Computerised Accounting SOP1

SOP 1 : Mr. Ravindrakumar started business by the name M/s Bitwise Trading Company in the year 2019
With the help of any open source or free education version accounting software pass.the following transactions in appropriate vouchers to display and print various reports,such as Trial Balance, Profit & Loss A/c, Balance Sheet and Day Book.

Solution: Company Info > Create Company
i) Create a new company in the name of M/s Bitwise Trading Company with the given details, financial year begins on 1/04/2019.

ii) After creation of a company. The features are set of capabilities, provided as options. Go to Features -> Company Features ->Accounting Features-> Maintain Accounts only >> Type No

STEP II : Creation Of Ledger
To create given Ledgers –
Masters --> Account Info ---> Ledgers-->Single Ledger --> Create

Ledger Under Group
ledgerunder group
Capital A/cCapital Account
Bank Of India A/cBank Account
Salary A/cIndirect Expenses
Purchase A/cPurchase Accounts
Sharada Steel Works A/cSundry Creditors
Sales A/cSales Accounts
Interest ReceivedIndirect Income
Machinery A/cFixed assets

Step III : Voucher Entries: To enter transactions through vouchers Transactions > Accounting Vouchers.
Analysis of Transactions
Sr No. Date Voucher Transaction Entry Amount
1 1/04/2019 Receipt Mr. Ravindrakumar started business with cash Cash a/c—dr.
To capital a/c
2 1/04/2019 Purchases Purchased goods from Sharada Steel works on credit Purchase a/c-dr.
To sharada s.w.a/c
3 2/5/2019 Payment Paid salary to staff Salary a/c—dr.
To cash a/c
4 1/6/2019 Contra Cash deposited into Bank of India Bank of india ---dr.
To cash a/c
5 2/6/2019 Sales Sold goods to Rakesh Enterprises on cash Cash a/c-----dr.
To sales a/c
6 2/7/2019 Payment Purchased Machinery Machinery a/c---dr.

To cash a/c
7 2/12/2019 Receipt Received Interest on cash deposited in Bank of India Bank of india ---dr.
To interest received a/c
Step IV: To view various Reports :
(i)To view Trial Balance  Display > Trial Balance > Detailed Trial Balance

(ii) To view Profit and Loss A/c  Reports > Profit & Loss A/c

(iii) To view Balance Sheet  Reports > Balance Sheet > Detailed

(v) To view Day Book  Display > Day Book > Detailed (Alt + F1)