Welcome to today's lecture
A very wonderful session it is going to be
Sir, what is going to happen, give us some glimpses
Not just glimpses, today we are going to practice GST
Entries of GST
Are related to assets, goods
Expense related, final entry
We are going to see all those things with you
We have prepared things in the form of notes
I will flash the notes in front of you
We have decided some questions
And your practice will be very good As far as GST entries
are concerned
As I told you a while ago Goods purchase entry, goods sale
entry
Asset purchase entry, expenses entry
Overall everything will come
GST Comprehensive Entries Practice
This is the name of today's lecture
Everyone will start with the name of the Lord
Here are some examples
You will get these notes
This is the first example
This is the second example
This is the third example
This is the fourth example
This is the fifth example
We have a total of 5 examples Let's start one by one
Our journey will start with the first example Get in the
car quickly
The first gear is about to start Pass entries in the books
of Akash Brothers
Pass entries in the books of Akash Brothers What do we have
to do?
We have to create a company in the name of Akash Brothers
We will show you the entries below
How was it?
Very good
First create a company in the name of Akash Brothers
When you revise these examples
If you want to revise the first example
Go to the company of Akash Brothers
We will make different companies for the 4th and 5th
So that everyone's record is maintained separately Let's
move it now
All the smart kids come to telly All the smart kids come to
telly prime
All the smart kids come to telly prime All the smart kids
come to telly prime
Create a company
What is the name of the company?
Yo Akash
Yo Akash Brothers
Address Address Address State Haryana
State Haryana
Akash Brothers www.akashbrothers.com www.akashbrothers.com
www.akashbrothers.com www.akashbrothers.com Wwe You will
have a very good childhood
If you can remember Wwe
Control A enter enter enter you will see a screen like this
yes yes sir you have to press yes enable goods and services
tax and press yes we have pressed enter now you know what
to put here state Haryana registration type regular access
of other territory no
GST applicable from 1st April 22 GST number
GST number after that periodicity of GST save it save it
you have GST number you have to write GST number you don't
have GST number
GST number should be there we are using only one in our
whole process this is wrong let's move ahead
let's move ahead
press A with CTRL and then again press A with CTRL this
screen will be saved so now let's come back to our notes
and see how to work first of all question told you rate of
CGST and SGST will be 6% each all transactions are entered
in the state of
Haryana
CGST and SGST rates are 6% each so central GST rate is 6%
state GST rate is 6% both are 12% overall now let's come to
transactions purchased 10 LED TVs for 1 Lakh 1 Lakh each
total 10 TVs purchased total payment is 1 Lakh so 1 piece
is 10,000
purchased from Ram what will be the entry first you come to
writing pad and in writing pad give me normal general entry
what will be the normal entry we will move slowly on telly
it is important to note everyone why are you doing this on
writing pad we have practiced this entry in telly now we
will talk about last entry we have to learn finalization
till end of all entries and what happens at final time when
all transactions are over then we have to see that also ok
sir write here solution no.1
why everyone will write yes sir we believe you and we are
writing together above we will write in the books of
Akash Brothers in the books of
Akash Brothers first entry what we have done we have
purchased so purchase account will be debit whenever
something will be purchased after purchasing owner wants to
sell it again after adding profit margin so that he can
save something so while buying purchase account will be
debit such thing is called goods whatever we buy to sell
they are called goods and whenever we buy goods we debit it
in purchase account how much is it? tell me face value
100000 but Ram you have not given yet you have
loan but you have to write Ram's name you have to create
creditor liability so you will create liability or you will
create liability with 112000 tell me what does Janata
Janardhan say
Janata Janardhan tell me 100000 or 112000 112000 112000
absolutely right sir where did this 12000 come from GST has
joined
Ram is seller he is saying give later no problem clear bill
later but whenever you pay don't give 100000 give 112000
ask why because Ram is saying government has put a
responsibility on me that whoever I sell 12% if I am
selling LED
I will take GST and catch government so this money 12000
should not go in my pocket
Ram is saying to Akash
I have to send it to government so Akash has bought 1 lakh
so Ram has to pay 112000 so the extra 12000 he has to pay
what name should he debit input cgst account and input sgst
account very good
input cgst account debit 6% of 1 lakh 6000 input sgst
account debit 6% of 1 lakh 6% GST 6000 Ramji 6000 Ramji 12
interstate transaction input 12 ok sir sir sir 2.
F9 F9 F9 F9 F9 F9 F9 F9 F9 F9 F9 F9 F9 F9 You can put
anything you want.
I am telling you to put 2, 3, 2. You can put anything you
want.
Because the invoice number will be written on the actual
bill from the supplier.
The purchase bill that we have.
We are putting this by guessing. We are not paying any
actual bill.
Okay, sir. Okay.
And you don't even ask for the date.
You know very well that you don't have to take anything
other than 1st April.
Party account name.
What should I write?
Ram.
R.A.M. Ram.
Under.
Sundry.
Creditors.
Finally, I put God in Akhada as well.
I got God as well.
I got him from the entry of GST.
Ram under Sundry Creditors.
And here, put the GST number in Ram as well.
Okay, sir.
We'll put it in Ram as well.
After that, press A with CTRL.
That too, 2 times and 3 times.
2 and 3 times.
Next, what do we have?
Purchase Ledger.
Press C with ALT.
Purchase under Purchase Accounts.
I agree that you've done it a lot of times.
I don't know that you've done it a lot of times.
But at least, practice it.
Practice is also a thing.
It makes things better.
If you put GST on Carriage as well, and on expenses as
well, it'll be fun to watch.
Okay, sir. Okay. Okay.
Let's go.
So, thereafter, is GST applicable?
It'll be applicable in this.
Don't let set alter GST be in detail.
Take goods in type of supply.
Press A with CTRL.
Name of item.
What are you buying?
LED TV.
Press C with ALT.
You have to do this all your life.
Do you understand?
You have to do this all your life.
Even if you don't become an accountant, you'll go to some
big post.
You'll become a professional and look at the class.
Even then, what's the problem?
Even then, you'll have to go through these things.
You won't be able to sign the client's data without seeing
it.
In the tax audit report, you have a lifelong relationship
with Teleprime.
The more you practice, the less it is.
That's what I'm saying.
And it'll be fun to do new things when you'll have strong
hands on the back.
What's the hurry?
There's no hurry, sir.
Okay.
Name.
LED TVs.
When I came here, I was very shocked.
Now that I'm in everyone's house, it's normal.
LED TVs.
Under Primary.
Come to Units.
Press ALT C and create pieces.
Write PCS in Symbol.
In formal name, PIECES.
In Unit Quantity Code, PCS again.
Press A with CTRL.
He's asking if GST is applicable.
Applicable.
Then he's asking,
SET ALTA GST DETAILS.
Will we do YES here?
Audience, yes or no?
Yes, sir.
We'll do YES here.
Press Y.
And press ENTER.
That's it.
Calculation Type.
ON VALUE.
Sir, this ON ITEM RATE, etc.
This has happened many times.
Now questions are coming to our mind.
When will this ON ITEM RATE come?
When will the rest come?
It'll come.
Everything will come.
In TAXABILITY, TAXABLE.
INTEGRATED TAX.
Take 12%.
Central and State, 6% will automatically come.
Press CTRL A.
In TYPE OF SUPPLY, there will be goods.
Leave RATE OF DUTY empty.
And press CTRL A again.
Now quantity will start asking you.
How many pieces have you bought? 10 pieces.
Total amount, you've bought 1 lakh.
How much? 1 lakh.
So can you tell me, what will be the rate of 1?
Sir, the rate of 1 will be, 10,000 rupees.
10,000.
Very, very good.
In INDICATION, it's told, 10,000.
Very good.
So total amount is 1 lakh.
ENTER.
Now should I write here?
Look here, everyone.
Should I create INPUT CGST here, or should I leave a gap of
1 line?
Those who shook their necks, they got caught.
See, how much practice is required.
These are technical things.
You have to leave a space of 1 line.
Press ENTER, friends.
Press ENTER.
Okay.
Here, press C with ALT.
And create in NAME.
INPUT CGST.
UNDER DUTIES AND TAXES.
GST.
CENTRAL TAX.
Say SWAHA.
SWAHA means,
CONTROL PLUS A.
As soon as you press, 6,000 automatically comes, in INPUT
CGST.
6% of 1 lakh.
Right? Right, sir.
Then press ENTER.
Press C with ALT.
This time, number will come,
INPUT SGST.
UNDER DUTIES AND TAXES.
GST STATE TAX.
CONTROL PLUS A.
SWAHA.
Here also, 6,000 came.
This is your 1 lakh LED TV.
And on that, 6,000 of Modi ji.
And 6,000 of Khattar ji.
Total, you can see, 1 lakh 12,000 is coming.
1 lakh 12,000 is coming.
Right, sir. Right.
ENTER. ENTER.
PROVIDE GST EVA BILL DETAIL.
EVA BILL will be discussed later.
EVA BILL is not from here.
As it is, EVA BILL is generated from site.
We will not do it from telly.
No will remain here.
If the billing amount is above 50,000, EVA BILL has to be
generated.
EVA BILL GST DOT GOV DOT IN.
So, telly people are saying, we will help in that.
We don't want to take help.
We will go from there and generate from site.
Practically, this happens.
So, NO here.
We will generate from there in a more authentic way.
After that,
Narration came.
You can write.
And here, take on account.
On account means, we have debt on us.
With control, A.
Write the narration, which you have to write.
Goods purchased on credit.
Udhaar Saman Khareed Liya.
Very good.
Sir, now we have a question in our mind.
I said, which question?
Sir, you see your general entry.
Notepad one.
Notepad one, see your general entry.
Sir, this is purchase account debit.
Input CGST, SGST debit.
And 2 Ram credit is happening.
The voucher which you get from us, purchase voucher, the
entries which you get from us, from there we don't know,
what is debit, what is credit. After seeing that, we don't
understand anything.
Because we need automatic calculation of GST.
And, where we enter in voucher, here, you know friends, you
know, one more big advantage of this, one more big
advantage of this, this sheet, as it is, if you give print,
then you will directly catch the bill to the client.
For example, you are doing sale bill.
You are entering for sale.
So, by printing this, you will directly catch the sale bill
to the client.
There is no need to draft it separately.
This is also a big advantage from here.
Okay sir, okay.
So sir, ultimately what does matter?
Ultimately what matters is, that the effect of these
entries, whether it is going on my balance sheet and
trading P&L or not.
The way I am doing, in that way.
I will try to show you.
My purchase account debit, where should it go?
All smart kids tell me, one lakh rupees.
Should it go in the trading account, debit side?
It should definitely go sir, in the trading account, debit
side.
Tell me why?
Because, the purchase goes in the trading, debit side only.
Where did I create Ram?
Under sundry creditors.
So Ram will go in my balance sheet, liability side.
Tell me yes or no?
Yes.
Because Ram is my creditor.
Ram's loan is on me.
And these two?
These two?
Input CGST and Input SGST?
Are these assets?
Yes.
I had taught you.
Debit, if you are doing any account, there can be two
reasons.
Either it is an expense, or it is an asset.
Now some cute kids think, that it is an expense sir.
That's why we are booking it here, we are doing debit.
Because they think, that we are doing payment, so it is an
expense.
No.
You will get it back, you are a registered person in GST.
As soon as you sell, you will get this money back.
You would get back, this amount.
That's why it is an asset, it is a refundable money.
That's why it will become an asset.
Okay, that's why it is debited as an asset.
Let's see, if these three effects, are being given to us,
by Stelly Prime, in our balance sheet, trading P&L or not.
Now I am going to show you, the effect of GST, by doing
these entries one by one. Like we didn't practice, the
comprehensive entries, at the back.
All the effects of one by one entry, were seen on the
balance sheet P&L. We are going to do the same thing, with
GST, with GST entries.
Oh, this is something.
I said yes.
Press A with CTRL.
Please press CTRL, plus A.
Press ESCAPE.
And first of all, let's see, the purchase account, in the
trading account, the debit side, did we get Rs.
1 lakh or not.
Press P for P&L.
Press F1 with ALT.
And get it, that with the purchase, we got Rs.
1 lakh.
Telly Gaddar, neither was, nor is, nor can be.
After that, after that, in the creditor, named Ram, we
should get,
Rs. 1,12,000.
So balance sheet, open your door.
With the balance sheet, we pressed,
ALT plus F1.
And you can find, the creditor is coming, the creditor is
coming,
Rs. 1,12,000.
Sunday creditor, yes sir, in the current liability.
If you press ENTER, the name will also be seen.
It is of Ram,
Rs. 1,12,000 loan on us.
Okay sir, no problem with this.
After this, after this, sir, that input CGST, and input
SGST, which you were saying, which are your assets, that
asset side should come, and show them.
Then, you will be satisfied.
See, are they coming?
Are assets coming?
No, no, no, no, no, no, no, no, no, no, no, no, no, no, no,
no, no, no, no, no, no, no, no, no, no, no, no, no, no, no,
no, no, no, no, no, no, no, I'll see you in the next video.
Take care. so he said where to take duties and taxes if in
duties and taxes input cgst and sgst the person has paid
then that is his asset now he has paid and sitting tomorrow
he will get it back and as soon as he will enter the sale
and will collect more money from gst he will become a
liability for that so he said two heads will not be made
that at one time asset and at one time liability he said
take the head of duties and taxes in current liability if
take it in current liability and as
as payment has been done you have come and did not sell you
did not collect from the customer till then that thing in
current liability will be seen as minus so as long as you
purchase will enter till then in duties and taxes negative
amount will be seen here as soon as there will be some
entries of sale amount will come then this thing will be
converted here ok sir we understand your point i said ok
let's go to the next entry sir now you keep watching the
effects how changes will come let's go
the next entry second point
sold all goods for 1.5 lakh on credit to Shyam bought from
Ram and sold to Shyam bought from Ram for 1 lakh and
selling to Shyam for 1.5 lakh sold all goods said sell 10
LED TVs sell 10 LED TVs sell 10 LED TVs oh my god bought as
much as sold did not keep anything with you no demand has
come suddenly what to do demand has come so have to fulfill
come on the first pad come on the first pad come on the
first pad come on the first pad came sir number 2 number 2
selling to Shyam loan entry of loan sale said all dear
children sir debtor account debit to sale who is debtor here
Shyam what will be the entry
Shyam account debit to sales account
you keep answering me
so tell me first of all how much sale we have done sir we
have done sale for 1.5 lakh that's why in sales account
will write 1.5 lakh rupees 1.5 lakh
and from Shyam 1.5 lakh will take we are seller this time
Akash brothers and government has put a responsibility on
every seller to recover GST sir we will recover
GST of 12% on 1.5 lakh total is 18000 so we 150 and 18 from
Shyam we will recover total 1,68,000 rupees 168,000 rupees
168,000 rupees ok now 18000 will be 9000 and 9000 ask why
because in same state transaction is happening what name we
will give them output CGST account and output SGST account
input means while buying paid GST which is an asset for us
because tomorrow we will get money back through customer
and output CGST means while sale we collected
GST from customer which is a liability for us because this
money will not go in our pocket customer gave us now this
money became our head cap responsibility worry because this
money we have to deliver to government we don't have money
customer credit from this 9000 liability against Modi ji
and 9000 against
Khattar ji to output
CGST to output
SGST ok sir ok sir now tell me one thing all these items on
our balance sheet will affect or trading will affect
Shyam babu from whom we have to take our debtors in our
balance sheet in current assets this 1.5 lakh sale where
should it go it should go in trading account credit side
sale always goes there and this 2 money 9 and 9 should be
in current liability is coming in every two layers is not
coming in any way before What are you saying?
Stop talking about Hi-Fi
We have already written it
Come to teleprime
Write it
Come to teleprime
Entry will be in sale voucher?
Yes sir, yes sir
Come to sales voucher
Escape voucher
Sales voucher
Selected from F8
Asking party account name
Who is it?
It's Shyam sir
All C, Shyam
Shyam under sundry debtors
Take Shyam under sundry debtors
Press control A on Shyam 3 times
Sales ledger, All C
Sales under sales account
Not applicable
Is GST applicable?
Applicable Set alter GST?
No Type of supply?
Goods? Control A
What will you sell?
We will sell what we have
LED TV
Sold 10 pieces in total?
Yes sir
Sale at 1.5 lakhs
So how much are you selling for 1 piece? 10 pieces in 1.5
lakhs
So how much for 1 piece? 1.5 lakhs
Sorry 15 thousand
Total 1.5 lakhs
Enter Leave 1 line
Leave 1 line
Press C with ALT
Write in name
Output CGST
Under under
Duties and taxes
GST Central tax
Control A 9000 will come automatically
Enter Control C
Output SGST
Duties and taxes
GST State tax
Control A
This is 9000 9000 Output Improve here
Come back and press control A
Write this in caps
Control enter
Whatever you want to change
Come back and press control enter
Ok sir
Output CGST
Output SGST
9000 9000 Provide GST
We will know
Write narration
Press A with control
If it asks again
Do you want to send voucher detail for ebay bill generation
Press NO
Entry is saved
Press escape
Come to gateway of telly
Now we have to see
Is our effect the same
What we wrote in notes
Let's check this out
First come to P for P&L
Press F1 with ALT
See my sale of 1.5 lakhs
Yes sir
My sale of 1.5 lakhs
See My debtors should be seen
In balance sheet
In the name of Shyam
Current assets 168000 See this sir
Telly has marked
Sundry Debtors are seen
In current assets
If you press enter
Name will also be seen
Who is Shyam in this
This is also fine sir
No problem with this
What to do after that
Press escape
And now you see carefully
In your current liabilities
Duties and taxes
The minus balance was coming
Now that plus has come
Means your liability has become
How much money 6000 How did the liability become 6000
Listen You While buying
How much GST was given
Sir 6 and 6 12000 In the first entry
And while selling goods
How much did you get from your customer
Sir 9 and 9 18000 So the government says
From this 18
Dear children
Keep 12000 with you
Which you gave to Ram while buying
And got it through Ram
The remaining 6000
Send it to us
So this 6000
Liability of Akash
Will be made
To send it to the government
If you press enter
You will get the full detail
Did you get the full detail
Yes How much did you get
Input CGST
And input SGST
Which is 12000
It means
While buying
We have given a tax of 12000
Output CGST
And output SGST
Which is 9 and 18
It means
We have taken 18 from the customer
So the remaining net
Press backspace
Back Escape Escape So the remaining net 6000 We have to pay
the government
Our current liability is 6000 I will tell you one by one
Entry GST Effect I am showing you
What is being read
On the spreadsheet
Detailed analysis
Cannot be done
By this
I am telling you honestly
There is a reconciliation
In GST
We do that
At the end of the month
But As soon as you
Do things on the spot
Enter Along with
If you see the effect
In this way
You will learn so much
At the expertise level
That reconciliation
You will find it funny
Ok Ok Sir So let's go
To GST
So let's go
To GST So sir, with this, you take us ahead and get more
things done. Get us more entries, sir.
I said, okay, thank you for your signal, I'll get you more
entries.
Next entry.
Purchased computer, printer for office, 25,000 rupees.
And payment made by cheque.
Do you understand what it means?
I bought a printer for 25,000 rupees.
And where did I make the payment from?
Payment made by cheque.
I said, payment made by bank.
Now tell me one thing.
We created a company in the name of Akash Brother.
Did we deposit any money in the bank?
Do we have any money in the bank?
No, sir.
Then how will we make the payment?
Yes, sir, you are right.
How will we make the payment?
Do you know what we will do?
When we create a ledger for the bank, we will put some
opening balance in it.
Now you have become smart yourself.
Now you start understanding things yourself.
Now you have become smart.
Okay, sir.
Okay.
It feels good to hear that you are smart.
Sir, it feels weird too.
But it's true.
You are smart.
What's wrong with that?
Let's enter our PAD first.
First of all, let's enter PAD.
Number 3.
What are you buying?
Printer.
Printer, account, debit.
Printer, printer, come on.
Printer, account, debit.
Debit word comes in.
How much does the printer cost?
Huh? How much does the printer cost?
Rs. 25,000.
It must be black and white.
Colors are expensive.
Printer, account, debit, Rs. 25,000.
Now, will you give GST?
Will you give GST?
Now, the people who have this in their mind,
GST means,
GST is applicable on goods.
Isn't it?
Yes, yes, yes.
Sir, come to the full form of GST.
The full form of GST is,
Goods and Services Tax.
Sir, one will be applicable on services.
I said, okay.
And one will be applicable on goods.
Absolutely right.
And sir, what does goods mean?
You just told me a while ago.
That anything that is bought to sell later, is called goods.
So, the printer that we are buying, we are not buying it to
sell later, we are buying it to use. So, our printer is not
made of goods.
That's why GST will not be applicable on it.
Remove this misconception from your mind.
GST will be applicable.
Why, sir?
This goods word of GST, means something else.
The goods word that I explain to you, while doing general
entry, what does goods mean in those accounts? That the
goods are bought to sell.
That means goods in accounts.
In GST, goods means, anything that you can touch, pick it
up from one place and take it to another place. Movable
goods.
That becomes goods.
You can pick up furniture and take it to another place.
You can take a printer.
Of course, you can take it.
GST will be applicable.
Of course.
So, we are buying.
Input word will come.
Input CGST account debit.
Seller and buyer are in every transaction in Haryana.
That's why CGST and SGST will be visible everywhere.
How much will it be?
If we say 6% of Rs.25,000,
Rs.1500.
And 6% of Rs.25,000,
Rs.1500.
And we have paid this money.
This is loan.
We have paid.
From where?
Banks.
To bank account, how much will it be?
Rs.25,000 and Rs.3,000.
Rs.28,000.
Write it down.
Rs.28,000.
What will be the effect of this? Can you tell on our
balance sheet?
What will be the effect of this on our balance sheet?
The printer we are buying.
We will use this.
So, this will be our fixed asset.
Say yes or no.
Yes, sir.
This will be our fixed asset.
Balance sheet should be visible on the asset side.
In fixed asset.
Very good.
These two.
What will be their effect?
Their effect will be the same.
These two are our assets.
So, this is duty.
These two are our assets.
So, in duties and taxes, they will be visible under the
debit column.
And what will be the effect of two banks?
Our bank balance will be reduced.
Bank balance will be reduced.
It is not there yet, sir.
Will it go to minus?
If it is not there, then it will go to minus.
But think practically.
If you go to make an entry in Tally, if you create a bank,
then it will start showing minus. It means that the bank is
the current asset.
It will start showing the current liability.
According to overdraft.
So, do one thing.
Let's see this thing too.
Many times it happens that we don't have money in the bank,
but we pay with the card.
The bank gives overdraft facility.
That if there is no money, then the payment will be done.
No problem.
Later, pay us with interest.
So, let's see this entry this time.
Come on.
If there is no money in the bank and we are using OD
facility, then how will the entry be done?
Okay, sir.
Come to Tally Prime.
We will not put the bank's opening balance.
Okay, okay, okay.
Press escape.
Come to the gateway of Tally.
Go to V for voucher.
The first thing is this.
Say what?
Will there be an entry in the payment voucher or in the
purchase voucher?
In the payment voucher.
Because we are doing payment.
It will be in the payment voucher.
Anyway, in the purchase voucher, the goods you buy, have an
entry. Which goods?
Account goods.
The goods you buy to sell later.
It has an entry in the purchase voucher.
Anyway, it is an asset.
According to the language of accounts.
It cannot be in the purchase voucher anyway.
Press F5.
What do we have to do in debit?
Printer account.
Press C with Alt.
Write Printer in the name.
Printer.
Fixed Assets will come under.
Fixed Assets came in the name.
Sorry, Fixed Assets came under.
After that, after that, after that, after that, after that.
Is GST applicable?
Applicable.
Set alter GST?
No.
Buy goods here.
Press Ctrl A.
How much is the amount?
Rs. 25,000.
If you enter, what is the credit? Big problem, sir.
Sir, we are looking at our general entry.
We have to debit three things.
So, after debiting one thing, he started asking for credit.
What should we do?
Don't do anything.
Write DR.
DR and press Enter.
Okay.
Select Input CGST.
Input CGST.
How much should the amount come? Rs. 1500.
Look, friend, you will have to write here.
Because it is not that voucher type.
This was also the advantage of the voucher type.
You would have got the automatic amount there.
Okay.
Write Rs. 1500 here.
Enter.
DR Debit.
Input.
Take SGST.
Input SGST.
Rs. 1500 will come in it.
And let's make a payment from the bank.
But okay, you will not put the opening balance.
You will take the OD facility.
But the bank account should be there.
The bank ledger has not been created yet in our telly.
So yes, let's create a ledger.
Press Alt C.
Take Axis Bank.
Under Bank Accounts.
Put anything you want in the account number.
Put anything you want in the IFSC code.
If the telly gives a warning, then no one ignores it and
move ahead.
And press A with control.
Press A with control.
You would find how much money has come in your Credit Axis
Bank?
Rs. 28000.
Sir, where did the telly give a warning?
You said that the telly will give a warning that there is
no money in the bank.
Where are you making such a payment? Where did the telly
give a warning?
We can't see anywhere.
Right, left, up, down.
We can't see anywhere.
Shall I tell you where?
Look in front.
Look at this.
Can you see this red marked figure below?
Under Axis Bank.
In the name of Current Balance.
Rs. 28000 Credit.
This is the warning.
The telly is saying that there is a credit, overdraft,
negative balance in your bank.
Red pen means negative balance.
Rs. 28000.
You didn't even have money.
You made a payment.
So remember, tomorrow you will have to pay the bank with
interest.
And this money will come on the liability side in your
balance sheet.
The bank normally comes on the asset side because our money
is deposited in the bank.
But we are taking from the bank right now.
That's why it will come on the liability side.
Press CTRL A.
Press SK.
Press B for balance sheet.
Press F1 with ALT.
And let's see if the same effect is coming or not.
Has the printer come in the assets? Yes, sir.
In the fixed assets.
How much is it?
Rs. 25000.
After that, my liability came here.
Bank accounts.
Sir, here it is showing minus in the current assets.
It means that it is a liability.
Showing minus in the current assets means liability.
Showing minus in the current liability means asset.
And sir, what effect did it have on our duties and taxes?
The liability of Rs.
6000 that was visible in your duties and taxes,
How much did it decrease?
Rs. 3000.
Because just now, while buying the printer,
Rs. 1500 and Rs. 1500.
You gave Rs. 3000 more.
To your seller, to the supplier from whom you bought the
printer.
Through that, you gave Rs. 3000 to the government.
So the government is saying,
Son, out of that Rs. 6000, Rs. 3000 more came to us.
So how much is your net liability left?
Rs. 3000.
And this keeps running.
Transactions happen daily.
So this effect keeps changing after every daily transaction.
What do you have to do through the government?
Compliances.
What do you have to do?
Sir, when is the final settlement?
Tell us this.
Now we will do the next transaction.
Then this liability will increase.
We will do the sale.
Then we will do the purchase.
Then it will decrease.
So when will the remaining balance be repaid to the
government?
Why didn't you repay Rs.
6000 a while ago?
Why did you wait for Rs.
3000 to decrease and Rs.
3000 to increase?
Why? The government says,
We will take a payment from you once a month.
All the transactions for a month,
Their payment will be checked on the 20th of next month.
How much is being made?
All the purchases you have to make in a month,
If you have to pay GST, then pay.
All the sales you have to do in a month,
If you have to collect GST from your customers, then
collect.
As soon as a month is completed,
The account of that month will be made.
How much did you pay and how much did you collect from the
customer?
And the remaining money will be sent to the government.
you have to do this work till 20th of May
April's transaction settlement has to be done till 20th of
May then May's transaction will continue and it's effect
will be in June ok sir so let's move to next point yes sir
move to next point
12% GST you bought 1 lakh worth of stuff and 12% GST ok if
we sell it at 10 if we sell it at 90 if we sell it at 90 we
will get GST can we ask for a refund from the government no
you can't if your product's price has fallen you can't say
that we have sold it at a low price tomorrow we will pay
you back and listen you will sell more what's the problem
you will sell more this process will not stop ok sir
whatever is shown in the accounts will be in our accounts
yes and as soon as the month ends
will check in the accounts how much is the liability we
will pay the government ok this is the benefit of
accounting taxation comes out of the account if someone
learns accounting taxation becomes 50% easier if accounting
comes then only taxation will come take us to the next
point next point next point what is the next point legal
consultation fees 5000 paid in cash so you must have taken
the advice from a lawyer how much did you pay him 5000 did
you remember the story
listen later legal consultation fees 5000 paid in cash we
have to enter this
what will be the general entry legal consultation fees
expenses legal consultation fees account debit cash cash
how much 5000 legal consultation fees debit to cash 5000
GST will be there or not all of you are writing tell me GST
will be there or not what is the full form goods and
services tax taking legal consultation fees service because
he is taking money in return any consultation if money is
charged then it becomes a supply then it becomes a service
then tax will be there if it was free
tax will not be there because then his consideration is 0
how much percent you put on 0 this is the thing so do one
thing here also you have to pay tax so input CGST account
debit input SGST account debit while buying goods you have
to pay tax while buying service also while buying goods
input CGST and SGST while selling goods also while buying
service also input CGST and SGST payment is done in which
cash how much GST will be there 5000 3000 total 5000 600
very good what will be the effect of
consultation indirect expense this is an indirect expense
debit side should be seen in PNDL account all expenses go
there indirect what will be the effect of input CGST and
SGST the liability of 3000 from 600 how much will be left
2000 am i saying right or wrong you are saying right
balance of cash will be reduced from payment to 5000 now
let's come to telly come to telly prime how many times you
have heard this from me come to telly prime if you have to
do this all your life if you listen in
lectures then what is the problem ok payment will be done
in payment voucher come to v4 voucher take F5 payment
voucher debit will be your expenses press C with alt write
legal expenses in name
what will come under indirect expenses indirect expenses
is GST applicable set alter GST detail type of supply let
it be service because legal consultation is service press
ctrl A how much how much 5000 enter di debit input CGST
5000 debit input CGST 6% 300 di debit input SGST 300 credit
cash account 5600 credit cash warning warning what is the
warning negative cash tell me one thing there was no money
in the bank bank repaid liability on you negative balance
of cash tell me we don't have cash can we do something by
arranging we will get cash
negative balance of cash is practically not possible what
will we do press backspace cash account will come back
press key enter with ctrl enter enter opening balance
create opening balance for example 10,000 10,000 enter
press accept 5600 credit cash write narration being legal
expenses paid in cash being legal expenses paid in cash
ctrl ctrl show us its effect its effect see its effect in
P&L press F1 with alt indirect expenses of 5000 yes sir
after that balance of cash will be reduced see
effect in balance sheet balance of cash 10,000 4400 5600
3rd effect my duties and taxes again 600 3600 how much left
2400 yes sir a small problem has arisen if you can see then
tell laughing what are you saying laughing no that is not
the problem something else see the balance sheet you should
be able to see that thing you have gone through
difference in opening balance cool answer difference in
opening balance why you have put only debit amount opening
balance what to do put in capital come out by pressing
escape and create a ledger in the name of owner's capital
account press c for create enter in ledger write in name
akash akash's capital account this will come under the
heading of capital account akash's capital account under
the heading of capital account my dear friends put the
opening balance put the opening balance how
10000 enter press escape come to gateway of telly press b
for balance sheet and you will see that your difference in
opening balance is gone ok sir yes sir next and last point
of this illustration
rent of 10000 paid by cheque we have paid 10000 by cheque
now we have started doing cheque work yes sir why not we
are the professionals We have to do it all the legal way
We are paying rent
Rent is an expense
We have heard the rule of Debit All Expenses
So the rent account will be debited
How much is the rent?
Rs. 10,000-10,000
Like
While buying goods
We give GST
We are taking rent service from someone
We are using someone's place
We are not buying, we are using
We are taking service
Will we have to pay GST on rent?
Yes Why not?
Sir, what are the goods or services that do not require GST?
There is a chapter called Exemption in GST
It will tell you this
Input CGST
What will be the 6% of Rs.
Rs. 600
After that, what will be the 6% of Rs.
Rs. 600
And what will be the total?
Which we will pay
Check any bank to bank account
Rs. 11,200
Rent is my expense
Rent is an indirect expense
It will go to P&L account
Debit side
It will go to P&L account
Debit side
Okay, sir
What will happen to the bank?
My bank balance will be reduced
You are paying Rs.
That's why
And friends
This input CGST-SGST
From Rs.
600 and Rs.
Your liability
From Rs.
That will be reduced
Because you are paying more tax
You didn't collect
You got it done only once
You are paying
So the tax liability of Rs.
Will be reduced by Rs.
How much will it be?
Rs. 1,200
Okay, sir
Now we will test this in Tally
Let's come to Tally Prime
Escape V for Voucher
Are you doing payment?
Yes, sir
That's why payment will be entered in voucher
Debit will be there
Press Alt C
R, E, N, T
You will take it under capital account
And then press Control A
And save the screen
Sorry, sorry, sorry
Capital is coming
Rent under indirect expenses
Indirect expenses
Yes Type of leisure not applicable
Is GST applicable?
Applicable GST detail alter
No Type of supply service
Control A
Debit will be done in rent account
How much will it be?
Rs. 10,000
Is this?
Yes, sir
Enter DR Debit Input CGST
Rs. 600
DR Debit Input SGST
Rs. 600
And credit
From where are you paying?
From bank
Create bank account
Rs. 11,200
Control A
Write narration
Being Rent paid with GST
With GST
Through bank account
GST Rent payment
Bank account
Press A with Control
Saved Press Esc
Come out
Press Esc
After coming out
What to do now?
B for balance sheet
Yes, sir
P for P&L
Alt F1
See Can you see the expense of Rs.
Yes Here Basic value of expense comes
Rs. 10,000
Not Rs.
Press Esc
B for balance sheet
Alt F1
See Your duties and taxes
Rs. 2,400
How much is left after deducting Rs.
Only Rs.
And my bank
Negative balance
It increased
Till now
It was Rs.
From Rs.
Our loan has increased
Rs. 39,200
If you enter
You will get this detail
See this
Till now
It was Rs.
The payment we made
Of the printer
And now
We made payment from another bank
Of Rs.
Total negative balance
Rs. 39,200
Very good
Well done
These are all the entries
Assume In this month
These were the transactions
And as I told you
A little while ago
At the end of the month
Calculation is done
So now
These were the transactions
Of the entire month
Now let's see
Do we have to take GST from the government
Or do we have to give GST to the government?
If we have to take
Then the government won't give refund
Won't give refund
For example
Assume We have to pay GST
Till now
How much is left?
Till now
You can see
Rs. 1,200 liability
That we have to pay Rs.
To the government
Okay If we pay
Some more GST
For example
Pay Rs.
2,000 more
While taking any service
Then Rs.
800 will be negative
Means We will have to take Rs.
800 from the government
Government won't give you that money
Government will say
If you are closing the business
Then it is different
You can see
In some cases
You won't get this money back
Because the business is still running
Next month
It will come again
Next month you will sell again
Adjust from there
Some will keep on selling
Till then it will be with you
As an asset
Okay
What will be the final entry?
I will tell you
What will be the final entry?
Please watch very very carefully
Look To do the final entry
You have to keep some things in mind
Whenever we have paid GST
While purchasing any goods
Or while taking any service
So we have used two accounts
Input CGST
And input SGST
And whenever we have sold
So we have used two accounts
Output CGST
And output SGST
What are these two accounts for us?
They are liabilities
We have taken the money
We have to deliver it to the government
And these two accounts
Are assets for us
They will help us pay the liability
They will help us set off
Output CGST
And output SGST
How much balance is there in CGST?
Find it and tell me
All the entries we have done till now
Sir, one is this 9000 in output CGST
And 9000 in output SGST
We have credited
Is there anywhere else?
There is nowhere else
So in my output CGST
There is a credit balance of 9000
And in my output SGST
There is also a credit balance of 9000
I am doing this calculation at the end of a month
Remember This calculation is being done at the end of a
month 9000, 9000
Okay Find input CGST
Input CGST
Sir, input CGST
This debit is 6000
And And then this debit is 1500
It becomes 7500
And And then this 300 debit becomes 7800 7800 Then this
debit becomes 600
It becomes 8400 8400 So in my input CGST
How much is the debit balance? 8400 8400
And this will be the same in input SGST
This is the same 8400 Debit balance
The month is over
All the transactions
Their effect came out
The government came to me
And the government says
Give it
CGST of 9000
And SGST of 9000
Give it
Modi Ji stood at the door
Says give 9000
And Khattar Ji stood at the door
Says give 9000
Will you give their 9000?
No We will say
Modi Ji listen
Out of this 8400
Has already reached you
And Khattar Ji you also listen
Out of this 8400
Has already reached you
Take the remaining 600 and 600
You have to write this entry
You have two liabilities
Output CGST and Output SGST
You are going to finish them at the end of the month
How will you finish?
Liability will be debited whenever it is over
That's why we will debit the Output CGST account
From the entire 9000
Because we have to split the accounts at the end of the
month
Similarly We will finish the liability of Output SGST
We will also debit that
Output SGST account debit 9000 rupees
How will these two liabilities finish?
Should I do the entire payment from the bank?
No To finish them
First we will get support
Who is that support?
Input CGST account
And Input SGST account
We are saying to the government
Modi Ji is saying
Output CGST 9000
We are saying
Modi Ji
Out of this we have already given you 8400
We have already given you 8400
Now take the remaining 600
In the two bank account
Take the remaining 600
We will pay you the remaining 600
After that
Khattar Ji is saying
Give me my 9000
Output CGST debit
We are saying
Khattar Ji
While buying we have already given you 8400
Remaining Take 600 from us
So the total payment from the bank will be 600 and 600 1200
rupees
Your final entry will be something like this
Output CGST debit
Output SGST debit
To Input CGST
To Input SGST
To Bank Account
There were two liabilities
They are finished
And to finish them
The poor two assets are also finished
And on top of that we have to pay 1200 more
The assets are finished
That's why we have credited them
Whenever the assets are finished, they are credited
We have to pass this entry
Come
Come to teleprime
And we will pass this entry
It will be fun to pass this entry
V for Voucher
Will you take journal voucher
Or will you take payment voucher
What do you say?
We have to do some payment also
Shall we take payment voucher?
Yes sir
Take F5 payment voucher
Find output CGST and do debit
Output CGST, debit
How much amount? 9000 Sir, we have to see from behind
You can see from here also
See below, current balance 9000
If you want to set off the whole amount
Take 9000 from here
As soon as you enter, it will become 0
Then DR, debit
Output? SGST 9000 Credit, Input, CGST
How much amount? 9600 How much balance is there?
How much is there in Input CGST? 8400
He was showing 18000 divided by 8400 50-50 Leave it
Credit, then Input, SGST 8400 And finally credit
You will pay from bank
Excess from bank
This is final payment
See very carefully
Pass it very carefully
If there is any problem, tell me
Do it very carefully
Output CGST, debit 9000
Output SGST, debit 9000
Credit, Input, CGST 8400 Input SGST, 8400
Excess payment from bank 12000 We will write narration
Being GST liability set off
And balance amount paid
Whatever could have been set off, it was set off
And the balance amount of the rest
Paid Being GST liability set off
And balance amount paid
What will we press with CTRL?
A What should be the effect of this on my balance sheet?
Can any child tell me?
Both my liabilities are over
Output CGST, SGST, 0
And Input CGST, Input SGST is also over
So from my balance sheet
Nomination of duties and taxes should be removed
And absolutely
It happened
In my balance sheet
Duties and taxes are over
At this time, neither take a rupee from the government
Nor give a rupee to the government at this time
Now when more transactions will start next month
Then we will see what to do with it
Okay sir, okay
Okay, okay, okay
Okay Sir, when can the balance be saved here?
Whenever you have collected more than the customer
Then there will be 0 here at the end of every month
Because you have to pay the remaining liability
So here in one case, liability can come
Even at the end of the month
When you have not made the payment
One is then
And one balance can be seen in that case here
Minus means negative balance
When you have bought more things
Have made more payments
And you have reduced the revenue from the customer
So what will happen
Assume you have collected 18,000 GST at the time of sale
And paid 20 at the time of purchase
Modiji Khattar to whom you are saying
Hey, I will not give you a rupee now
My 18,000 rupees have been deducted
And 2,000 are still remaining on you
Stay there
So in such a case 2,000 rupees will be seen here in duties
and taxes
Negative will be seen
Because it is your asset
As a minus in the current liability
You will use more money
To finish your future liabilities
It is your asset
Okay When can the second balance be seen here?
Assume you have collected 30,000 rupees from the customer
And pay GST
The input is still 24,000 rupees
So you have to pay 6,000 to the government
You have not paid yet
Do not enter the payment
Then in that case 6,000 rupees will be seen in the current
liability
Otherwise you go exactly according to the account
So there is no problem like this
You will have full payment
Go according to the account
And means
Your purchased goods keep selling
And more than the customer
If GST is collected
Then it will be empty here
Okay Okay sir
What will be the second effect?
Look at my bank balance
Negative balance has increased by 1200 rupees
We are using overdraft
Okay Okay sir
So
Sir, how can we finish this overdraft?
Let's see it once
Now this 40,000-400,000
The debt will continue to increase
Say yes or no
Yes sir
So let's see it once
For example
We put this 40,000-400,000 in the bank
Let's deposit this 40,000-400,000 in the bank
Cash Okay How will you do it?
Come here
We do not have cash
Cash is also pending
Isn't it?
Let's increase the operating balance of both cash and
capital
Now see how the adjustment happens
This will come out of these points
In practical life
You have to make these adjustments
Come and see
How will you do it?
First of all
Come to A for Alter
You will get to learn new things
Come to Ledger
Pick up the Ledger of Cash
Enter, enter, enter
Keep it down
Make its balance 50,000
What is its opening balance?
Take a little more
Make it 70,000
70,000 Control A
There is no difference in the balance sheet
That's why
Open my capital account
Akash Capital Account
Enter, enter, enter
Keep it down
How much will you take the opening balance? 70,000 70,000
Control A
And now
Now What will we do?
Now we will do the same thing
The negative balance of our bank overdraft 40,400 rupees
Let's finish it
Let's deposit money in the bank
Come to V for Voucher
Tell me which voucher will be the entry?
Contra Very good
Contra Voucher
Deposit money in the bank
Do F4
Will there be credit?
Cash Whenever cash is deposited in the bank
Cash will be credit 40,400 rupees
And my excess bank will be debit
Bank 40,400
So my bank's negative balance will end
It will become zero
I will press A with control
And I will come out of the balance sheet by pressing SK
So you can see friends here
The bank balance has become zero
Negative balance is over
I will deposit a little more
So what will happen?
Here the bank's
Positive balance will start to appear
Let's deposit another 2000 rupees
V for Vouchers
Credit Cash
Deposit a little more
Deposit 12,000 rupees
Debit Excess Bank 12,000 Control A
Control A
You would find
Now your
Positive balance will start to appear in the bank
And the cash has become a little less
This is how it is
Okay Okay So with this note
Today's discussion ends with us
Now we will meet you in the next clip
If you have any doubt, ask me
Till then thank you
Bye Bye and Take Care