A contra voucher in Tally is used to record which transaction?
- A.Sale of goods on credit
- B.Payment of salary to staff
- C.Cash deposited into the bank
- D.Purchase of raw material
Correct answer
Explanation
The correct answer is C, cash deposited into the bank. A contra voucher records movements that do not change the total funds of the business but only shift them between cash and bank or between two bank accounts, which is why both sides of the entry are the firm's own accounts. Option A is wrong because a credit sale is entered through a sales voucher, which also updates the customer's ledger and stock. Option B is wrong because paying salary is money going out to others and is entered through a payment voucher. Option D is wrong because buying raw material is entered through a purchase voucher. Remember the set in order: payment, receipt, contra, journal, sales, purchase, debit note and credit note, with contra as the only one limited to internal transfers of funds.
Read the full article: Business Software: ERP, CRM, MIS and Tally Basics
Practice Questions
View allIn business software, ERP stands for what?
- A.Electronic Record Processing
- B.Enterprise Resource Planning
- C.Enterprise Report Publishing
- D.External Resource Protocol
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An ERP package replaces separate departmental programs with one integrated suite built on a single shared database, so a transaction entered once flows through stock, production, dispatch and the ledger.
Read the full explanation →Which type of software is used to manage a company's contacts, enquiries, campaigns and service history?
- A.CRM software
- B.Compiler
- C.Device driver
- D.Disk defragmenter
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Customer relationship management software keeps the record of every dealing with a customer or prospect, including contacts, enquiries, calls, complaints, campaigns and purchase history, and is divided into operational, analytical and collaborative CRM.
Read the full explanation →Tally is best described as which kind of software?
- A.Operating system
- B.Accounting software
- C.Antivirus software
- D.Web browser
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Tally, from Tally Solutions of Bengaluru, keeps ledgers and groups, takes entries as vouchers, and produces the trial balance, profit and loss account, balance sheet, day book and stock summary without separate work; later versions added inventory, payroll and tax features, and the current line is TallyPrime.
Read the full explanation →Which system mainly records the routine day-to-day transactions of an organisation?
- A.Transaction processing system
- B.Executive information system
- C.Decision support system
- D.Knowledge management system
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A TPS serves the operational level, capturing sales, deposits, bookings, issues of material and payroll entries as they happen, where accuracy, speed and reliability matter more than analysis; it is also the source of the data that higher systems later summarise.
Read the full explanation →SAP, Oracle and Microsoft Dynamics are well-known products in which category?
- A.Antivirus suites
- B.ERP software
- C.Image editors
- D.Operating systems
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All three are sold as enterprise resource planning suites, with modules for finance, human resources, materials, manufacturing and sales working on one shared database; Infor belongs to the same list, and Odoo and the Indian ERPNext are the open-source examples.
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