Hello friends, today we are going to do the third and last
case in teleprime, in which we made both provision for
depreciation and asset disposal account.
Case number 3, I will take you to the pad and show you once.
Come and see, here we have case number 3.
We will post these entries in teleprime and we will see how
all these ledgers we made in teleprime.
Third and last case.
Sir, let's create a company.
Yes, of course.
Create a company.
Come here.
Create a company.
Press F3 with Alt.
Go to Create Company.
Write the name of the company here.
Provision for Depreciation and Asset Disposal.
Write both names.
Write the address quickly.
Write the address.
Take the state below.
Take the PIN code.
Mobile number.
Email.
Website.
Shop.
Financial year.
Press K with Alt.
A for Alter.
K with Alt.
A for Alter.
Open the company and change the financial year.
Let's start with 1st January 2003.
1st January 2003.
Press Enter.
Save the screen.
Yes, sir, we did it.
Very good.
Come out.
Yes, sir, we are on Teleprime.
Now let's start.
Let's have a look.
1st Entry.
See in Notes.
Machinery Account.
Debit to Bank Account.
6 Lakhs.
There should be money in the bank for this.
Let's do as we have done.
Let's do the arrangements first.
V for Voucher.
F6 Received Voucher.
20 Lakh Capital.
Press C with Alt.
Press Credit.
Owner's Capital Account.
Under the heading of Capital Account.
Press Enter.
Owner's Capital Account.
Under the heading of Capital Account.
20 Lakhs.
Debit to Bank.
HDFC Bank Account.
Alt.
HDFC Bank Account.
Under the Heading of Bank Account.
Save the details.
Control the screen.
Write the narration.
Being Capital Invested By The Owner.
Make it a list.
Do it fast.
Alright.
Control the screen.
After this, save it by pressing ctrl a
Press a with ctrl and save
See what it is saying
It is giving me a warning
Date cannot be below the financial year beginning date
January 1, 2023
It is saying that when you created the company
So there you started the financial year
From January 1, 2023
And here the entry you are doing
You are doing it on April 2, 2020
When your accounting is starting from January 1, 2023
So you will not be able to tally the previous entry
That's why you have to take the entry on January 1, 2023
So what was our mistake?
We did not start selecting the date
Always remember
Whenever you enter any voucher
First of all, voucher type and date
These two things have to go ahead
What will be the debit, what will be the credit
What will be the amount
These are later things
First of all, remember these two things
Voucher type and date
Whenever there is a mistake
So telly will give you a warning
Telly will help you
As you see, I did it now
Did not put a date
So it did not happen that telly accepted it
Telly gave a warning
You are putting some other date there
You have to put some other date here
So fix it
Okay? Okay sir
We will take care of everything
Press A with CTRL
Sir, assume for example
We have saved that entry
And the period is such that it is saved
But that date is wrong actually
We have to fix it
So here you have to go to the gateway of telly
D for display, D for debug
You will get this entry
What you did
Press enter on it
And change the date here
Then change the date here
Yes sir, okay
We understand what you are saying
Good Save with CTRL A
Escape and come out
Now let's buy some machinery
We buy machinery
First of all, machinery
To bank 6 lakh rupees 6 lakh rupees
January 1, 2020
Go to V for voucher
Payment voucher
Come to F5
Debit Alt C
Machinery number 1 account
Machinery 1 account
Under the heading of fixed assets
Machinery 1 account
Under the heading of fixed assets
Yes sir, I have written
Take goods
Here in type of supply
Save with CTRL A 6 lakh rupees
After 6 1, 2, 3, 4, 5, 0
And credit HDFC bank 6 lakh
Credit HDFC bank 6 lakh
Machinery account
Debit to bank account 6 lakh
Bing
Machinery 1 purchased
Habit of narration
That's why I'm putting you
Because you will jog
You will sit
And you will be careless
It is necessary to put narration
Not careless
That's why get used to it from now
Write narration everywhere
CTRL A
So we did the first entry
Whose effect
What will happen on my teleprime
Come out
Press B for balance sheet
Alt with F1
Detail it and see
In my fixed assets
Machinery number 1 6 lakh rupees
And my bank balance 14 lakhs
Because I have paid 6 lakhs
Machinery number 1
Now my PNDL is empty
Nothing in it
Because there is no expense
There was no talk of income
Sir, we have spent
That is an asset
Not expense
There is a difference between asset and expense in the
account
Whatever you are buying
If it is usable for more than a year
Then your asset has become
Not expense
Its depreciation will come in PNDL
Not the full expense
To buy machinery
Okay Next entry
On July 1, 23
Come again on Gateway of Delhi
V for Voucher
F5 Payment
Debit Alt C
Machinery to account
Under fixed assets
Goods will come in the type of supply
CTRL A
Amount is 2 lakh rupees 2 lakh
Amount 2 lakh 2 lakh
Credit HDFC Bank
CTRL A
Bank
Machinery to purchased
And payment made by cheque
Being machinery to purchased
And payment made by cheque
Write it easily
Yes sir
I have written
Very very good
Good Being machinery to purchased
And payment made by cheque
With CTRL A
Save it
With CTRL A
Save it
Yes
Next entry
We have
On 31 December 2023 On 31 December 2023 Depreciation To
provision
For depreciation 70,000 I show it
On your screen
Next entry
This one
Depreciation Debit 70,000 To provision
For depreciation 70,000 60,000 Machine Basically
depreciation
Secondly 10,000 Machine Product Depreciation Profession
Depreciation Entry is in General Voucher
Take F7
Select Date with F2 31 December 2023
Date cannot be the above the current period
So I said
You are putting the date right here
But Go back
Alteration in Machine Day No.
We had to take its date on 1st July 1st July 2023
Here also the same thing is happening
Entry was accepted
And we didn't even know
Now what you have to do
Come out
Come to Gateway of Tally
Press F2 with Alt
And see which period is here 1st April 2022
Here also change
Here also you have to keep
Gateway of Tally 1st January 2023
Now go to Entry
D for Display, D for Day Book
Change Date 1st July 2023
I was telling you that many times
Even if we do entry and save
Then after that we have to go out
Change the period
Then we have to correct the mistake
How will we know that the date is wrong
When we put depreciation
Then we will know
With control
Go back to V for Voucher
Press F7
And here
Depreciation Account
Let's take the date
F2 Now it will accept
Now it will accept
Alt C
Depreciation Account
Under the heading of
Indirect Expense
Depreciation Account
Under the heading of Indirect Expense Provision for
Depreciation Account 1
Provision for Depreciation Account 2
Provision for Depreciation Account 1 & 2
Depreciation Account Debit 70,000
Provision for Depreciation Account 60,000
Provision for Depreciation Account 2 10,000
Being Depreciation Charged on Machinery 1 & 2
Through Provision for Depreciation Account 1 & 2
Provision for Depreciation Account 1 & 2
Being Depreciation Charged on Machinery 1 & 2
Being Machinery 3 purchased and payment made by cheque.
Save it by pressing CTRL A.
Yes, sir.
Now, on 1st July, 2024.
Let me flash the notes.
Now, on 1st July, 2024, the machine is being saved.
The first one.
Depreciation from 1st day to date of sale.
Depreciation account debit to provision for depreciation.
On 1st machinery, Rs. 27000.
Rs. 540000 for 10% for 6 months.
Then transfer will be done automatically in P&L.
P&L account debit to depreciation.
And...
These entries, the sale entries, are divided into 3
entries, when there is provision for depreciation and asset
disposal.
There are 3 entries.
1. Asset disposal to machinery.
2. Provision for depreciation to asset disposal.
3. Bank account debit to asset disposal.
Asset disposal to machinery.
Provision for depreciation to asset disposal.
And Bank account debit to asset disposal.
We will pass these entries one by one.
Let's go.
First of all, depreciation to provision for depreciation,
Rs. 27000.
Let's go to teleprime.
Take date of 1st July 2024.
But take F7 journal voucher.
F7 journal.
Take date in this.
1st July 2024.
Debit will be done to depreciation account, no doubt, Rs.
27000.
And credit will be done to provision for depreciation, No.
1 account.
Provision for depreciation, No. 1 account.
Because this is 1st machinery depreciation, Rs. 27000.
Bank depreciation charged on machinery 1 from 1st day of
year till date of sale.
From 1st day of year till date of sale.
We will save by pressing CTRL-A.
P&L to depreciation, come out and check this entry.
P for P&L, Alt-F1.
See this.
It is 97.
70 and 27.
You will see 97 inside.
This is effect of Rs. 27000.
B for balance sheet, Alt-F1.
See this.
Provision of Rs. 70 is also of Rs. 97.
Provision for depreciation.
Balance of Rs. 27000 is increased in that also.
And machinery 1 is of Rs. 6 lakhs.
2 is of 2 lakhs.
3 is of 4 lakhs.
Machinery 1 is of 6 lakhs.
But it will not be seen for a long time.
Because now sale is done.
There is no need of provision.
We will finish that also.
And we will finish this also.
Machinery number 1 is of 6 lakhs.
What are the entries for that?
For that we have these entries.
Which we have shown you a while ago.
Asset disposal, account debit to machinery.
6 lakhs, 6 lakhs.
Provision for depreciation to asset disposal.
Bank to asset disposal.
Now it is time to pass.
First of all, asset disposal, account debit to machinery.
This entry will be in journal voucher.
Why sir?
Neither in this entry, if bank account is being debited or
credited, then it cannot be in receipt or payment voucher.
Neither this is any purchase of any goods.
Nor this is any sale of any goods.
Machinery goods are not there.
That is an asset.
And we have left.
Journal voucher is not a contra.
Neither we are depositing money in the bank.
Nor we are taking money out of the bank.
There is no contra also.
Okay sir.
You understand.
Okay.
So we are going to do this entry in journal voucher.
Asset disposal to machinery number 1.
6 lakhs, 6 lakhs.
Come out a little.
V for voucher.
Select journal voucher.
Take the same date.
July 1, 2024.
What will you debit?
Debit asset disposal account.
Have to create.
Press C with Alt and create.
Asset disposal account.
Keep it under fixed assets.
Why sir?
Keep it under fixed assets because
We will transfer a fixed asset in it.
So we will keep a fixed asset in it.
Okay.
And then we will sell the fixed assets there.
And we will take out its loss etc.
So it will be treated like a fixed asset.
If the asset disposal account takes care of the fixed asset
inside itself.
Then it will be created as a fixed asset account.
Take it down.
Goods.
Control.
How much will go in the asset disposal account?
Sir, 6 lakhs, 6 lakhs.
Put 6 lakhs.
And credit it.
Credit it.
Machinery number 1 account.
6 lakhs.
Credit it.
Machinery number 1 account.
6 lakhs.
Write below.
Bing.
Machinery 1.
Transferred to.
Asset disposal account.
Bing Machinery 1.
Transferred to.
Asset disposal account.
6 lakhs.
Control.
Next entry is.
Provision for deposition account debit to asset disposal
account.
87,000.
Let's do this entry.
This entry will also be in the general voucher.
Its date will also be July 24.
Okay.
Let's see this first.
Asset disposal account debit to machinery 6 lakhs.
What effect did it have on our balance sheet?
Let's see this.
Escape and come out.
Press B for balance sheet.
Detail F1 with Alt.
Look at this.
Machinery 1 is empty.
And where has its 6 lakhs reached?
Asset disposal account.
Machinery 1 is empty.
Its 6 lakhs has reached the asset disposal account.
Oh.
Okay.
Sir.
One more thing is coming to learn.
Pay attention.
We have sold only one machinery in this question.
So I wrote an asset disposal account for it.
It is understood that the asset disposal account is talking
about machinery number 1.
For example,
If we sell machinery 2 and treat it through the asset
disposal account,
then asset disposal number 2 will be made for it.
Yes.
3 will be made for 3.
So the name of this asset disposal should be machinery
number 1 disposal account.
Write the entire bureau of assets instead of assets.
Machinery number 1.
Sir, how will we change this?
To change this, you have to come out on the gateway of
telly.
You have to go to A for alter.
And go to the ledger below.
And open the asset disposal.
And write here.
Machinery 1 disposal.
Okay, sir.
Control.
Now go back.
open the balance sheet, do Alt F1 and see
Machinery 1 account is empty and
Machinery 1 disposal will have 6 lakhs so we will pick up
Machinery 1 and put it in
Machinery 1 disposal account its treatment will be there,
we will sell it there we will earn money by selling it
there its profit loss will be there, everything will be
done yes sir, ok no problem here, we can understand ok next
entry will change the provision will hit asset disposal,
provision for deposition to asset disposal 87 let's do this
too, escape come out, wait for voucher it will be in
general voucher, date will be same 1 july 24 what will be
the debit, provision for deposition number
he is saying I have got a lot of credit
Machinery for you till now
I have got credit from 87000 till now see below also it is
visible, current balance 87, so when provision for
deposition account has to be finished you don't have to see
this, go back how much he has tolerated deposition see
below, current balance 87 means he has tolerated deposition
of 87000 on behalf of machinery number 1 so deposition of
87 it will be cleared ok, 87 what will be the credit, asset
disposal machinery 1 disposal machinery 1 disposal when we
were doing this entry in teleprime
for deposition account was debiting and crediting machinery
1 account but this time machinery 1 is hidden in machinery
1 disposal account, so provision will hit it machinery 1
disposal 87, being
provision for depreciation 1 account, provision for
depreciation 1 account provision for depreciation 1 account
closed to machinery 1 disposal account closed to machinery
1 disposal write it smoothly do this entry carefully very
carefully
being provision for deption 1 account close to machine v1
disposal account press ctrl A and save wait for balance
sheet see provision 10000 provision 97 87 87 87 87 87 87 87
87 87 87 nationwide
machine v1 disposal account machine v1 disposal account
machine v1 disposal provisional provision provision
provision provision Bank Account Debit to Asset Disposal
Account
Bank Account Debit to Asset Disposal Account
Received Voucher
V for Voucher F6 Received Voucher Date 1 July 2024
Credit Machinery 1 Disposal Account
Bank Account Debit to Machinery 1 Account
Credit Machinery 1 Disposal Account
Bank Machinery 1 Sold and
Amount Received By Cheque
Bank Machinery 1 Sold and
Amount Received By Cheque 3,86,000 3,86,000 Control A and
Save
Bank Balance
Credit Machinery 1 Disposal Account
Bank Loss On Sale Of Machinery 1
Transfer To Machinery 1 Disposal Account
Bank Loss On Sale Of Machinery 1
Transfer To Machinery 1 Disposal Account
Bank Loss On Sale Of Machinery 1
Depreciation Credit Machinery 1 Disposal Account
Provision For Depreciation Account 3 Under Provisions
Control A and Save
Depreciation Depreciation Depreciation Depreciation
Depreciation Bank Loss On Sale Of Machinery 1 Tally made
all the accounts and the history of machinery 1 is like
this we bought it in 6 lakhs in HDFC bank and in machinery
1 disposal in 6 lakhs and then we transferred it in
machinery 1 disposal we did 6 lakhs and 6 lakhs got
transferred and left ok sir
and what is the effect on PNDL and balance sheet
I have shown you that along with it so this was case no.
3 friends we also make asset disposal and all these things
revise it well we will meet you in next clip, thank you bye
bye