DK Goel Class 11 Accountancy Solutions: Chapter 27 Overview

Tally is a windows based software used to record day to day operation of a business. This is called an ERP or Enterprise Resource Planning software. From inventory, management to recording invoices, everything can be done with Tally software. So from small to large enterprises, banking, tax management Tally software can be used. This user-friendly software handles all kinds of business transactions.

To operate the Tally software, one must possess a good understanding of accounting and taxes. This tool takes care of all the aspects of business like sales, purchases, payroll management, inventory management, and discounting amongst many others.

In the class 11 DK Goel solutions accounting software package Tally, the features of Tally software are discussed in detail.
 

The Important Features of Tally Software are:

• The main use for Tally is to create financial statements as per the business requirement.

• Because of the ease of creating financial statements like annual profit/loss statements in Tally software. Filing a Tax return, Filing for GST, etc can be done very quickly and efficiently

• With Tally software it is easy to keep the inventory updated after every transaction.

• According to class 11 accountancy chapter 27 DK Goel solutions PDF, Tally software can keep records of the payroll of employees very efficiently, so the need for maintaining separate records for employee wages are not needed.

• Class 11 DK Goel solutions accountancy chapter 27 solution describes that the cost center facility in Tally software makes it very easy to calculate the cost.

• All of the financial and account information of a business can be calculated and stored in Tally software. This centralization of all the financial information makes record keeping very efficient.

• Management Information System reports can be made using Tally software.

• Calculation of interest also can be done with Tally software.

• Tally software allows transactions in multiple currencies.

• Tally software can be easily accessed from anywhere.
  
  

Installation Procedure of Tally software

Here the installation procedure for Tally software is given in DK Goel Solutions Class 11 accountancy solutions chapter 27:

• Insert the driver CD in the CD Drive of the computer.

• Click twice on the install.exe option on the screen after inserting the CD. Alternative Step: Click- Start>click run> enter CD Drive>click Install.exe.

• The setup Wizard of Tally software will pop up and give the relevant instruction to install the software. Double click the setup icon.

• Users can customize at this point and change the default setting and configuration.

• Setup wizard will show finished when the installation is complete.

• CD will be ejected automatically after the installation is completed.

• The shortcut of the application will be added to the desktop.
  
  

Preparation Tips

• If you want to score high marks, please go through dk goel solutions class 11 accountancy solutions chapter 27. It is a comprehensive book and includes high standard questions that check the understanding of concepts.

• Learning to use Tally software and its features are very important.

• Download a free copy of Vedantu’s class 11 accountancy chapter 27 dk goel solutions pdf and learn about all aspects of Tally Software. It will definitely help you score good marks.

• Learn the flow of accounting data from one module to another in the software and relate it to your theory.

• Practice generating accounting and inventory reports on the software to get a proper understanding of how reports are generated in real-time.

• To learn using Tally software easily, a student should be well versed with all the concepts of accounting. 

• Knowledge of taxes such as VAT, TDS, GST is necessary to gain an in-depth comprehension of the working of the software.

• The more you use the Tally software, the better will be the grasping capability.

• Practice making journal entries in the Tally software by following the three golden rules of accounting.
  
  

Terminologies in the Chapter 

• Accounting: Accounting is the reporting, documenting, evaluating, and summarising of economic data. Accounting provides information about the financial health of an organisation to decision-makers, allowing them to make better decisions. Accounting is utilised by everyone nowadays, and everyone benefits from having a thorough understanding of it. Accounting can be thought of as a financial language.

• Profit and gain: During an accounting period, profit is the difference between income and expenses. It is the consequence of regular business operations, whereas gain is the result of unrelated business events or transactions, such as the selling of a fixed asset or the winning of a lottery prize.

• Capital Expenditure: Capital expenditure refers to any expense made to acquire or improve the value of a fixed asset. Similarly, the entire amount spent on Plant and Machinery, Land and Building, Furniture and Fixtures, and other similar expenses pays off over time.

• Revenue Expenditure: Revenue expenditure refers to any expense whose benefit is realised during the current year. Likewise, all revenue expenditures are deducted from the Trading and Profit and Loss account.

• Computerised accounting system: A computer accounting system is one that is used to prepare business financial transactions and occurrences. Generally Accepted Accounting Principles (GAAP) are used to prepare the statement.

• Debtors and creditors: Debtors owe money to the company for goods sold or services given on credit, whereas creditors owe money to the company for goods and services purchased on credit.
  
  

Detailed Summary

Tally is an accounting software package developed by DK Goel Solutions for Class 11 students. These answers were created using the most recent DK Goel Accountancy book published this academic year. You may learn about Tally's features and installation procedures in this chapter. Tally is widely used in a variety of businesses, and this chapter provides an overview of the software and its capabilities.

The chapter also includes well-crafted questions that will aid Class 11 Accountancy students in comprehending the ideas. 

Here, you will also deal with some salient features of Tally, some of them are mentioned below:

• Tally allows you to manage your inventory. It is possible to acquire an updated stock summary after each transaction once the available units have been recorded in it.

• There's no need to keep separate records for salaries and wages because payroll has the same features.

• Tally makes it simple to prepare tax reports and file tax returns because balance sheets, P&L statements, TDS returns, excise forms, VAT forms, service tax returns, and so on can all be generated quickly and efficiently.

• Tally's cost centre feature makes it simple to figure out how much a job costs.

• Tally also has a function called data synchronisation, which allows you to handle data across many locations.Tally allows you to create a variety of MIS reports and keep track of your budget.

• It also computes interest on the amount owed.