How to book entry in tally
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 April 2018
Sir i m working with property sale purchase buisness so want to book a entry if we sale a land to our client rs 150000 so please tell me the entry in tally
Expert : Anonymous
Expert :
Anonymous
(Expert)
25 April 2018
How To you treat the Land Sale...?
If you are purchased and Sale...? or
Sale based on commission...? or any other way...?
Please elaborate your process then you can get exact solution from our Experts...
28 July 2024
In Tally, booking entries for property transactions like the sale of land involves recording both the sale and the receipt of payment. Here's a step-by-step guide to help you record the sale of land for ₹1,50,000:
### **1. Create Necessary Accounts**
Before recording the transaction, ensure that you have the following accounts set up in Tally:
1. **Sales Account** (for recording the sale)
2. **Land Account** (for asset management, if not already created)
3. **Bank or Cash Account** (for receiving payment)
4. **GST Accounts** (if applicable)
### **2. Record the Sale Entry**
**Assuming there is no GST involved in the transaction**, you can record the sale entry as follows:
#### **2.1. ** Create Ledger Accounts
If not already created, set up the necessary ledger accounts:
1. **Land Account:** Go to `Gateway of Tally` > `Accounts Info` > `Ledgers` > `Create`. Name it "Land" and set it as an asset.
2. **Sales Account:** Go to `Gateway of Tally` > `Accounts Info` > `Ledgers` > `Create`. Name it "Sales of Land" (or similar) and set it as an income account.
3. **Bank/Cash Account:** Go to `Gateway of Tally` > `Accounts Info` > `Ledgers` > `Create`. Name it "Bank" or "Cash" depending on how you receive the payment.
#### **2.2. ** Record the Sale of Land
1. **Go to Gateway of Tally:** Press `F1` (Accounting Vouchers).
2. **Select the Voucher Type:** Choose `Sales`.
3. **Enter Date:** Enter the date of the sale.
4. **Voucher Number:** Enter the voucher number if applicable.
5. **Party's Name:** Select or create a ledger for the client from whom you received payment.
**Entry Details:**
- **In the Credit Side:**
- **Account:** Select the "Sales of Land" account.
- **Amount:** Enter ₹1,50,000.
- **In the Debit Side:**
- **Account:** Select the "Bank" or "Cash" account, depending on how you received the payment.
- **Amount:** Enter ₹1,50,000.
6. **Additional Details:**
- **Narration:** Write a brief description of the transaction, e.g., "Sale of land to [Client Name]."
7. **Save the Voucher:** Press `Ctrl + A` to save.
### **3. Adjust the Land Asset Account**
If you have a ledger account for land, you may also want to adjust it to reflect the sale:
1. **Go to Gateway of Tally:** Press `F1` (Accounting Vouchers).
2. **Select the Voucher Type:** Choose `Journal`.
3. **Enter Date:** Enter the date of the transaction.
4. **Voucher Number:** Enter the voucher number if applicable.
**Entry Details:**
- **In the Debit Side:**
- **Account:** Select the "Bank" or "Cash" account.
- **Amount:** Enter ₹1,50,000.
- **In the Credit Side:**
- **Account:** Select the "Land" account.
- **Amount:** Enter ₹1,50,000.
5. **Narration:** Write a brief description, e.g., "Adjustment of land account for the sale to [Client Name]."
6. **Save the Voucher:** Press `Ctrl + A` to save.
### **4. GST Considerations (If Applicable)**
If GST is applicable, you will need to create GST accounts and record GST amounts. The entries will be slightly different, involving:
- **GST Output Tax Account**: For GST on sales.
- **GST Input Tax Credit**: If you need to adjust for GST input credit.
The GST entries will be as follows:
1. **In the Credit Side of Sales Entry:**
- **GST Output Tax Account**: Add GST as per applicable rate.
2. **In the Debit Side:**
- **Bank/Cash Account**: Total amount including GST.
Make sure to maintain compliance with GST regulations and file GST returns accordingly.
### **5. Final Review**
Ensure all entries are accurate and balanced. Verify that your ledgers reflect the correct amounts and the sale is properly recorded.
### **Summary**
To record the sale of land in Tally:
1. **Create necessary ledgers** for Sales, Land, and Bank/Cash.
2. **Record the sale entry** using the Sales voucher type.
3. **Adjust the Land account** using a Journal voucher.
4. **Handle GST if applicable** by recording GST entries appropriately.
By following these steps, you can ensure that the sale of land is accurately reflected in your Tally books.
### **1. Create Necessary Accounts**
Before recording the transaction, ensure that you have the following accounts set up in Tally:
1. **Sales Account** (for recording the sale)
2. **Land Account** (for asset management, if not already created)
3. **Bank or Cash Account** (for receiving payment)
4. **GST Accounts** (if applicable)
### **2. Record the Sale Entry**
**Assuming there is no GST involved in the transaction**, you can record the sale entry as follows:
#### **2.1. ** Create Ledger Accounts
If not already created, set up the necessary ledger accounts:
1. **Land Account:** Go to `Gateway of Tally` > `Accounts Info` > `Ledgers` > `Create`. Name it "Land" and set it as an asset.
2. **Sales Account:** Go to `Gateway of Tally` > `Accounts Info` > `Ledgers` > `Create`. Name it "Sales of Land" (or similar) and set it as an income account.
3. **Bank/Cash Account:** Go to `Gateway of Tally` > `Accounts Info` > `Ledgers` > `Create`. Name it "Bank" or "Cash" depending on how you receive the payment.
#### **2.2. ** Record the Sale of Land
1. **Go to Gateway of Tally:** Press `F1` (Accounting Vouchers).
2. **Select the Voucher Type:** Choose `Sales`.
3. **Enter Date:** Enter the date of the sale.
4. **Voucher Number:** Enter the voucher number if applicable.
5. **Party's Name:** Select or create a ledger for the client from whom you received payment.
**Entry Details:**
- **In the Credit Side:**
- **Account:** Select the "Sales of Land" account.
- **Amount:** Enter ₹1,50,000.
- **In the Debit Side:**
- **Account:** Select the "Bank" or "Cash" account, depending on how you received the payment.
- **Amount:** Enter ₹1,50,000.
6. **Additional Details:**
- **Narration:** Write a brief description of the transaction, e.g., "Sale of land to [Client Name]."
7. **Save the Voucher:** Press `Ctrl + A` to save.
### **3. Adjust the Land Asset Account**
If you have a ledger account for land, you may also want to adjust it to reflect the sale:
1. **Go to Gateway of Tally:** Press `F1` (Accounting Vouchers).
2. **Select the Voucher Type:** Choose `Journal`.
3. **Enter Date:** Enter the date of the transaction.
4. **Voucher Number:** Enter the voucher number if applicable.
**Entry Details:**
- **In the Debit Side:**
- **Account:** Select the "Bank" or "Cash" account.
- **Amount:** Enter ₹1,50,000.
- **In the Credit Side:**
- **Account:** Select the "Land" account.
- **Amount:** Enter ₹1,50,000.
5. **Narration:** Write a brief description, e.g., "Adjustment of land account for the sale to [Client Name]."
6. **Save the Voucher:** Press `Ctrl + A` to save.
### **4. GST Considerations (If Applicable)**
If GST is applicable, you will need to create GST accounts and record GST amounts. The entries will be slightly different, involving:
- **GST Output Tax Account**: For GST on sales.
- **GST Input Tax Credit**: If you need to adjust for GST input credit.
The GST entries will be as follows:
1. **In the Credit Side of Sales Entry:**
- **GST Output Tax Account**: Add GST as per applicable rate.
2. **In the Debit Side:**
- **Bank/Cash Account**: Total amount including GST.
Make sure to maintain compliance with GST regulations and file GST returns accordingly.
### **5. Final Review**
Ensure all entries are accurate and balanced. Verify that your ledgers reflect the correct amounts and the sale is properly recorded.
### **Summary**
To record the sale of land in Tally:
1. **Create necessary ledgers** for Sales, Land, and Bank/Cash.
2. **Record the sale entry** using the Sales voucher type.
3. **Adjust the Land account** using a Journal voucher.
4. **Handle GST if applicable** by recording GST entries appropriately.
By following these steps, you can ensure that the sale of land is accurately reflected in your Tally books.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Miniscule brokerage & commission income
- Unsecured Loan amount
- Loan from family sources
- Capital gain on sale of gifted house property
- ITR 2 Updated Return AY 2024-25
- Income from a Non-resident company taxability
- Induvidual registered as building material trader can supply trading for LPG and OXYGEN
- Updated ITR for AY 22-23 and AY 21-22
- GST on Rent Commercial Unit
- TDS on Fixed Deposit Interest not claimed for Refund
- Revocation of capital gain exemption and sale of under construction flat
- Should need to file gstr9 fy 2023-24 turnover 2.10cr
- Transfer of partners own share/capital contribution to his son by appointment
- 2 challan file for same ITR outstanding
- GSTR2A and GSTR3B difference ITC ineligible how to return
- Ineligible ITC reversed but reflected in ITC reclaim ledger - how to rectify
- Multiple supplies under GST
- CA Final exam centre related query
- Updated ITR u/s 139(8A)
- TDS on Final installment
Trending Online Classes
CAclubindia
