Accounting in tally

This query is : Resolved

Querist : Anonymous

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?

Hemant Kumar

Hemant Kumar (Expert)
Follow

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