Bill By Bill Adjustment

BILL BY BILL: -Normally in a business the transaction with suppliers & customers are numerous and repeating. in most cases credit is available for some period and payment become due after credit days.

Payment is made when bill become overdue. Sometimes instead of making full payment of a bill, pay part of bill or pay lump sum amount against outstanding bills and then settle the account periodically. In view of these complexities, it may not be sufficient to know just the ledger balance of such accounts but you may need to know the bill wise balance of outstanding. You need to maintain more details like original bill amount, credit days, and outstanding payment with bill wise break up. Get such finer details of required ledger accounts of the sundry debtors & creditors, 

 

Tally provides an additional feature termed bill by bill details. It also has features to calculate the interest as per user defines.

Bill by bill

1)     Create company

2)      Press f11 and then press f1 (Enable all four options of outstanding management). Then press (ctrl+ a).

3)     Then go to the gateway of tally and create single ledger  

4)     Notes: -

a)      Maintain balance bill by bill :-Only enable in case of sundry creditor and sundry debtor.

b)     Inventory values are affected: -Enable only in case of Purchase, sales, purchase return and sales return.

c)      Activate interest calculation: -Enable in case of sundry debtor and sundry creditors.

 

5)     In ACTIVATE INTEREST CALCULATION define parameter as followings: -

 

 

6)     after create ledger go to gate way of tally and create voucher entry as your sums: -

7)     press f2 for changing the date according your entry.

 

SUMS FOR PRACTICE

TEST-1

1st April              Started business with furniture 50000 and land and building 500000 Rs....

3rd April             Purchase some goods from Mohan cost price 150000 Rs.... @ 15% trade discount paid half amount same time and balance on 5 days credit period then after 5% interest will be charged.

10th April           Sold half of above goods @ 20% profit and received 25% amount same time by cheque and balance on 3-day credit period then after 6% interest will be charged (Sohan)

15th April          Sohan returned half of above goods due to some technical fault.

20th April          Paid to Mohan balance amount by cheque.

25th April          Sohan settled his account by   full and final payment by cheque.

 

TEST-2

1st April              Started business with cash 5, 00,000 and bank balance 25,000.

3rd April             Purchased some goods from ram cost price 1,50,000 @ 10% trade discount and 5% cash discount paid 70% amount same time and balance on 3 days’ credit period then after 5% interest will be charged.

5th April              Sold furniture to Hari Shankar cost price 25000 @ 10% loss and received half amount same time and balance on 10 days credit then after 5% interest will be charged.

10th April           Returned half goods to ram due to some technical fault.

25th April           Paid to ram balance amount.

28th April           HARI Shankar become insolvent and received only 60% amount from him.

25th may            Received balance amount from Hari Shankar which was already transferred into the bad debts account.

TEST-3

1ST APRIL          Started business with cash 1, 50,000 Rs.... bank balance 250000 Rs....

2nd April            Purchased some items from A Kumar cost 15,000 Rs.... @ 10% trade discount and paid half amount same time balance on 3 days credit period then after 5% interest will be charged.

12th April           Purchase again some items from A kumar cost 25,000 Rs.... @ 5% trade discount and all item on 3 days credit period then after 5% interest will be charged.

18th April           Sold some items to B Kumar cost 45,000 Rs.... And paid half amount same time and Balance on 5 days credit period then after 5% interest will be charged.

19th April           Paid to A Kumar 30,000 Rs.... Against due amount by cheque.

25th April           Received from B Kumar whole balance amount. By cheque.

30th April           Above cheque deposited into the bank.

 

TEST-4

1st April              Started business with land and building 250000 and furniture 50000 Rs....

3rd April             Sold some items to Mona cost price 25000 Rs... @ 10% trade discount and 5% cash discount half amount received by a draft and balance on 3 days credit period then after 5% interest will be charged.

4th April              Sold furniture to raj Kumar cost 150000Rs.on 3 days credit period then after 5% interest will be charged.

10th April           Received 10000 Rs... From Mona as, full settlement of his account.

15th April           Purchase goods from Sona cost price 200000 @ 5% trade discount and paid 25000 Rs... Same time and balance on 5 days credit period then after 5% interest will be charged.

25th April           Raj paid us full amount by cheque.

 

TEST-5

1st April              Started business with cash 15000 Rs. and bank balance 25000 Rs. and land and building 150000 Rs....

3rd April             Purchased some goods from Vinod cost price 250000 Rs... Paid 20% amount same time and balance on 5 days credit then after 5% interest will be charged.

8th April              Sold furniture to Krishna cost 125000 paid 70% amount same time and balance on 3 days credit period then after 5% interest will be charged.

15th April           Paid balance amount to Vinod by cheque.

20th April           Krishna paid balance amount in cash

3rd may              Above cheque bounced.