Budget Practical Assignment in Tally

 

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Budget Practical Assignment in Tally

Read the below-given business scenario and implement it in Tally Prime by creating a company for Raman Research Centre.

1.1.           Business Scenario I

Raman Research Centre is a research company owned by Mr. Raman. He wants to plan and track the expenses

Expenses Name	Period	Budgeted Amount	Budget Type
Advertisement Expenses	Q1 - AMJ	1,00,000	On Closing Balances
Sales Bonus	Q1 - AMJ	1,00,000	One Net. Transactions

Record the below transactions

Date	Transaction details	Amount
01-04-2019	Payment made for Advertisement Expenses	20,000
30-04-2019	Payment made for Sales Bonus	30,000
05-05-2019	Payment made for Advertisement Expenses	25,000
30-05-2019	Payment made for Sales Bonus	30,000
25-06-2019	Payment made for Advertisement Expenses	20,000
30-06-2019	Payment made for Sales Bonus	50,000

 

1.1.           Business Scenario II

Teach Well Ltd is willing to track Indirect Expenses and Direct Incomes for the whole year and compare with budgeted amounts.

Group Name	Period	Budgeted Amount	Budget Type
Indirect Expenses	FY – 2019-20	10,00,000	On Closing Balances
Direct Income	FY – 2019-20	20,00,000	On Closing Balances

Record the below transactions

Date	Transaction details	Amount
20-04-2019	Tuition Fees received	75,000
30-04-2019	Salaries paid	50,000
05-05-2019	Tuition Fees received	1,25,000
30-05-2019	Salaries paid	60,000
30-05-3019	Advertisement expenses paid	40,000
25-06-2019	Tuition Fees received	1,45,000
30-06-2019	Salaries paid	75,000
30-06-2019	Commission paid	30,000
20-07-2019	Tuition Fees received	1,90,000
30-07-2019	Salaries paid	70,000
31-07-2019	Office Rent paid	40,000

1.1.           Business Scenario III

Ideal Paints Ltd is having salesmen and fixes targets for their performance, every half year it does performance review against targets.

Salesman Name	Period	Budgeted Amount	Budget Type
Anil Sharma	HY – Apr 19 to Sep 20	8,00,000	On Closing Balances
Srinivasan	HY – Apr 19 to Sep 20	10,00,000	On Closing Balances

Record the below transactions

Date	Transaction details	Amount	Salesman
18-04-2019	Sales	88,000	Srinivasan
25-04-2019	Sales	72,500	Anil Sharma
04-05-2019	Sales	44,500	Anil Sharma
25-05-2019	Sales	98,000	Srinivasan
28-05-3019	Sales	23,300	Srinivasan
20-06-2019	Sales	55,500	Anil Sharma
22-06-2019	Sales	35,550	Srinivasan
28-06-2019	Sales	49,990	Anil Sharma
15-07-2019	Sales	74,440	Srinivasan
30-09-2019	Sales	88,880	Anil Sharma
30-09-2019	Sales	44,440	Srinivasan

1.1.           Budget tracking

Below are the outcomes after recording transactions in business scenarios, this is for your reference to ensure you have done it properly.

1.1.           Budget Variance Report – Business Scenario I

1.1.           Budget Variance Report – Business Scenario II

1.1.           Budget Variance Report – Business Scenario III