Course Overview | Tally Prime & Accounting
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Course Syllabus
1
1 Tally Prime Fundamentals, Golden Rules & Ledgers
Course Mock Test
Chapter 1

Tally Prime Fundamentals, Golden Rules & Ledgers

Master double-entry bookkeeping, Golden Rules, Company Creation, Groups, Ledgers, and Voucher Shortcuts (F4 to F9).

Tally Prime: Computerized Financial Accounting

Tally Prime is India's leading business accounting, inventory management, and taxation (GST) software. It follows the principles of Double Entry Bookkeeping.

Golden Rules of Accounting:
Account TypeRule DescriptionExamples
Personal AccountDebit the Receiver, Credit the GiverRahul A/c, Satyam Education A/c, Bank A/c
Real AccountDebit what comes in, Credit what goes outCash A/c, Furniture A/c, Machinery A/c
Nominal AccountDebit all Expenses & Losses, Credit all Incomes & GainsSalary A/c, Rent A/c, Commission Received
Key Voucher Types & Shortcuts in Tally:
  • F4: Contra Voucher: Bank deposit, bank withdrawal, or fund transfer between bank accounts.
  • F5: Payment Voucher: Cash or bank payment made for expenses, creditors, purchases.
  • F6: Receipt Voucher: Cash or bank funds received from debtors, revenue, capital.
  • F7: Journal Voucher: Non-cash adjustment entries, depreciation, bad debts.
  • F8: Sales Voucher: Goods sold on cash or credit.
  • F9: Purchase Voucher: Goods purchased on cash or credit.
Hands-on Laboratory Procedures & Shortcuts

Follow the steps below to practice directly on your computer.

Practical Workflow in Tally Prime:
  1. Press Alt + F3 or F3 → Create Company (Set financial year: 1st April to 31st March).
  2. Go to Gateway of Tally → Create → Ledger:
    • Capital A/c → Under Capital Account
    • SBI Bank A/c → Under Bank Accounts
    • Rent A/c → Under Indirect Expenses
    • Computer Sales A/c → Under Sales Accounts
  3. Go to Vouchers → Enter transaction using F5/F6/F8/F9.
  4. Check Balance Sheet (B) and Profit & Loss A/c (P).
Watch the video class above while following along with the practical exercises.
Key Summary & Revision Bullet Points

Quick cheat-sheet to review before online examinations.

• Financial Year in India: 1st April of current year to 31st March of next year.
• GST Components: CGST (Central GST) + SGST (State GST) on intra-state sales; IGST (Integrated GST) on inter-state sales.
• Gateway of Tally: The main dashboard of Tally software.
• F11: Company Features | F12: Configuration settings.
Frequently Asked Viva & Exam Questions

Review these standard questions frequently asked in diploma exams and job interviews.

Q1: What is a Contra Voucher (F4) in Tally?
Ans: A Contra voucher records transactions involving transfers strictly between Cash and Bank accounts (e.g. depositing cash into bank, withdrawing cash from bank, transferring money between two bank accounts).

Q2: What is the Golden Rule for Nominal Accounts?
Ans: 'Debit all expenses and losses, Credit all incomes and gains.'
Interactive Chapter Quiz

Test your mastery immediately! Click an option to see instant answer feedback.

Q1 Which function key is used for Contra Voucher in Tally?
A. F4
B. F5
C. F6
D. F8
Explanation: F4 opens the Contra voucher used for Cash-to-Bank and Bank-to-Cash transactions.
Q2 What is the Golden Rule of Accounting for a Real Account?
A. Debit the Receiver, Credit Giver
B. Debit what comes in, Credit what goes out
C. Debit all expenses, Credit incomes
D. None of these
Explanation: Real Account rule is: Debit what comes in, Credit what goes out.
Q3 Which voucher type is selected by pressing F5 in Tally Prime?
A. Receipt
B. Payment
C. Sales
D. Purchase
Explanation: F5 is the shortcut for Payment Voucher.
Q4 Under which group is Salary Paid classified in Tally?
A. Direct Expense
B. Indirect Expense
C. Current Asset
D. Capital Account
Explanation: Office salaries are categorized under Indirect Expenses.
Q5 Which shortcut opens the Company Features menu in Tally?
A. F1
B. F11
C. F12
D. Alt + F4
Explanation: F11 opens Company Features (Accounting, Inventory, Statutory/GST).
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