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We have learned how to create sales /purchase ledger also discussed about income/ expenses ledger. Today we are going to learn how to create a party ledger in tally. Here party means both Sundry debtor and sundry creditor. Before start creating party ledger we should know who is a sundry debtor and who is a sundry creditor?

Sundry Debtor

We can call it in short as debtor, Debtor is a person or business organisation who owes money to us. Or in other words when you lend money or sell goods on credit to another party.That party becomesa debtor to us. Sundry debtor is a Current Asset and reported to the Asset side of balance sheet.

Example of Debtor: A Sold goods to B on credit. In this transaction B becomes debtor to A because B owe money to B.

Sundry Creditor

 Or in short creditor is just opposite of debtor.A creditor is a person, or organisation giving credit. or in other words creditor is one who lends money or sale goods on credit. he/Institution becomes creditor to the receiver or borrower. Sundry creditor is a Current Liabilities to hence shown in the Liability side of Balance sheet.

Example of Creditor: A Sold goods to B on credit. In this transaction A becomes Creditor to b because A gives or money to B. B Liable to pay A.

Let’s create following party Ledger with the example given below. In this example we will be creating ledgers under sub groups (created sub groups)

Examples of Sundry Debtors Ledger

ABC Ltd is a Grocery Whole Seller and, They Sold 10 bag  rice to Vishal Traders on credit. In this example Vishal traders is the Sundry Debtor. Create Ledger Vishal Traders.To create this

Go to Gateway of Tally>Accounts Info>Ledgers>Create

Now you are in ledger creation screen, Fill the details requested by tally

Name: Name of Ledger: In our case Vishal Traders

alias: This is another name for the same ledger, it is not compulsory but you can use if you want.Alias can be used as a accounting code. for example for easy access of ledger you can give code like ‘SD001’ .If you give any alias, you can access or select the ledger using taht name also.

Under: This must be selected ‘Sundry Debtor

Inventory Values are affected ? :  No

Enter other details like address, PAN NO etc as shown in the below figure.

Opening Balance: Opening balance will there only if you are creating a ledger already exist in last financial year or when moving a manual system to Computer Accounting.

Sundry Debtor Creation screen

Press Enter Key to accept and save the screen.

Example of Sundry Creditor Ledger

ABC Ltd is a cloth Merchant and Purchase Cloth from Surya Textiles for Credit.In this case Sury Textiles is the sundry creditor to ABC Ltd.

You can create  the ledger as follows.

  • Name: Surya Textiles
  • Under: Sundry Creditors
  • Enter other, Name, address, country,state,Pincode,PAN
  • Opening Balance: If any opening balance is there put it in the column provided.

Sundry creditors ledger creation screen

Press Ctrl + A to accept and save the screen.

Creating Debtors & Creditors Ledger  under Sub group.

As Sundry debtor and sundry creditor is a default group, we can create ledger under it and in report we can view all ledger under this group in a single place. If you want more classification You can do it by creating sub group under main group. This will give more efficient report. For example

Scenario

Create the following ledger of ABC LTD (Know how to create company).In this example we have created sub group under Main group SD & SC

Ledger Name Under ( Sub group) Under ( Main Group) Opening Balance
Ambuja Cements Debtor North Sundry Debtor 50000
Ashok Leyland Debtor South Sundry Debtor 25000
Essar Debtor East Sundry Debtor 15000
GAIL India Mumbai Creditors Sundry Creditors 25000
Bombay Dyeing Delhi Creditors Sundry creditors 75000
TVS Chennai Creditors Sundry creditors 10000

Before creating above party ledgers you must create sub group as per this example, like Debtor North, Mumbai creditors etc .

Sundry Debtor Ledger or Account

After Creating sub group, we are going to create the first Ledger “Ambuja cements

Go to

Gateway of tally >> Accounts info>>Ledgers>>Create

Type the following details in the ledger creation screen

  • Name: Ambuja cements
  • Under:  Debtor North (This is a child group we have created under Sundry debtors)
  • Inventory values are affected: This will be visible only if you created a company in Accounts with inventory mode.
  • Mailing details:  Enter Name, address, State, Pin code of the party on the right hand side of the screen
  • Tax information:  Enter PAN, VAT NO, and CST NO of the party here.
  • Opening Balance: And finally at the bottom enter the given opening balance here it is Rs 50000.00. The debtor balance must be Debit (Dr), there may be some exceptions.

For more clarity see the picture

Now press enter and save the screen. So the first party ledger is created. Now it is your turn to create the second and third ledger which should be created in the same manner described above.

Sundry Creditor Ledger or account

This is similar to creating debtor ledger, the only difference is exists in group under which the ledger exists.

So we are going to create the fourth ledger “GAIL India”. Enter all the details as in the picture below.

Now Press enter and save the screen. Create fifth and sixth ledger yourself, for any doubts you can ask me using our comment section. I will be responding your queries within 48 hours

Comments (2)

  • i have a party from whom i purchase some items and to the same party or client i sell some product. i cant to create a ledger of that client or party. my question is do i create it under sundry debtor or sundry creditor??????????

    Reply
  • How to see the result

    Reply

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