Journal Entries in Tally Software for Business Transactions

1. Commenced business with cash Rs.10,00,000

To record this transaction in Tally software, you need to create a journal entry with appropriate debit and credit entries. Here's how you can do it:

1. Open Tally software and select the company in which you want to record the transaction.
2. Go to the "Gateway of Tally" and click on "Accounting Vouchers".
3. Select "Journal Voucher" from the list of vouchers.
4. In the journal voucher, enter the date of the transaction.
5. In the first line, select the Cash ledger under the "Debit" column.
6. Enter the amount of Rs.10,00,000 in the "Amount" column.
7. In the second line, select the Capital Account ledger under the "Credit" column.
8. Enter the amount of Rs.10,00,000 in the "Amount" column.
9. Press Enter to save the journal entry.

Explanation:
- When a business commences, the owner contributes capital to the business. In this case, the owner has contributed cash of Rs.10,00,000 to start the business.
- The journal entry records the increase in the Cash account (debit) and the increase in the Capital account (credit).
- The Cash account is debited to reflect the inflow of cash into the business.
- The Capital account is credited to represent the owner's equity in the business.

2. Deposit cash into SBI bank Rs. 1,15,000

To record this transaction in Tally software, you need to create a journal entry for the cash deposit into the SBI bank. Here's how you can do it:

1. Open Tally software and select the company in which you want to record the transaction.
2. Go to the "Gateway of Tally" and click on "Accounting Vouchers".
3. Select "Journal Voucher" from the list of vouchers.
4. In the journal voucher, enter the date of the transaction.
5. In the first line, select the Cash ledger under the "Debit" column.
6. Enter the amount of Rs.1,15,000 in the "Amount" column.
7. In the second line, select the SBI Bank ledger under the "Credit" column.
8. Enter the amount of Rs.1,15,000 in the "Amount" column.
9. Press Enter to save the journal entry.

Explanation:
- When cash is deposited into the bank, it results in an increase in the bank balance.
- The journal entry records the decrease in the Cash account (debit) and the increase in the Bank account (credit).
- The Cash account is debited to reflect the outflow of cash from the business.
- The Bank account is credited to represent the increase in the bank balance.

Conclusion:
Recording business transactions in Tally software is essential for accurate financial reporting and maintaining proper books of accounts. By following the steps mentioned above, you can easily create the journal entries for the given transactions in Tally software. Remember to select the appropriate ledgers and enter the amounts correctly to ensure accurate recording of the transactions.