Tally Budgets Assignment – Yellow Belt

1.  Introduction

Read the below-given business scenario and implement it in Tally.ERP 9 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 NamePeriodBudgeted AmountBudget Type
Advertisement ExpensesQ1 – AMJ1,00,000On Closing Balances
Sales BonusQ1 – AMJ1,00,000One Nett Transactions

Record the below transactions

DateTransaction detailsAmount
01-04-2019Payment made for Advertisement Expenses20,000
30-04-2019Payment made for Sales Bonus30,000
05-05-2019Payment made for Advertisement Expenses25,000
30-05-2019Payment made for Sales Bonus30,000
25-06-2019Payment made for Advertisement Expenses20,000
30-06-2019Payment made for Sales Bonus50,000

1.2.          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 NamePeriodBudgeted AmountBudget Type
Indirect ExpensesFY–2019-2010,00,000On Closing Balances
Direct IncomeFY – 2019-2020,00,000On Closing Balances

Record the below transactions

DateTransaction detailsAmount
20-04-2019Tuition Fees received75,000
30-04-2019Salaries paid50,000
05-05-2019Tuition Fees received1,25,000
30-05-2019Salaries paid60,000
30-05-3019Advertisement expenses paid40,000
25-06-2019Tuition Fees received1,45,000
30-06-2019Salaries paid75,000
30-06-2019Commission paid30,000
20-07-2019Tuition Fees received1,90,000
30-07-2019Salaries paid70,000
31-07-2019Office Rent paid40,000

1.3.          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 NamePeriodBudgeted AmountBudget Type
Anil SharmaHY–Apr 19 to Sep 208,00,000On Closing Balances
SrinivasanHY–Apr 19 to Sep 2010,00,000On Closing Balances

Record the below transactions

DateTransaction detailsAmountSalesman
25-04-2019Sales72,500Anil Sharma
04-05-2019Sales44,500Anil Sharma
20-06-2019Sales55,500Anil Sharma
28-06-2019Sales49,990Anil Sharma
30-09-2019Sales88,880Anil Sharma

1.4.          Budget tracking

1. Find out budget utilization for all Business Scenarios

2. View Budget variance report

2.   Reports outcome

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