Best 8 Journal Entries for Tally Practice

 If you guys are searhing for journal entries for tally practice then you should read this post because in this post we add some example for journal entries and these examples can help you to understand the basics of journal entries and how to make journal entries in tally.

journal entries for tally practice

journal entries for tally practice

1.) Cash Purchase:

Debit: Purchases

Credit: Cash/Bank

2.) Credit Purchase:

Debit: Purchases

Credit: Accounts Payable

3.) Cash Sale:

Debit: Cash/Bank

Credit: Sales

4.) Credit Sale:

Debit: Accounts Receivable

Credit: Sales

5.) Payment of Rent:

Debit: Rent Expense

Credit: Cash/Bank

6.) Payment of Salaries:

Debit: Salaries Expense

Credit: Cash/Bank

7.) Purchase of Equipment:

Debit: Equipment

Credit: Cash/Bank

8.) Depreciation Expense:

Debit: Depreciation Expense

Credit: Accumulated Depreciation

 Example of a journal entry

Date: June 1, 2023

Transaction: Paid rent for the month of June

Debit: Rent Expense

Credit: Cash/Bank

Explanation:

In this example, in this example let's assume a business pays rent for the month of June.

Now let's start the journal entry : 

Debit: Rent Expense - this account represents all the expenses of office space and premises.

Credit: Cash/Bank - This account will represent payment that is made in cash or through a bank transaction. 

 Conclusion

Here in this post, we add all some journal entries for tally practice so if you are learning tally then you should check out the post and solve the given examples.