333
Fax No.: –
E-mail: – [email protected]
Website:-
Books & Financial Year Details
Financial Year Begins from: – 1-4-2023
Books Beginning from: – 1-4-2023
Security Control
Use Security Control: – No
Base Currency Information
Base Currency symbol: – Rs.
Formal Name: – INR
Suffix Symbol to Amount: – No
Add Space between Amt & Symbol: – Yes
Show Amount in Millions: – No
Number of Decimal Places: – 2
Word Representing amount after Decimal: – Paise
Number of Decimal Places for Amt in Words: – 2
Answer 1
Introduction:
In today’s corporate environment, an organization’s capacity to successfully manage financial data and transactions is essential to its existence. The highly popular accounting software program Tally provides companies with a strong foundation for delivery.” simplify audit processes, support compliance and enable – informed decision making. In this task, we embark on the journey of setting up a new company, Tower Corporation, within the Tally software ecosystem, incorporating detailed information, for example, primary mailing details, contact information, books and financial year specifics, security control parameters, and base currency information. By meticulously configuring the company settings as per the provided specifications, including the commencement of the financial year, currency symbol, decimal places for amounts, and more, we aim to establish areas of strength for a for Tower Corporation’s financial management within the Tally system. This meticulous setup will pave the way for accurate bookkeeping, financial reporting, and It is only half solved
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- Please find out following Numbers/Ratios from provided tally backup for the Financial Year 2020-21 & 2021-22.
| (Tally backup has been provided as a part of assignment to solve this problem) Particulars | FY 2020-21 | FY 2021-22 | |
| Working Capital | 2,52,929.84 | ? | |
| Cash-in-Hand | 10,000.00 | 27,500.00 | |
| Bank Accounts | 1,64,940.00 | 1,04,800.00 | |
| Sundry Debtors | -73,750.00 | -4,03,750.00 | |
| Sundry Creditors | ? | -1,00,720.00 | |
| Sales Accounts | 20,80,000.00 | ? | |
| Purchase Accounts | ? | 14,27,900.00 | |
| Stock-in-Hand | 3,33,579.84 | ? | |
| Net Profit | 57,929.84 | -1,12,874.66 | |
| Working Capital Turnover | ? | 15.84 | |
| Inventory Turnover | 6.24 | 5.69 | |
| Current Ratio | 2.39 : 1 | 10.39 : 1 | |
| Quick Ratio | 0.56 : 1 | 21.32 : 1 | |
| Debt/Equity Ratio | 0.00 : 1 | 0.00 : 1 | |
| Gross Profit % | 42.60 % | 40.92 % | |
| Net Profit % | 2.79 % | ? | |
| Operating Cost % | 97.21 % | 104.91 % | |
| Comparison with Previous Year | % | ||
| Sales | Increase | ? | |
| Purchase | Increase | ? | |
| Net Profit | Decrease | ? | |
https://adhocfilesngasce.s3.ap-south-1.amazonaws.com/academics/1701500080jqAeD.rar
How to run tally backup: Copy the Path of folder where the folder ‘10002’ is placed. Paste (alt+ctrl+v) that path in Company Info.>> Select Company>> Path
Answer 2
Introduction:
The money information provided by Count Reinforcement for the years 2020-2021 and 2021-2022 will be examined. We will focus on a few important ideas and numbers. The goal of this project is to find out how well the company is doing right now. The collection has important money information like how much profit is being made, how much money is owed, details of transactions, how much money is saved, and the resources used for operations. We will look closely at these signs to see how well the organization is doing financially and how effective it is in running its operations over the next two years. The analysis will compare the financial data from the two years in order to find patterns, differences, and possible areas for improvement. For the fiscal year 2021–2022, we will calculate the missing data for working capital turnover, various creditors, sales and purchase accounts, stock-in-hand, and net profit %. Our plan is to meticulously review our earnings, outlays, and advantages from the previous two years for any adjustments. This detailed financial report is created to give important information to the company’s employees. it’ll offer assistance them
3A. Please find out following Numbers/Ratios from provided tally backup for the Financial Year 2020-21 & 2021-22.
| Particulars | FY 2020-21
Amt (Rs.) |
(%) | FY 2021-22
Amt (Rs.) |
(%) | ||
| Sales Accounts | 20,80,000.00 | 22,98,000.00 | ||||
| Cost of Sales | ? | 57.40 | 13,57,704.66 | ? | ||
| Gross Profit | 8,86,039.84 | 42.60 | ? | 40.92 | ||
| Indirect Expenses | ? | 39.81 | 10,53,170.00 | 39.08 | ||
| Net Profit | 57,929.84 | ? | -1,12,874.66 | -4.91 | ||
https://adhocfilesngasce.s3.ap-south-1.amazonaws.com/academics/1701500080jqAeD.rar
How to run tally backup: Copy the Path of folder where the folder ‘10002’ is placed. Paste (alt+ctrl+v) that path in Company Info.>> Select Company>> Path
Answer 3a
Introduction:
The funds are painstakingly investigated, with data obtained from the Count reinforcement traversing 2020 to 2022. We want to find significant monetary signs that show how well the organization is doing monetarily and how effective it is. We will take a gander at the cash from selling things, burning through cash, and creating a gain over the most recent two years. We will track down any distinctions and study how cash is coming in and going out. The essential objective is to give a far reaching report that subtleties the association’s income, monetary execution, and ordinary monetary condition. How about we start inspecting the records to find significant data.
Concept:
3B. Please explain the use of below mentioned accounting vouchers.
- Payment
- Sales
- Purchase