The F7 key in Tally.ERP 9 is used to record journal entries. Here are some examples of journal entry scenarios and how they would be recorded in Tally: Scenario 1: Recording a Bank Deposit * Transaction: You deposit ₹10,000 into your company's bank account. * Journal Entry: * Debit: Bank Account (₹10,000) * Credit: Cash Account (₹10,000) Scenario 2: Recording a Purchase on Credit * Transaction: You purchase inventory worth ₹5,000 on credit from a supplier. * Journal Entry: * Debit: Purchases Account (₹5,000) * Credit: Accounts Payable (₹5,000) Scenario 3: Recording Depreciation Expense * Transaction: You record depreciation expense of ₹1,000 for the month. * Journal Entry: * Debit: Depreciation Expense Account (₹1,000) * Credit: Accumulated Depreciation Account (₹1,000) Scenario 4: Recording a Bad Debt * Transaction: You determine that a customer's outstanding balance of ₹500 is unlikely to be recovered. * Journal Entry: * Debit: Bad Debt Expense Account (₹500) * Credit: Accounts Receivable (₹500) Scenario 5: Recording a Journal Entry for a Contra Account * Transaction: You record a contra entry for a discount received on a purchase. * Journal Entry: * Debit: Accounts Payable (₹100) * Credit: Purchases Discount Received Account (₹100) Key Points to Remember: * Double-Entry System: Every journal entry must have at least one debit and one credit, ensuring that the accounting equation remains balanced. * Account Balances: The normal balance of an account determines whether it is debited or credited to increase or decrease its balance. * Narration: Always provide a brief description of the transaction in the narration field for future reference. By understanding these basic concepts and practicing with different scenarios, you can effectively use the F7 key in Tally.ERP 9 to record various journal entries accurately.