How To Create Balance Sheet, P&L Account

What is Final Account | Trail Balance in Tally

As important as Voucher Entry, GST Management, Stock Management, Payroll Management, BRS, Backup and Restore is in Tally, Final Account Preparation is as important as the data of our daily work is stored in Tally through which the company Or the information about the actual status of the organization is received, so today we are going to get information about what is Final Account, Balance sheet, Profit & Loss Account, Trail Balance, Final Account in tally in tally.

What is Final Account

Final Account is a statement by which the final account is prepared to get the actual information about the profit or loss in the business.

Final account is prepared at the end of a specified period or financial year,

• Profit & Loss Account
• balance sheet
• Trading Account
• Stock Summary

Final Account in Tally

There are three types of final accounts in Tally –

• Profit & Loss Account
• Balance sheet
• Trail Balance sheet

Balance sheet in Tally

Balance sheet in Tally : Balance sheet is a financial statement, which shows the liabilities and assets of the business, through the balance sheet the owner of the business knows how many liabilities we have which we have to pay and Information about how much property is there as well as Income Receivable and Expense Payable is obtained so that the company and business can be run well.

There is also a shortcut “B” for balance sheet in Tally.

We can divide the balance sheet into two parts, Assets & Liabilities. In which you can input data in the Assets & Liabilities category according to Transaction.

Balance sheet Format

Assets Section : Final Account in Tally

• Current Assets
• Fixed Assets
• Good Will
• Other Assets

Liabilities Section : Final Account in Tally

• Current Liabilities
• Payables

Profit & Loss Account in Tally

Final Account in Tally : Profit & Loss Account This is a financial statement in which the details of the purchase and sale instructions are shown in the business, through this the Nagaur Honey happening in the business can be known.

Tally also has Profit & Loss Account shortcut key “P”.

We can divide Profit & Loss Account into two parts Income & Expenses. In which you can input data in Income & Expenses category according to Transaction.

Profit & Loss Account Format

Income : Final Account in Tally

1- Sales Account

• Sales (+)
• Sales Return (-)

3- Closing Stock
4- Indirect Income

• Discount Received (+)
• Interest Received (+)

5- Other Income

Expenses : Final Account in Tally

• Opening Stock
• Purchase Account
• Indirect Expenses

Trail Balance Sheet in Tally

Final Account in Tally : Trail Balance Sheet which is called Trial Pat, Trial Patt is used to find out and correct mistakes in Tally. The Trail Balance Sheet shows all the Ledger Groups formed under a company, along with which Ledger belongs to which group, through which errors can be detected.

Trial board displays Debit and Credit Amout, through which errors can be found and corrected. The shortcut key of Trail Balance Sheet is DT.

Stock Summary in Tally

Final Account in Tally: Stock Summary This is a statement, by which provides information about the goods purchased and sold in a given period, as well as provides information about Closing Stock and Opening Stock. Through this our stock management can be done in a very good way.

Shortcut Key of Stock Summary in Tally is “S”.

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