Good Morning, Good Afternoon, Good Evening, Namaskar
Welcome to the class once again
Very warm welcome to you all
We will continue the discussion
And we are going to move towards more practice
You can see on your computer screen
Past entries in the books of Mukti and Sons
We will make a company in the name of Mukti and Sons
And we will record the transactions given below
Okay sir, let's go
Last time we did it very slow
Our first entries were of GST
So this time our speed will be fast
And we were able to do only one question last time
We will try to do more this time
Come So in the name of Mukti and Sons
Let's create a company as soon as possible
Within seconds
It will be better if you walk together
Now you walk forward, backward, up and down in four
directions
Mukti and Sons
We will create it quickly
Keep Haryana in the state
Do a favor on me
Don't do any favor on me
Just do a favor
Take Haryana in the state
With control
Enable GST
I don't know how many times you have done this work
According to me, you should do this work in seconds
With super speed
Let's go
So let's come back to the notes
And let's see which transactions are there
How many transactions are there
When is Holi?
Good Purchase goods for 3 lakh from SS Chatterjee
Okay What is the GST rate?
GST rate is 6%
CGST and SGST
All transactions are taking place in Haryana
Sold goods for 5 lakh to Adiyogi
Yogi, Yogi, Adiyogi
We didn't like anything
We took from SS
We returned the 20,000
Adiyogi didn't like anything
He returned 16,000
We paid 10,000 for printing stationery in cash
Goods withdrawn 40,000
For the first time, you are going to apply GST on drawings
We had entered drawings
That's why we understood
When you understand the entry of drawing
Then we will see the entry of GST on drawing
Oh my God
Do you remember the entry of drawing in kind?
When goods are withdrawn, how is it done?
Drawing account, Debit to Purchase account
If you don't remember, go and see the last clip
Goods lost in fire
This is also the first time you are going to see
If there is a fire in the goods, what is the general entry?
Sir Where will there be a fire?
Think a little practically
In any of the 100, there is a fire in a warehouse
What is the use of this entry?
Sometimes theft happens
Sometimes the goods disappear
There can be a loss of some other way
It can be damaged
The goods can be defective
It may be rotten, it may be obsolete
Whatever it is
Entry passes through P&L
So this thing will help you there
Don't just look at it from the angle of lost by fire
Look at this
If the goods are damaged
What will be the entry?
Okay sir
Okay So these are the points in it
Which we have to do
Let's have a go
We have created a company
First of all, we are going to buy goods worth 3 lakhs
From SS Chatterjee
SS Chatterjee
There will be an entry in Purchase Voucher
Come Friends, let me teach you
Whose general entry we are
Here it is
For Purchase Voucher
Which button do we have to press?
V for Voucher
After that, which one do we have to press?
F9 Purchase Supplier's invoice number
I will tell you
Take the supplier's invoice number
A1S254 Tell me, how did you like it?
Very good sir
I have made it myself
Date is 1st April 22
Party account name
Press Alt C
Create SS Chatterjee
Under Sundry Creditors
After that press A with CTRL
A with CTRL
And again press A with CTRL
Yes Sir, is this for Haryana?
Yes All transactions are taking place in Haryana
That's why you can put GST number in SS Chatterjee
Okay sir
Purchase ledger
Press C
Purchase Under Purchase Accounts
I don't know how many times we have done this
Is GST applicable?
Set Alt GST
No Type of Supply Goods
CTRL A
Now see yourself
Whether you are able to do it in seconds or not
The speed at which I am doing
Very fast
Whether you are able to do it very fast or not
You should see this
Otherwise you have not practiced well
Now the fight is not that it is happening or not
The fight is that how fast things are happening
That's why you will focus on new things
That's why GST with drawing
You will be able to understand the entry of Loss by Fire
Because if you are stuck in the back, then there will be a
problem
That's why you have to do it speedily
What to buy?
You have to buy a total of 3 lakhs
What to buy?
What does Janata Janardhan say?
What to buy today?
You tell me what to buy
Buy a camera sir
There was a camera in front
We made our own camera shop
Alt C
Type DSLR Cameras
DSLR Cameras
Under Primary Units
Alt C
PCS PIE PCS
Tell me how fast everything is happening
GST Applicable
Applicable Set Alter GST Detail
Y Enter
On Value
Taxable What should we put the rate? 12% 6 6 will come
automatically
Press A with Control
Buy Goods
And press A with Control
Okay You have to buy a total of 3 lakhs
Let's do one thing
Let's buy 20 pieces 15000 each
We bought 20 pieces 15000 each
So this is the purchase of 3 lakhs
Enter Enter Enter
Leaving one line
Alt C
Say Input or Output
Input or Output
Input CGST Under Duties and Taxes
GST Central Tax
Control 18000 came automatically
Press Enter
Press Alt C
Input SGST
Under Duties and Taxes
After that GST
After that State Tax
Control This is also done 18000
No
On Account
Write Narration
Being Goods Purchased
Let's go
Okay Okay
We will save it by controlling it
And we will see its effect
What effect is going to happen?
Where? In our balance sheet
In the last question
I made you do the entry on the pad
Then I made you do it here
But now
One question is done in detail
So we can do it directly
No problem
Okay This is done
Control A
And let's go to the balance sheet
Pressing SK
B for Balance Sheet
Alt with F1
You will find
That your stock is of 3 lakhs
You have a loan of 3,36,000
Because You have to give GST 6% 6% 18 and 18 36,000 And in
Duties and Taxes
Your negative balance is coming
Ask why?
Because you have paid tax while buying
You have not sold anything from your wire
And have not collected GST
If you press Enter
Input is coming
Now there is no output
Okay Let's move to the next entry
Let's move to the next entry
Sold Goods for 5 lakhs to Adiyogi
Let's sell Adiyogi for 5 lakhs
Okay sir
Come here
Come to Teleprime
V for Voucher
And if you want to buy a sales voucher
Press F8
Party Account Name
Press C with Alt
A, D, I, Y, O, G, I, Adiyogi
Under Sundry Debtors
Adiyogi is also in Haryana
You can put their GST number
You can put Adiyogi Haryana
Press A with CTRL
And again press A with CTRL
Sales Ledger
Press C with Alt
S, A, L, E, S, Sales
Under Sales Accounts
Not Applicable
Is GST Applicable?
No Type of Supply
Goods Press Enter
Press CTRL, A
Name of Item
What will you sell?
Whatever is there, you will sell
DSLR Cameras
Total Sale
How much is the price?
Rs. 5 Lakh
So do one thing
We have 20 pieces
We have 10 pieces
Sell them for Rs.
Sir, Margin is very good
Absolutely You are buying in Rs.
And selling in Rs.
Absolutely, it should be
There is a lot of demand for DSLR nowadays
Leave one line and come down
Alt C
Input or Output?
Output C, G, S, T
Under Duties and Taxes
GST Central CTRL, A
Rs. 30,000 will come automatically
Then Enter
Alt C
Output S, G, S, T
Under Duties and Taxes
GST State Tax
CTRL, A
Rs. 30,000 will come automatically
Enter Press No
On Account
Narration Being Goods Sold Being Goods Sold
Press A with CTRL
Press No with N
Press Escape
Balance Sheet
Alt With Alt
Press F1
You will find
Current Assets
Debtors Rs.
Because 5,00,000 You have to take
GST of Rs.
Total You will take
Rs. 5,60,000
And Duties and Taxes
Amount Has changed
To Positive
Liability Side Positive Means You have to pay
Government How much?
Rs. 24
Can you tell
How much
Rs. 24
How much tax have you paid while buying?
Input 36
So 60 minus 36
How much is coming in duties and taxes? 24000 24000 You can
also check by pressing enter 18 and 18
The debit you have paid is 36
And 30 and 30 you will collect from the customer 60,000 So
60 minus 36
How much is left? 24000 It will come to your liability side
In current liabilities
In duties and taxes
Okay? Okay sir, no problem with this
I said let's move towards the third entry
Let's go to the third entry
Let's see what is our third entry in the notes
And for the first time you are going to do purchase return
and sale return
Every question will teach us something new
The simple thing is this
Say
Say What do you do to save money on GST?
We use the goods of a registered person for our house
We get the bill made in his name
So that GST is saved
Of course
Yes Why not?
How does that process happen?
It will also be told
We also do it
Let's go
So here is the next point
Returned Goods to SS Chatterjee for Rs.
The goods purchased from SS Chatterjee
How much did you buy?
Rs. 3,00,000
Rs. 3,00,000.
We purchased 20 pieces for Rs.
We don't like some of the goods
We are returning it back
We are returning that amount
Okay sir
One piece was for Rs.
So this amount
Return Rs.
Okay Returned Goods to SS Chatterjee for Rs.
Okay sir
Let's return one piece
Come to Telly
Come to Telly Prime
Press SK
V for Voucher
What do we have to do?
A new thing is coming
Do we have to return the purchase or the sale?
Do we have to return the purchase
Sir, we have to return one piece of the goods purchased
This is Purchase Return
To understand the Purchase Return we are going to go to Pad
Come here
Here you go
Understand it carefully
Do you all know the Purchase Entry?
Yes sir, we all know the Purchase Entry
For example, we purchased goods from Chatterjee
We entered
Purchase Account Debit
Rs. 3,00,000
Input CGST Account Debit
6% of Rs.
Rs. 18,000
Input SGST Account Debit 6% of Rs.
Rs. 18,000 2 From whom did you purchase?
I forgot the name
SS Chatterjee
Rs. 3,36,000
This is the Purchase Entry
We purchased 20 pieces
At the rate
Rs. 15,000 each
Okay sir
Now what we have to do
We have to return one piece
Is there any common sense?
Common sense
We have a lot of common sense
We use less
If this is the Purchase Entry
Then what will be the Purchase Entry?
Common sense
Reverse
SS Chatterjee Account Debit
Rs. 3,36,000
2 Purchase Account
2 Input CGST Account
Input CGST
Debit Input SGST
If you do this, it will get debited
Because you will get this dsta back
As an asset from your customer
That's why it gets debited
But it even gets reversed
If we have to reverse it
Then reverse it
You can't write output here
Output will come when the sale will occur
If you write output here
SS Chatterjee will get a sale
Okay sir
How many products should we give?
How much was the purchase price of one piece?
Rs.15,000 How much will be the GST of 6% at Rs.15,000?
Rs.900 How much will be the SGST of 6% at Rs.15,000?
Rs.900 And Rs.15,000, Rs.900 and Rs.900
How much will be the total?
Rs.16,800 Very good, very good
Well done
Now you have to pass this entry in teleprime
This is your purchase return entry
This is your entry for purchase return
Are you ready?
Yes sir, we are ready
Here you go
Find the voucher and tell me
I will believe you today
You tell me in the purchase return voucher
He is saying there will be an entry in the journal voucher
There will be an entry in the journal voucher
Hemant is saying so
We have a different voucher available than that
You can do any entry in the journal voucher
Don't even talk about it
But I will make you do the specific thing for which it is
made
I will make you do that
Yes, yes, yes
Do you see the option F10 in the vertical button bar?
Yes sir, I can see
Press F10
Please press F10
What do you have to press?
F10 And friends, you have to go up
Do you see the debit note?
Debit note
What do you have to press with ALT?
F5 So press F5 with ALT
It is written on the side of the debit note
As soon as you press F5 with ALT
This voucher will open
Its name is Debit Note Voucher
Sir, why is it called Debit Note Voucher?
Do you know why it is called?
See for yourself
You just did a journal entry two minutes ago
You will get its logic in that
Friend, what is a creditor always?
It is a credit
What is it?
It is a credit
You bought things from it
And you are saying
We will give you Rs.
What will you give?
Rs. 3,36,000
You wrote this in your books
Now we have returned one piece of this to Mr.
So tell me one thing
Has the information of this been delivered to Mr.
Chatterjee in writing or not?
Tomorrow Mr.
Chatterjee will take the goods in his warehouse
And tell us to give Rs.
You returned one piece of goods
Where is the proof of this?
That's why when the goods go back
There will be a written proof of that too
And we will make a written proof
And we will write in that
That we have returned one piece to you
And it has reached your warehouse
When our transporter will reach here with the goods
He will take one piece to Mr.
Chatterjee's warehouse
Then Mr.
Chatterjee will sign on that document and return it to us
This will give us the proof
That one piece has reached Mr.
Chatterjee's warehouse
This is called a debit note
This letter is called a debit note
From whose angle is it called a debit note?
From my angle
Who am I?
Right now, Mukti and Sons
We are only working for Mukti and Sons
So now you have to think from the angle of Mukti and Sons
Nothing else
Mukti and Sons will make a letter
And will write in that
That I am returning one piece to you
I am giving this letter to my transporter
When it reaches your warehouse, sign it
And return this letter to my transporter
He will come and catch me
This is called a debit note
This is the proof that one piece has reached Mr.
Chatterjee's warehouse
Sir, why do we call it a debit note?
Because you are debiting your creditor while returning the
goods
On this basis, this letter has been named as a debit note
What name did you make?
Debit note
Do you know what will happen with this?
This will make Mr.
Chatterjee's ears stand up
Mr. Chatterjee will understand
Mukti has credited me from Rs.
And now he is sending me a debit note
Which means he has also debited me from Rs.
16,800 in his books
Which means he will not give me Rs.
16,800 out of Rs.
Because one piece has come back to me
In this way, Mr.
Chatterjee's ears will also stand up on the basis of a
debit note
This is the real thing
The real thing is to give a debit note
What is the real need to give a debit note?
The real need is that the other party should know
Son, we will not give you Rs.
You will get the remaining money by deducting Rs.
16,800 from it
And sign on this and return it
So tomorrow he cannot ask for this one piece of money
Come on, now let's enter in Tele
Party account name
Whom are you returning?
S.S. Chatterjee
Control A
Ledger account
Purchase return
What will happen?
Purchase return
Press C with ALT
Please press C with ALT
Write in name
Purchase return
What will you write in name?
Purchase return Purchase return
Purchase return
Take under purchase account only because it adjusts with
the purchase account
Purchase return should be known to you all
Sorry, everyone knows it? Yes sir
Not applicable, applicable, no, goods
Controller, name of item, what are you returning? DSLR
camera, how much? 1 piece 15000 rupees, enter enter
Leave a space of 1 line and what will you write here?
Import CGSD, it will automatically come to 900 rupees
Enter, what will you write?
Import SGSD, it will automatically come to 900 rupees
It will automatically come to 900 rupees
Yes sir, now friends tell me one thing
This transaction is completely flashed on your computer
screen Yes sir, what should be the effect of this on my
balance sheet?
Listen, my creditor named SS Chatterjee
My creditor should be less than 16800, say yes or no?
It should be absolutely
My input CGSD and SGSD which I had debited 18000 and 18000
from 36000, that too 900 and 900 should be less 17000 and
17000, 34000 and 24000 should be left
Yes sir, that too 900 and 900 should be less 34000 and
24000, okay? Yes sir
And we have DSLR camera
We bought 20, how many were sold? 10 And returned 1, how
many should be left? 9
So let's see all these things, press A with CTRL
And escape and come out
Press A with CTRL, escape and come out
First come to B4 balance sheet, press F1 with ALT
Come to B4 balance sheet, press F1 with ALT
And see, how many creditors are left? 319200, how many were
there a while ago?
A while ago it was 336336
Out of this, we will not pay 16800 because
And 319200 is left, okay sir
See above, duties and taxes, my input CGSD and SGSD
How much is left? 17100 and 17100 The government is saying
Out of 18000 and 18000, you are going to take 900 and 900
back
Will 900 and 900 be returned or not? When you have given
the goods, will you give GST to it?
You have returned the purchased goods, you will say
Take GST on this, no no, GST will also be returned
The government will say that the balance of your input CGSD
and SGSD
Will be reduced
Okay sir, and from where will we check the piece?
How many pieces are left with us?
From where will we check the stock? Can you tell?
Press P and L, press F1 with ALT and press ENTER in the
closing stock
Here you will see, we have 19 pieces
Inwards And 10 pieces outwards
How is this 19 coming?
If you press ENTER, you will also know this 19 20 came in
the beginning, returned 1, so 19 are left
Okay, from where else can we go sir?
Press SK and come out, and now you can go to the stock
summary
If you enter the stock summary, you will get the same screen
Okay, it happens that there can be two ways to a house
Go like this or go like this, will you reach there?
There is one more way sir
You will get down from the helicopter Come to the balance
sheet, go to the closing stock
You will reach there from the balance sheet It seems that
the house is at the crossroads
If there is a fourth way, the house will be at the
crossroads
Okay sir, this is enough
There is a fourth way
You will go to the display
In the inventory books, in the stock item
You will reach there
Congratulations, the house is at the crossroads So what did
we learn here?
We learned how to return the purchased item Now all the
lovely children will note down the steps with me
Note down the steps
You don't have to join the course You have to make yourself
capable
That you can do things yourself
That's the benefit
That's why these steps are written
We feel that there are so many critical things
But it will help you a lot Note it down
Steps to pass
Purchase, return, entry
Steps to pass
Purchase, return, entry
Go to vouchers
Press F10
That is other vouchers
You have to press F10 which is the shortcut for other
vouchers
After that
We have to select debit note voucher Select debit note
voucher
To select debit note voucher
We have to press Alt plus F5 Alt plus F5
After this, go to the fourth number What you have to do?
It's a party account name
You have to enter date and party account name
After this, put
Date And party account name
After that, number 5
Create Purchase, return, ledger
Under Create purchase, return, ledger
Create purchase, return, ledger
Under the heading of purchase
Create purchase, return, ledger
Under the heading of purchase
After that, number 6
Enter Enter stock item details which has been returned.
Enter stock item details which has been returned.
Step 7
Enter stock item details which has been returned.
Remember to leave a gap of one line.
Not while writing but while entering in the tally.
Put input cgst account and then input sgst account.
It will calculate the amount automatically.
Input cgst account and then input sgst account.
You have completed the steps.
Please note them down.
1, 2, 3, 4, 5, 6, 7 steps to enter the purchase return.
Tell me one thing.
Shouldn't my purchase be reduced from the purchase return?
In 11th and 12th, we used to check the trading account.
We used to check the trading account.
That should also be done.
Let's check that too.
Come to telly prime.
Please come on telly prime.
Press ctrl A and save it.
Press escape and select P for P&L.
Press alt F1 and see.
Out of 300,000 purchase return is 15,000.
Balance is 2,85,000 rupees.
Sir, take us to the next step.
Take us to the next step.
I said okay.
Let's go to the next step.
Return goods to SS4.
It had to be 15,000 in its notes.
You can do it accordingly.
Adiyogi returned goods 16,000.
Actually, you have to do 15,000 here too.
We have kept the price of the goods at 15,000.
So it should be 15,000.
Remember that.
Because the pieces of the camera cannot be returned in
points.
This is the thing.
If the goods are in decimals, kilos or liters, then it can
be returned in any amount. Tell me.
We have sold it for 150,000.
Okay, we have sold one item for 50,000.
Absolutely right.
So we will take back one piece of it for 50,000.
We have to do 50,000 here.
We will change it in the final PDF you get.
Now try to understand.
Adiyogi returned goods.
What should come instead of 16,000? 50,000 rupees.
Okay, sir.
Come on.
Now come inside teleprime.
Okay.
What will you have to do? Sir, we have to go to V4 voucher.
And press F10, other vouchers.
This time will you take a debit note or a credit note?
Debit note or credit note?
We will take a credit note.
Why, sir?
I will explain this to you on the pad.
Why did you ask?
Now you will have to come on the pad with me.
Now you are caught.
Tell me, what did you do with the sale entry a while ago?
We sold Adiyogi to sales account to output CGST account to
output SGST account.
We sold 10 pieces at the rate 50,000 each.
We did sales of 5,00,000 at the rate.
At the rate of 6% CGST we got 30,000 and at the rate of 6%
SGST we got 30,000.
We have debited total 5,60,000 rupees to our debtor.
He is returning one piece of that amount to us.
Our one piece is returning.
We are getting sale return of 1 piece.
What does common sense say?
The entry of sale
The entry of sale return should be opposite i.e.
So what will be the reverse entry?
Reverse entry will be
Output CGST Account Debit
Output SGST Account Debit
After that
Sales Account Debit or return the sale
Sales Return Account Debit to what?
Adiyogi Account
The basic price of the return is Rs.
How much? Rs.
According to 6% CGST will be Rs.
SGST will be Rs.
In 2 Adiyogi, total will be Rs.
If for 10 piece you debit Rs.
5,60,000 then for 1 piece, remove 1,0 you will credit Rs.
Yes What will be the effect of this?
Number 1
Will my output CGST and output SGST balance reduce? Yes or
No?
Yes Sir
Because you credit it and if you reverse it, it will reduce
What will be the next effect?
Next effect will be that our sales in our trading account
will also reduce by Rs.
Absolutely Our Rs.
5,00,000 sale will reduce by Rs.
50,000 and remain Rs.
And one effect will be that our debtor Adiyogi will also
reduce by Rs.
56,000 because we will not get that money
And see when you sell credit then you debit your debtor but
as soon as he returns the goods you credit it
That's why the voucher we call it
Credit Note Voucher
Think from the angle of Mukti
If Mukti returns the purchase then debit note will enter
the voucher
Because the creditor has to debit at the time of purchase
return
If Mukti returns the sale the goods sold to Mukti then the
credit note will enter the voucher
Did I say it wrong?
When the purchase is returned then the debit note will
enter the voucher and when the sale is returned then the
credit note will enter the voucher
So now the sale is returned
Let's select the Credit Note Voucher
For Credit Note we have
Alt plus F6
Press Alt plus F6
Party Account Name
Who is returning the sale?
Who is this person?
Adiyogi Control A
Press C with Alt
Sales Return Account
Under Sales Account
Sales Return Account Under Sales Account
Type of Supply
Goods Control A
Name of Item DSLR 50,000 Enter Output CGST
Enter Output SGST
No With Control A
Let's see the effect of this on our balance sheet
Are the same three effects occurring or not?
What I just told you
No.1 effect
Output CGST and SGST will be reduced
So see
Output CGST and SGST which were there a while ago 30 and 30
How much is it reduced from 3000 to 3000? 27 and 27
The government was telling us
Give 30 of SGST and 30 of Output SGST
We said listen
One piece of this
Which we sold
But he returned it
He will not give us tax on it
So where will we give you
Let's reverse 3000 27 and 27
Output liability will be left
Second effect
Sales should be reduced
Press SK and come to P&L
Press F1 with Alt
How much is the sale return? 5 Lakh minus 50? 4.5 Lakh
And my debtor should also be reduced
Press SK and come to balance sheet
See the debtor 5 Lakh 4000
The money we had to take from Adiyogi of 560
It is less than 56000 5 Lakh 4000
Isn't it nice?
Is it the same effect as it should be?
Yes sir, it is the same effect as it should be
So without any delay
Write the steps
Let's write down the steps for sales return
Steps for
Sales return entry
Number 1
Go to vouchers
Number 2
Press F10
Go to other vouchers
Press F10
Number 3
Date and
Party
After other vouchers
Select
Credit note voucher
Alt plus
Very good
F6 Put Date and
Party name
Create
Sales return account
Create Sales return account
Under the heading of
Sales Account
Number 6
Enter Stock item
Details Which has been returned to us
Enter Stock item details
Which has been
Returned to us
Enter stock item details
Which has been returned to us
Number 7
Enter Output CGST
And output SGST
Output CGST
And output SGST
Amount will be automatic
No need to say after that
Press A with CTRL
And the effects
I have written to you
Check those effects
If the same effects are on your P&L and balance sheet
Or not
Okay Next point
Let's move together
Towards our
Very next point
Printing and stationary
Expenses 10,000 paid in cash
Printing and stationary 10,000 10,000 GST Yes Yes GST Goods
and services
Printing Services Stationary Goods GST GST GST GST GST GST
GST GST GST GST GST GST GST GST GSR GST GSR BS GSR GSR GSR
GSR Payment will be done either while buying goods or while
buying services
Input will come
Input CGST, Input SGST account
Debit
6% is 600 rupees
And you are paying with cash, no loan No loan of any party
Total will come to your cash account is 11,200 rupees
11,200 rupees
Okay sir, in which voucher will we do this entry? Can you
think and tell?
Sir, we are doing payment, there will be entry in payment
voucher
No need to think, I said absolutely right
Tell me what will be the effects of this?
I will tell you the effects, one is your expenses, printing
and stationary expenses
Debit side should be seen in your P&L account
This will also reduce your net profit, absolutely sir
If you are paying Input CGST and Input SGST more tax
Will this balance increase or decrease? It will increase sir
Always remember, if you debit Input CGST and Input SGST
Then their balance will increase, if you credit then it
will decrease
If you credit Input CGST and Input SGST Then their balance
will increase, if you debit then it will decrease
And what will be the effect of 2 cash?
Your cash balance will be reduced by 11,200 rupees
We have created a new company, do we have cash balance?
No, what will we do? We will put opening balance
And we will put that much in capital also, let's do this
work quickly
Let's move it
Come on teleprime
Press SK
Come to V4 voucher
Tell me, what do we have to do? Printing and stationary, we
have to enter in payment voucher
Select F5, debit, press Alt C
Write the name, printing and stationary
Under indirect expenses
Under indirect expenses, not applicable, GST applicable And
in type of supply, let's leave the service
Let's leave the service
Press A with control, what is the amount? 10,000 rupees,
very good, enter
Debit will come, Input CGST, how much? 600 rupees
Debit will come, Input SGST, how much? 600 rupees
And credit will be done, cash account 11,200 And as soon as
he credits the cash, he is giving a warning
He is saying that there is a negative balance, how much?
200 rupees, please correct this
Tell me one thing, I know how to correct
So let's go ahead, let's control and finish Yes So there is
no need to write the steps
This was the entry of indirect expenses You have done
indirect expenses before, right?
We have the next point, let's move ahead Come on
See the next point
We have the next point
Goods withdrawn, 40,000 rupees
Goods withdrawn by the proprietor, how much? 40,000 rupees
Let's do the entry
Let me do the entry on the writing pad
Tell me what will be the entry on the writing pad
Drawings What will happen if the owner takes the goods to
his house for personal use?
Drawings account debit
To what?
Very good, purchase
The purchased goods will be less, so the purchase account
will be credited
The drawing entry was done in kind
What will happen if the owner takes the goods to his house?
I told you that at that time also
What will happen along with the purchase?
Input CGST and input SGST will also be credited
If CGST comes, then the purchase and CGST and SGST get
married
Wherever they go, they go together
If the purchase is debited, then CGST and SGST will also be
debited
If the purchase is credited, then CGST and SGST will also
be credited
How many drawings did the big brother do? 20,000 rupees
How many drawings have you done? 40,000 rupees
Come here 40,000 The owner took my purchase of 40,000 How
much will 6% be?
Total 44,800 rupees
Drawings are deducted from the capital
How much will you deduct from the owner's capital?
The goods taken will also be deducted and the CGST will
also be deducted 44,800 rupees 44,800 rupees
The drawings will be deducted from the capital What will be
the effect?
It will be deducted from the capital In the purchase
Leave that thing
Focus on the amount written
We have set the rate for it We said you will take it home
We will not do it every time
You can set a different rate for it We give one out at 50
We will give the owner at 40 It will be like this
What will be the effect of the purchase? My purchase will
be reduced
The balance of CGST and SGST will also be reduced
Say yes or no
Which voucher will I enter?
Very good answer
Journal voucher
Let's enter the journal voucher
Come to teleprime
Press F7 for the journal
What all will be debited?
Only one thing, drawings
Press Alt C
Write Drawings
Drawings What will it come under?
The account of the drawings is made under the capital
account
Press A for the rest of the screen
Rs. 44,800
Enter What will be the credit?
Purchases will be credited
What item are you returning?
Is it a DSLR camera?
What item are you giving to the owner to take home?
Take two pieces, we are putting it in Rs.
If you want to put one piece, you can also put one piece
We give it in Rs.
50 outside, we give it to the owner in Rs.
What will be the credit?
Import CGST
Rs. 24,000
Import SGST Rs.
Here a misconception can go
If you had written SGST, then Rs.
4800 would have come automatically
So you can think that the automatic rate calculation is
happening here
No, no, no, that balancing figure came out
Rs. 44,800-40,000
You have to keep in mind that you have to do half and half
Enter Write Narration
Being goods withdrawn by owner
Being goods withdrawn by owner for personal use
Press A with CTRL
Press SK to come out of Gateway of Tally
See if the effect is the same as I told you
First of all, what effect do we have to see?
See if the drawing amount is less than the capital
Press F1 with ALT
There was no capital, so it has come to the other side
What is 0-44,800?
Let's put some capital
Let's pass an entry of cash to capital Cash will be
positive and capital will be positive
Come out in V for Voucher
Press C with ALT
Credit Owner's Capital Account
Who is the owner? Mukti
Mukti's Capital Account
Under which heading will it come?
Capital Account
Under the heading of Capital Account
Put 1-1.5 lakhs
Debit Cash
Press A with CTRL
Press SK
Now when you come out on your balance sheet, you will find
that the figures have become positive See, the drawings are
coming down from capital
And my cash has also become positive We are making a new
company, we did not invest money
That's why it was coming negative
What will be the next effect?
Your purchases should be less
Come to P&L, press ALT-F1
And see, out of your 3 lakh purchases, 40,000 is less
How much is left? 2,60,000
Out of that, the purchase return is going to be minus 15,000
The purchase return is different
You will have to go inside and see The credit is 40,000,
this is the drawing amount
SGST should be reduced see duties and taxes my input SGST
and CGST is 15300 and 15300 how much was it a while ago?
how much was it a while ago? tell me sir we don't remember
how much was it a while ago? let's see press enter 18600
minus 900 17 18600 minus 900 it was 17700 do you know when
it was 1700? when you reduced 900 out of 18000 then it was
1700 then on printing stationery of 600
I paid more GST so it was 17700 then it is reversing to
2400 if you reduce then it will be 15300 this is the whole
history you can see the whole history you can check this
out ok sir ok I want to see how many pieces are there in my
stock
I want to see how many pieces are there in my stock let's
click on stock summary how many are left? 9 pieces 20 were
bought and 1 was returned 19 were left 10 were sold out of
19 how many were left? 9 1 out of 9 was returned 1 out of
10 was returned 1 out of 10 was returned 1 out of 10 was
returned ok next point is goods destroyed by fire 15000
come to notepad goods destroyed by fire goods destroyed by
fire fire is set and goods are damaged what will be the
general entry? damage if there is
damage then P&L account will be debited always P&L account
will be debited loss by fire, loss by theft loss by damage,
loss by accident what will be the debit?
P&L account what will be the credit? purchase when we buy,
we debit the purchase account whether in drawing, free
sample, advertisement loss, fire, theft purchase account
will be credited you can write loss by fire in P&L account
you can write loss by fire in P&L account you can write
loss by fire in P&L account or do one thing it will
automatically go in P&L you can write loss by fire you can
write loss by fire this is our loss according to P&L rule
we have debited the account whose name is
by fire ok how much loss was there in fire? no no see again
30,000 loss of 30,000 30,000 so the credit in the purchase
account will be 30 if you are married who will come with
you for credit input CGST and input SGST how much? 6% 1800
and 1800 how much will be the debit in loss by fire? total
33,600 33,600 ok ok what will be the effect of this? loss
by fire is my loss debit side should come in P&L account
this will reduce my profit this will reduce my profit
purchases will be less more than
and input CGST and SGST will be reduced will be reduced
next which voucher will be the entry? journal voucher this
will be the entry journal voucher and let's say 2 pieces
will burn purchase of 15,000 2 pieces will burn loss of
30,000 let's go we are on teleprime come back on teleprime
escape v for voucher where should I enter? in which
voucher? press F7 tell me more debit all expenses loss by
fire loss by fire account loss by fire account under which
heading? under the heading of indirect
type of ledger not applicable type of supply goods control
A how much? 33,600 33,600 purchase account item which item?
DSLR camera loss by fire control A credit very good very
good input CGST loss by fire loss by fire credit input SGST
write narration being goods lost by fire 2 pieces being
goods lost by fire 2 pieces
done? done sir with control A come out while pressing
escape and see if the same effects are coming or not let's
check this out first effect loss by fire in my P&L 33,600
33,600 my purchases reduced to 260 230 left right press
enter bought for 3 lakhs took 40,000 how much left?
2,30,000 net purchase next effect input CGST and SGST
15,300 reduced 13,500 13,500 1800 reduced enter 1800 SGST
effect effect done? now what you have to do? final entry or
last entry? now final entry last entry last
of GST current liability in duties and taxes 27 go inside
output CGST and SGST 27 and 27 input CGST and SGST 13,500
final entry
F5 F5 debit output CGST 27,000 0 debit output SGST 27,000
debit credit input CGST 13,500 output SGST 13,500 how much
from bank or cash? remaining 27,000 current liability
government is saying give 27 and 27 13,500 while buying
goods remaining 27,000 will be paid what will be the effect
of this transaction? what will be the effect of this
transaction? duties and taxes duties and taxes duties and
taxes output CGST output SGST input CGST input SGST cash
balance 27,000 cash balance 27,000 control
GST liquidity set-off and balance amount paid wait balance
amount set-off balance amount pay balance amount pay
balance amount balance amount balance amount
Duties and Taxes are gone
I can't see any amount
Look at my cash balance 1,38,800 1,38,800 1,11,800 It is
less than 27,000
You can see the whole history 1,50,000 in cash 11,200 in
printing stationery
1,11,800 in cash 1,11,800 in cash
You can see the whole summary
This was the part of Mukti and Sons This was the part of
Mukti and Sons
We will move ahead in the next clip We will move ahead in
the next clip
If you have any doubt, you can ask me
We will move ahead in the next clip We will move ahead in
the next clip debit note, drawings with GST
I have not taught you all these things
In next clip I will teach you more things, till then bye
bye and thank you