Hello friends
Welcome to another lecture we have to progress things today
and we have to practice more entries of GST so today's
example is on your computer screen which we have to cover
and we will try to speed things up although we said the
same in previous clip but there some new things came out
that's why in previous clip we covered example number 2 so
let's start enter following transactions in the books of
Kajal Traders we have to create an organization called
Kajal Traders and then we have to enter transactions all
transactions have taken place in the state of Haryana
remember all transactions will be in Haryana seller, buyer,
service provider in every case which you will enter for
this company will be in Haryana
CGST and SGST rate will be 9% each so let's go to teleprime
without any delay let's go to teleprime and let's create a
company called Kajal Traders let's go create Kajal Traders
press Alt F3
go to create company as fast as you can it should work in
seconds super hit enter address from your side state should
be Haryana that's it
press Ctrl A do enable GST enter GST number nothing else
Ctrl A
Ctrl A now we have Kajal Traders now let's see what all
entries we have to do first of all purchased goods for
2,50,000 from Ctraders at 20% trade discount
sorry at 20% trade discount let's go to pad and try to
understand first we have to know this trade discount see
friends this is Kajal Traders
this is Kajal Traders
this is Kajal Traders and this is Ctraders that's C or any
other C but Ctraders is written so what to do
Kajal Traders has purchased from Ctraders how much did it
cost 2,50,000 2,50,000 And this time let's change the
camera, LED and T-shirt, we are tired of buying all this.
So let's make a business of Kajal Trader's spices this time.
The retailer of spices is Kajal Trader.
She buys and sells.
She bought spices worth 2.5 lakhs from C-Trader.
In which 1000 kg spices have been purchased.
1000 kg spices at the rate 250 each.
250 rupees per kg.
250 per kg should be said.
Now friends, there is a thing called discount.
Yes sir, absolutely, I have heard.
But do you know how many types are there?
Sir, you tell me how many types are there?
I will tell you, there are two types.
One name is its trade discount.
The other name is its cash discount.
So the discount is of two types.
Trade discount, cash discount, TDCD.
Trade discount is given to increase the business.
To increase the customers.
To not let the customer go.
Like for example, we go to a mall.
We went to a mall.
And after going to the mall, we saw jeans there.
We liked the jeans very much.
The color was also very good.
The design was also very good.
The fitting was also very good.
Now the bell bottom is running again from below.
So that design was also there.
We liked the jeans very much.
Okay sir, yes.
As soon as I saw the price tag, a very heavy price was
written on it.
5000 rupees.
Now to buy a jeans of 5000, even a CA person should think
once.
Right? You are studying now.
So yes sir, it is expensive.
As soon as I saw sir, my mouth hung.
In the meantime, the shopkeeper saw that you are
unsatisfied with the price somewhere.
So he said, don't worry.
50% off is going on now.
40% off is going on.
Do you listen like this?
Yes.
Suddenly a smile came back on your face.
You said, then it's okay.
You turned your head like this and said, okay, then in your
budget, take this money out of your pocket and give it.
Right? This is called trade discount.
This is called trade discount.
They are giving to increase their business.
They are giving to increase the customers.
No customer should go back angry.
The discount given for this thing, that is called trade
discount.
Okay sir, okay sir.
Now tell me one thing.
How will the other party be ready to give 5000 in 2500?
Should I tell you the truth?
It is not of 5000.
It is of 3-3.5 thousand.
In that, they give a little discount and show it to him
that they have reduced the thing of 5 and brought it here.
Just to show off how heavy discount they are giving.
That's it.
Now you are also a player.
What are you less?
You are also a player.
You already know that he is giving a discount from his side.
However, he has added a very heavy margin in this.
And he is earning very well.
That's why you also show off.
You say, okay, it is 50% off.
He is giving 5000 in 2500.
But put 2200, put 2300.
Right? A little discount.
Then you also ask.
You are a player.
You will be ready to give 2000.
And if you are an ultra-legend pro max, you will say, give
1000-1200 only.
Then it is possible that ultra-legend pro max will have to
come back without jeans.
But there are such players.
They also bring half of the rates.
And also bring stuff.
Right? Learn from them.
If they are in touch with you.
Okay? Okay, sir.
So now when you show off.
And you say, we are paying you.
Hold this with 7.
But instead of 2500, you give him cash.
And say, take it.
Take 2200.
Done deal in 2200.
You say, hold this for 2200.
And the shopkeeper says, the money is coming.
The pink of 2000 is visible.
Two of 1000 are visible.
Okay, let it be.
Okay.
Next time the customer will come.
He will also feel like that we have also talked about this.
And let's go.
He is giving cash payment.
Along with 7.
He is not even borrowing.
Right? So this is called cash discount.
This is called cash discount.
Okay.
Which means, sir, the crux came out.
Give it to the shopkeeper on your side.
It is called TD trade discount.
Absolutely right.
The discount you take while paying.
It is called cash discount.
Exactly.
Which is given at the time of payment.
The customer is discounted by the shopkeeper.
It is called cash discount.
Which is given at the time of sale of goods.
It is called trade discount.
Next thing.
I will write with a red pen.
Trade discount is.
It is not shown in the books of accounts.
In the books of accounts.
Trade discount is not shown.
Not done.
Why sir?
Because accounting is starts with the bill.
When the bill is made, then accounting starts.
And do you know what happens?
The shopkeeper told the customer the goods worth 2.5 lakhs.
His face hung.
Look at this.
Kajal trader's face hung.
Then he said, don't worry.
There is a trade discount on this.
20%.
For example, 20%.
It will come to 50,000 rupees.
2.5 lakhs times 20 divided by 100 means 50,000.
He says, give me 2 lakhs.
And he presents the bill of 2 lakhs in front of us.
By making.
Oh ho ho.
So accounting starts from here.
From where the bill is made.
That's why the trade discount is already minus.
Trade discount is before the bill is made.
It is a matter of air.
Give a discount of 50,000 here.
It was nothing in writing.
But it is happening from the beginning of 2 lakhs.
The transaction amount is 2 lakhs.
So the old 50, which is minus in the name of trade discount.
It is not necessary to show it anywhere in the books of
accounts.
We don't show it anywhere.
My dear friends.
Okay.
This is the thing.
This is not the thing.
This is the thing.
Sir.
Oh ho ho.
Now accounting will start here.
Okay sir.
And Mr. Kajal Trader.
Who is Mr. Kajal Trader.
He will record his purchases.
How much money? 2 lakhs.
Now when Kajal Trader will make a payment after a while.
From this, for example.
Now that cash discount asks for 5%.
From C trader.
5%.
That is 10,000 rupees.
And finally 1,90,000 rupees.
5%.
And finally 1,90,000 rupees.
Let's move ahead.
We come to teleprime.
Let's do one thing.
First, I will show you the entry of this on the pad.
What will be the entry of this?
At Kajal Trader.
Sorry.
At Kajal Trader, the entry will be
Purchases, Account, Debit.
Say, how much money? 2 lakh rupees.
Because how much bill did Kajal get?
How much bill did Kajal get? 2 lakh rupees.
The basic price in the bill is 2 lakh.
Although, GST must have been added to the bill.
We will add that too.
And Purchase and Input CGST and SGST are getting married.
You know this.
Purchase and Input CGST and SGST are getting married.
You know this.
Purchase and Input CGST and SGST are getting married.
Sir, these three people are not illegally married.
They are.
What to do?
In question, this marriage will happen.
It has happened.
It was happening.
It is happening.
It will happen.
We don't know about the reality.
How much percent will it be?
Sir, it is 9.9 percent.
2 lakh into 9 percent.
18 thousand.
2 lakh into 9 percent.
18 thousand.
Did we make a cash payment?
Sir, no.
Did we make a payment from the bank?
No.
It is not written anywhere.
Look at your example.
If it is written anywhere, then please check.
Let's see.
It is written only that
Purchase goods of 2.5 lakh from Ctraders and he gave a
discount before making 20 percent bill.
Only this much is written.
It is not written anywhere.
We made a payment.
So, this is a loan purchase.
This is a loan purchase, my dear friends.
From whom?
From Ctraders.
To Ctraders account.
Total will be 2,36,000 rupees.
2,36,000 rupees.
2,36,000.
What should be the effect of this general entry?
What should be the effect?
Sir, my purchases should come.
I said, absolutely right.
Purchase of 2 lakh should be reflected in trading account.
Sir, here,
Input CGST and Input SGST should have this much balance.
In the balance sheet,
In the current liability, that too by putting minus.
Because we have just paid.
We have not received anything from the customer yet.
There is no responsibility to send it to the government.
On the contrary, it is the responsibility to take it back
from the government.
As soon as we sell it from the customer and collect GST.
That is why,
In the current liability,
Minus side means this is a current asset.
Input CGST and SGST.
And Ctraders,
We should have a balance of a creditor.
In the current liability, 2,36,000.
Because he is our creditor.
We are buying goods from him by loan.
Let's do the entry.
And check if all these effects are coming in the balance
sheet or not.
Let's go with it.
Come to Teleprime.
Come to Kajal Traders.
And press V for Voucher.
V for Voucher.
You have to enter in the Purchase Voucher.
Press F9.
I will design the supplier invoice number again.
FBD 205, 2023.
Wow! FBD 205, 2023.
Enter.
It will take the date on its own.
You have no right on the date.
Enter again.
Party account name.
Press C with Alt.
Sir, we press C with Alt even in dreams.
I am telling you the truth.
We keep sleeping at night.
And dreams keep coming.
We pressed Alt C.
Created a ledger.
Pressed Alt C. Created a ledger.
Then next to it,
Mom and Dad sleep.
They wake us up.
What are you doing?
Then we come to our senses.
No.
We have to sleep peacefully.
Not Alt C.
We will do Alt C in the day.
I have become so used to Alt C.
I said very very good.
Very good.
It means you have done a lot of hard work.
Here will come your C trader.
C trader.
Under the heading of Sundry creditor.
Sundry creditor.
Maintain balance bill by bill.
Yes.
Control.
Enter it and put the GST number here.
Take the status of Haryana and put the GST number.
Press A with Control.
Press A with Control again.
In the Purchase Ledger,
Create it by pressing Alt C.
Purchase.
Under Purchase Accounts.
Not applicable.
Applicable.
No goods.
A with Control.
Name of item.
We have to buy spices.
Press C with Alt.
Create spices in the name.
S P I C E S
Not iSpice.
Spices.
Who is saying iSpice?
Spices.
S P I C E S
Under Primary.
Press Alt C in Units.
In Symbol.
P C S
In Formal Name.
P I C E S
U Q C P C S
Decimal.
Nothing.
We can buy a kilogram in grams.
It can be like this.
23.5 Kg.
25.5 Kg.
You can purchase 50.5 Kg.
Yes.
Such an item.
Which we can purchase in decimals and points.
Whose unit of measurement.
Kg.
Liter.
Meter.
For this, write 2 in number of decimal places.
Here.
Up to 2 decimal places.
You can record it.
Even in points.
Okay.
Whatever quantity you are purchasing.
Press A with Control.
GST Applicable.
Applicable.
Set, Alter, GST Details.
Yes.
Press Y and enter.
Take On Value.
Take Taxable.
Take 18% in Integrated.
This time.
Remember 18 rate.
9 and 9.
Press A with Control.
Take Goods.
Press A with Control.
What is the quantity?
Sir, 1000 Kg.
What is the rate of 1 Kg?
We created pieces there.
It was in Kg.
Yes.
Press Enter with Control.
Come back to Units.
Press Enter with Control.
If you make a mistake.
How can you correct it?
You got to see this too.
Habit was so much that we put it.
Hmm.
What do you have to do?
You have to write Kg in Symbol.
Kg in Formal Name.
If you write Kg in UQC.
Kg will come.
Number of Decimal Place is 2.
Press A with Control.
What do we have to do?
Pressing Backspace.
Come back to where you made a mistake.
I will tell you again.
You have to press Backspace.
Not Escape.
Backspace.
As soon as it comes to Spices.
Where there is a mistake.
Press Enter with Control on it.
Write somewhere.
To correct the error.
Or.
To recreate the ledger.
What will we do on it?
What will we do?
Press Enter with Control.
Wherever there is a mistake.
Go there.
Then you will enter in it.
You will come down there.
Where you made a mistake.
And you will correct it.
Okay Sir.
Control.
Now we have bought 1000 Kg.
What is the rate of 1 Kg? 250.
In this way.
Our purchase was done.
How much? 2,50,000 Rupees.
In this way.
Our purchase is done.
2,50,000 Rupees.
Now friends.
If you.
Do that work.
After this.
Normally we do.
That is.
Enter.
Press Enter.
And leaving one line.
If you come down.
Here.
And input CGST.
And input SGST.
If you start.
Then there will be a mistake.
Ask.
What will be the mistake Sir?
Friends.
There will be a mistake.
GST will be applied on 2,50,000.
Of 9%.
Although.
We don't have to apply GST on 2,50,000.
Absolutely right.
We have to apply GST on 2,00,000.
Sir.
Yes.
You are right.
Means.
We have to do.
Discount minus from this.
Yes.
How will it be?
Come on.
Along with me.
All smart kids will press.
F11.
Press along with the function.
If your work is not doing.
Okay.
Press F11.
Sorry.
After this.
You can see this option.
Up.
Show more features.
Where No is kept.
Here.
You have to do Yes.
How will you do?
Press Backspace.
Reached up.
And below.
Select Yes.
After this.
You 1.
2.
3.
4.
5.
6.
Press Enter 7 times.
7 number.
7 number is an emotion.
Press Enter 7 times.
Use Discount Column in Invoices option is coming.
Press Yes.
Y.
E.
S.
Yes.
If you write only Y.
It will work.
Press Enter.
Control A.
This screen.
And you would find.
That you have.
Look here.
A Discount Column has come.
After Discounting.
Percentage has come.
Yes.
After this.
You have to do.
Yes.
After this.
You have to do.
Enter.
Control A.
Enter.
You will reach here.
And you?ll see the Discount percentage.
What was Discount percentage?
It is 20%.
If you press 20.
Then it will be 2,00,000.
It will be amount of 2,00,000.
Absolutely.
After this.
Press Enter.
Come down.
Leave 1 line.
And after alt c.
Press.
And create.
Input CGST.
Now.
Input CGST
Input CGST Under Duties and Taxes
GST Central Tax
Control A
Alt C to create
Input SGST
Spelling is wrong
Under Duties and Taxes
GST State Tax
Enter No On Account
Narration Being
1000 kg spices purchased at the rate 250 per kg with 20%
discount with 20% discount
To reach tomorrow another count he understood
An old man
Who worked very well
Did not bother the owner it is natural
Control A
Press SAVE
Before we proceed
On the balance sheet the effect that we were talking about.
First of all, the effect... Our purchase should be visible
in the trading account. Press PNDL, ALT, F1 and PAU.
Purchase of 2 lakhs is visible.
Closing stock is also visible, 2 lakhs. Because nothing has
been sold yet.
Okay, sir.
After that, come to the balance sheet. Minus should come in
the current liability, 36,000.
It is coming, sir. See, there is no problem. In duties and
taxes.
If you press enter, you will know that it has input CGST
and input SGST. Very good.
After that, what was the condition? Crater should come.
Look at the balance sheet. Crater is also coming.
Ctrater is coming from 2,36,000.
So, exactly the effect that should have come, the same
effects are coming.
Very good. Well done.
Sir, let's go to the next entry.
No.
Sir, what happened? We do this every time.
First we understand on the pad, then we enter, then we see
its effect.
Now what happened?
I have to say one more thing to you.
What do you want to say, sir? Tell me quickly, sir.
D for Display, D for Debug.
Press DD twice.
D, D twice.
And open this entry by pressing enter, which you did just
now.
Look at this entry very carefully.
If you want to understand the entry, then wake up now.
It used to come first, if you want to sleep peacefully,
then wake up now.
Look carefully.
And I had told you a facility that if you want to print a
bill, the bill will also be printed from here. P for Print.
Is the amount of discount reflected anywhere in this?
Is the amount of discount reflected anywhere?
The percentage is visible, okay.
The rate is 250, 20% discount is done.
Everything is deducted and 2 lakh rupees are coming.
But what was the exact amount of discount, sir?
The amount was 50,000 rupees.
1000 multiplied by 250 is 20%.
This was a discount of 50,000 rupees.
That is not visible anywhere.
We have to show that also, sir.
Do you know what you will do?
Press F12 this time.
Will you need such things?
And even if you don't need it, the organization in which
you are working, even if they don't know these things, then
you teach them.
See this.
You can do a better presentation in this way.
You can do billing better.
These small things play a very good role in the
presentation.
And the owner will also feel that the person is powerful,
he knows a lot of things.
Inside.
He is also paying attention to the presentation.
He doesn't just know how to make a bill.
He knows something else.
Press F12.
And 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11.
After pressing enter 11 times, you will get this option.
Provide cash trade discount.
Press Y.
Press enter.
Press A with control.
So you would find, see below the spices, see below the
spices.
Below the spices.
Here also you got a column called discount.
Enter, enter, press and reach there.
And write the amount here.
Rs. 50,000.
Now see, you got to know.
It was 1,000 kg of goods.
Rs. 250 was the normal rate.
20%, that is, by cutting the discount of Rs. 50,000, the
final amount becomes Rs. 2,00,000.
On that, the input CGST and SGST is Rs. 18,000.
Rs. 18,000.
It looks so beautiful.
Very well presented and detailed.
Everything is there.
There is a percentage of discount.
There is an amount.
There is a final amount.
We have calculated the input CGST and SGST automatically.
This is called paying the purchase and sale bill in a
proper way.
This is called working properly.
We don't know how it is working.
We have taught you in detail.
Very well intact.
In a very good way.
You will also enjoy working somewhere.
If you do things like this.
Yes, sir, this is the thing.
That's why, press CTRL A.
Now you go ahead.
Now we are ready to come to our next point.
Come on, come on.
Come to the next point.
Sold goods to P Brothers for Rs. 1,60,000.
We have sold P Brothers for Rs. 1,60,000.
Okay? Okay, sir.
Come on.
Let's enter the sale of P Brothers.
Come to the new journal document.
First come to the pad.
This is Kajal Traders.
This is P Brothers.
P Brothers.
This time Kajal Traders has sold to P Brothers.
How much money has been sold?
Rs. 1,60,000.
Okay, sir.
There is no trade discount in this.
Okay, sir.
Input CGST and SGST will be 99%.
Okay.
What will be the journal entry?
Yes.
The sale is on credit.
Because the name is written.
It is not written in cash or cheque.
Only the name P Brothers is written.
So how will be the entry?
Debit the debtor.
Hold his neck.
P Brothers.
You have bought our goods on loan.
We will not let you go.
We will hold your neck in our books.
Debit the debtor.
This is called holding the neck.
Holding the neck.
We have to take money from this.
Okay? We have to take money from the sale.
We have to take money from the sale.
How much has been sold?
Rs. 1,60,000.
Do you want to take anything else?
The government has said that you have to take money from
the output CGST.
And output SGST.
You will ask for more money.
Don't ask for anything else.
He will say,
Hold my neck.
What else should I give you?
I am giving you goods.
16% to 9% is Rs. 14,400.
This is coming as Rs. 14,400.
CGST and SGST.
Give Rs. 14,400 in Modi's name.
Give Rs. 14,400 in Khattar's name.
How much will you take from P Brothers?
Rs. 1,60,000 plus Rs. 14,400.
Plus Rs. 14,400.
Rs. 1,88,800.
Let's do it in Tally.
Come to the entry.
Come to Tally.
Press V for Voucher.
Take Sales Voucher.
Press F8.
Party Account Name.
Alt C.
P Brothers.
Write Bros.
P Bros.
Under Sundry Debtors.
Sundry Debtors.
Put the GST number.
This is also a registered party.
It's okay if you don't put it.
If this is also a registered party,
P Brothers will come.
Ctrl A.
Press C with Alt.
Write Sales under Sales Accounts.
Not applicable.
Goods.
Ctrl A.
Name of item.
How many kgs of spices do you have? 1000 kgs of spices.
You bought it for Rs. 250.
Okay.
It is sold at Rs. 300.
It is sold at Rs. 320.
Out of which, you sold 500 kgs.
How many kgs? 500 kgs.
That too at Rs. 320.
At Rs. 320.
This is your sale of Rs. 1,60,000.
Yes, sir.
This is your sale of Rs. 1,60,000.
You bought it for Rs. 250.
It is a sale of Rs. 1,60,000.
It is a sale of Rs. 250.
It is a sale of Rs. 1,60,000.
There is no discount in this.
You can leave this column empty.
Press Enter.
Press Alt C.
Create output CGST.
Under.
Create duties and taxes.
Take it up.
Central Tax Control.
Press Enter.
Alt C.
Output SGST.
Under Duties and Taxes,
GST State Tax Control.
You will get Rs. 1,400 automatically.
You have to get it.
It is your helplessness.
You have done everything right.
Enter.
On account.
Write narration.
Bing.
500 kgs spices.
Sold.
To P Brothers.
On credit.
At the rate.
Rs. 320 per kg.
This is it.
Rs. 320 per kg.
Press A with CTRL.
No evable generation.
Let's see its effect.
What should be its effect?
What have you done?
We have debited P Brothers.
We have made debtors.
Let's see in the balance sheet.
Debtors are coming or not?
Before balance sheet.
Debtors are here.
Debtors had to come.
If you press Enter,
You will get the name P Brothers.
If you press Enter,
You will get the date of sale.
If you press Enter,
You will get the entry.
You can go to the end.
This is tele portal.
Escape.
Okay.
After this.
What should be the next effect?
Our sale should be seen.
Don't do boring work.
Will you press Escape first?
Will you come to the gateway of tele?
Then press P, then Alt-F1 and check if there is a sale or
not.
Now it's time to become a little smart, the hard work is
done.
Now this balance sheet you see, this is where P&L 60,000 is
visible.
If you come here and press Enter, P&L will open.
And from here, Alt-F1 and see your sale, how much is it
now? 1,60,000 rupees, 1,60,000 rupees.
Okay sir, okay sir.
And my output CGST and SGST should also be visible.
See this is visible, 14,400, 14,400.
Although ultimately, now the input CGST is 18,000 and
18,000, 36,000.
Input CGST and SGST.
And the output CGST and SGST is 14,400, 14,400, so 28,800.
Still, the input is more.
That's why the negative is coming out, 7,200.
As long as the input is more, that is, the paid tax will be
more at the time of purchase, as compared to the collected
tax on sales, till then this negative will be visible here.
As soon as you collect more tax on sales, in comparison to
the tax you have paid on the purchase, your positive
liability will start showing here. Okay, okay sir, no
problem here.
Okay, okay sir.
Some people are saying that the steps are left, you could
have written the steps of the discount.
What are the steps, listen.
Where you are in the voucher, press F12 and an option comes
there.
Use Discount Column in Invoices, press Yes to it.
Then press F11, an option comes there,
Provide Cash Discount, Trade Discount, press Yes to it,
that's it.
What are the steps to be written there.
Okay, okay sir.
Now let's go to our next point.
I said, yes, absolutely.
Why delay in good work.
Let's come to the next point.
Received from P Brothers a cheque for 1 lakh on account.
Cheque is sent to bank.
How much money do you have to take from P Brothers?
We had sold them a while ago.
How much money? 188800 1,88,800 P Brothers came to us and
said,
How much loan has been done on my head?
How big is the cap of the loan?
We said, 1,88,800 Brother, how will you do it?
I don't understand, how will you do it?
He said, wait, wait.
I will make some payment to you.
We said, how much will you pay? He said, I will make a
payment of 1 lakh.
Sir, there was a sudden change in your voice.
As soon as he talked about payment, This is what we are
teaching you.
How to tackle a practical client here.
As soon as you see the payment, Make your voice soft.
As soon as you feel that you are doing something wrong,
Be a little strong.
Not much.
There is also a thing called bad debt.
You have entered.
If you put that entry, tears will keep coming from the eyes.
Okay.
He is giving us 1 lakh.
I said, okay, give me 1 lakh.
You have seen Bhaagam Bhaag, right?
Now if you don't understand some of my dialogues,
Then understand that you have not seen 4-5 movies.
Which ones, sir? Tell me the names.
Quietly.
Welcome, Dhamal, Khatta Metha, Golmaal,
Then Hira Pheri and Bhaagam Bhaag.
After watching these 6-7 movies,
You sit to see this class.
You will understand all my dialogues.
What I said now, Puriya to Puriya sahi,
That was a dialogue from Bhaagam Bhaag movie.
Sir, you come and give the disclaimer.
Write it in my list.
You have to see this homework.
Do it one by one in a month.
Okay, sir.
Let's see his entry on the pad.
What will be his entry on the pad?
Money will come.
The face will be
Kajal Trader's smiley.
And where will the money come?
It will come in the bank.
The bank account will be done with 1 lakh.
And who is giving this money?
P Brother's account will be done.
Credit will be 1 lakh rupees.
Who gave the money in the bank? P Brothers.
Here the rule is being applied.
Credit the giver.
Here the credit the giver rule is being applied.
Sir, it is being received.
Entry will be done in the received voucher.
I said, now you have become very smart.
Have you always understood like this?
Entry will be done in the received voucher.
I said, applause for you.
Very good.
Where are you? I have come.
Do the entry in me.
V for voucher.
F5. What will be the debit?
What will be the debit?
F6. What will be the credit?
The reason for the money to come.
Credit is in the received voucher.
The reason for the money to come.
Debit is in the cashier bank.
Payment is in the voucher.
Debit is the reason for the money to go.
Credit is in the cashier bank.
What is the reason for the money to come?
The money is coming from the P brother.
Take the P brother and create it here.
One lakh rupees.
One lakh.
Enter on account.
Debit is coming from the cashier bank.
But you have not created the ledger of the bank yet.
This is the limit.
Sir, what is the limit in this? This is the game of the
left hand.
This is our game.
Sir, let it be a different bank.
It has happened many times.
I said, you create it.
Standard Chartered Bank.
Sir, it feels like the name of our degree.
Standard Chartered.
Chartered word has come.
Standard Chartered Bank.
Under bank account.
Write your account number.
Write any IFFC code.
After that, save it by pressing ctrl A.
And you would find.
One lakh rupees has come here too.
Press ctrl A.
Write a narration.
Big amount.
Received.
From.
P brothers.
In form of cheque.
In form of.
Cheque.
And the cheque.
Is sent.
To.
And the cheque.
Is sent to bank.
For collection.
Cheque has been sent to bank.
Before pressing ctrl A.
Do one last favor on me.
Tell me.
What will be the effect of this entry?
On my balance sheet and P&L.
Sir, the credit in P brothers.
It was a debtor.
We were asking money from him.
If he has paid one lakh rupees.
Will his amount be reduced or not? Yes, his amount will be
reduced.
How much will be left? 88,888.
88,888. 88,888.
Second effect.
Money will come to my bank.
Press ctrl A.
B for balance sheet.
Only 88,888 is left.
How much money has come to the bank?
One lakh.
Try to understand.
One lakh from debtor.
Has come to my bank.
Debtor is also current asset.
Bank is also current asset.
One lakh from debtor.
Has come to my bank account.
Current asset side.
One lakh has reduced from debtor.
New asset bank account.
One lakh has reduced.
Balance sheet is not telling.
Every transaction is like this.
Effect on balance sheet is always equal.
There is only one transaction.
Where balance sheet is mismatched.
I told you to put opening balance.
Of any one, debit or credit.
To compensate that.
Difference comes.
You have to put opening balance.
Let's go.
Let's come to the next point.
Come to the next point.
Let's go to the next point.
We are together.
Purchase furniture for 25,000.
And payment made by cheque.
Okay.
I bought furniture for 25,000.
Will it cost GST?
Yes, it will cost GST.
Because furniture also comes in GST.
In GST, goods means.
Any movable thing.
Which is being purchased.
On any consideration value.
In accounts, goods means.
Which is being purchased to sell.
Not in GST.
I told you earlier.
We will buy furniture.
And payment made by cheque.
Entry will be in payment voucher.
Let's write normal general entry.
In the form of debit and credit.
Let's write on pad.
If we buy furniture.
What will come? Furniture will come.
Have you heard of debit what comes in?
Yes, sir.
Whatever comes, we debit it.
If furniture is coming.
We will debit it.
How much furniture is coming?
For 25,000.
Do we have to pay tax while buying?
Absolutely.
Buy goods, debit purchase account.
Or buy asset, debit furniture machinery.
Debit that account.
In GST, both are called goods.
In GST, you have to write input CGST.
You have to write SGST.
If it is same state transaction.
Otherwise, input IGST will come.
9% of 25,000.
2250.
Again 9% of 25,000.
2250.
Total, how much you have to pay? We have to pay.
29,500.
What should be its effect?
Assets like furniture will come in my balance sheet.
Yes, sir.
Input CGST and SGST balance will increase.
2250.
And the amount I will pay from my bank of 29500, this
amount will be reduced from my bank.
Let's do the entry and then let's check this effect.
Come on, come on, come on teleprime.
Sir has come, sir has come.
V for voucher.
Take F5 payment voucher.
There will be a debit due to payment.
Why is the money going?
What is the reason?
Sir is buying furniture.
Press Alt C.
Write Furniture in Name.
Under Fixed Assets.
Applicable.
No.
Goods.
Control A.
How much is it? 25000.
25000 Dollars.
This is a welcome picture dialogue.
There is a bidding going on.
There is an auction of painting.
Painting of Majnu Bhai.
The sound comes from the middle.
25000 Dollars.
25000.
After that, you will have to make a debit again.
Input CGST.
The amount will come.
2250 Rupees.
Enter.
DI Debit.
Input SGST.
2250 Rupees.
And we will credit the bank account.
And here is Standard Chartered Bank.
29500.
Control A.
Write Narration.
Bank.
Furniture Purchased.
And.
Payment made by Bank.
Bank Furniture Purchased.
And.
Payment made by Bank.
Control A.
Let's see the effect.
Press Escape.
Come to B for Balance Sheet.
Alt F1.
The first effect.
My Furniture Namak Asset should be visible.
This is visible.
25000.
Press Enter.
You will know when I bought it in April.
Press Enter.
You will know when I bought it in April.
One April.
Press Enter.
The entire entry will come out.
Oh my God.
Yes.
Next effect.
The balance of my Input CGST and SGST should increase by
2250.
The balance of my Input CGST and SGST should increase by
2250.
It has increased completely.
See this.
How much was coming a while ago?
It was coming 18000-18000.
Yes Sir.
It was 18000-18000.
A while ago.
Yes.
There is no doubt in this.
Now.
You will add it to 18000.
2250.
It has increased.
So this is done.
20250.
Okay Sir.
And the third effect.
The balance should be reduced from my bank.
It is absolutely done.
29500 has been reduced from my bank.
A while ago.
There was one lakh rupees in my bank account.
The balance should be reduced from one lakh rupees.
29500.
How much was coming?
This is what is coming.
7500.
Press Enter.
See this.
There was one lakh rupees.
39500 has gone.
70500 is left.
70500.
Yes Sir.
Okay.
This is the same effect.
Which we have seen.
Very good.
Let's go to the next point.
Let's move to the next point.
Advertising charges 10,000 paid by cheque.
Now you know this.
Right? I did it in the past also.
So we will do it without any delay.
Come on.
Come to teleprime.
Do you want to write its normal entry?
Sir, the notes will be completed.
If you write it.
So I said this is the thing.
Write the notes.
No problem.
It will take 2 minutes.
Its normal entry will be this.
What is the normal entry?
I mean its general entry will be this.
On paper.
It should be said like this.
I am telling myself.
What is the normal entry?
So I am not saying.
Advertisement account debit.
Which is an expense.
That's why we made a debit.
According to the rule of Debit All Expenses.
How much rupees? 10,000.
And we buy goods.
Buy assets.
Or buy some services from the person in front.
We are buying services here.
Whoever we are giving 10,000.
In return, our advertisement will do.
Whether it is digital or physical.
So buy this service.
GST will be applied.
Buy anything.
So input CGST account will be debited.
Input SGST account will be debited.
And we are also doing payment.
So bank account will be created along with the cheque.
Okay.
9% of 10,000.
900.
11,800.
What will be the effect?
Advertisement is an expense.
It is an indirect expense.
That's why in my P&L account.
Debit side should come.
Absolutely right.
My input CGST and SGST balance will increase.
Now we are not selling.
We are paying something.
So it will be negative.
What to do?
And my bank balance.
From 11,800.
Will be reduced again.
11,800 rupees will be reduced.
Let's go sir.
I am traveling teleprime.
I said come.
V for voucher.
We are doing payment again.
Debit will be done this time.
Instead of payment.
Advertisement expense.
Press Alt C.
Write.
Advertisement expense.
Under indirect expense.
Under indirect expenses.
Type of ledger not applicable.
Is GST applicable?
Applicable.
Set alter GST detail.
No.
Type of supply.
Goods or service.
We are taking advertisement.
This time we are taking service.
Not goods.
Service.
Control A.
Amount is 10,000 rupees.
Enter.
Dr.
Enter.
Here we will do.
Input CGST.
900 rupees.
Enter.
Dr.
Input SGST.
900 rupees.
Enter.
Cr.
Compounder.
And we will do payment.
Standard Chartered Bank.
11,800 rupees.
Enter.
Cr.
Bank.
Advertisement.
Services taken.
And.
Payment made.
With GST.
By check.
And payment made.
With GST.
By check.
With Cr.
A.
Press.
And see.
Will the same effect or not?
No.
Nagat is selling, payment of Rs.50,000 is coming from cheque
What will be the entry?
Do you watch Augie and the Cockroaches?
What will be the entry?
Tell me quickly
Sir, money will be in Nagat, that too cheque is coming, so
bank account will be debited
Whenever money comes, bank will be debited from cheque
Whenever payment is from bank, bank will be credited
Okay? Okay sir
Bank account will be debited
Okay What are we doing? We are doing sales
Now how much is the sales?
Sales is written sir, Rs.50,000
Can I check once?
Yes sir, it is correct, sale is Rs.50,000
Now if it is only Rs.50,000, then you will not take
Like while buying, you give input
While purchasing Nagat, similarly
While selling Nagat, you will also take output
You will say, I have to give it to the government 9% of
Rs.50,000
Rs.4,500 and Rs.4,500
What will be the total?
Rs.59,000 So you will take total Rs.59,000
Okay sir
What will be the effect in my bank account due to debiting?
Balance will be plus
The Rs.58,700 which was visible now
It will be plus, Rs.59,000
And it will be total, it will reflect total
Rs.1,17,700 My sales will increase by Rs.50,000
My sales will increase
And my output CGST and SGST balance will also increase
Because this time I have collected some more GST from the
customer
Because of this, the negative balance that comes out
That negative balance will be reduced a little
Because output CGST and SGST brings positive balance
Removes negativity
Let's come to Tally
Escape, V for Voucher
I have to sell, but do it in Received Voucher
No, let's do one thing, let's do it in Sale Voucher
We have taught you like this
F8 What will be the name of the party account?
Bank This difference comes
When you are selling cash, then don't write the name of the
party
You have given the money, its account is clear
Why will you write its name in your books?
From which there is no need to take any account
Everything is clear, settlement has been done
Why will you write its name?
Money came in the bank, write bank
Straight
Sales will come in Sales Ledger
Name of item
What will you sell?
We have spices
What else is there to sell?
We will sell spices
And how much?
How much are we selling for spices?
We are selling for 59,000 and yes
No, we are selling for 50,000
Always talk about the basic price
We are selling for 50,000
Okay sir, okay
We have 500 kgs left
So let's do one thing
Let's sell 200 kgs from this
And if we want to get 50,000
This is selling a little cheap
This time it is selling for 250 250 per kg
The goods are getting cheaper in the market
We are saving less this time
What do you mean by saving?
We are not going down
Does this also happen practically?
Of course it happens
It happens in everything
Enter, enter, enter
Output CGST 4500 came automatically
After that output SGST 4500 came automatically
Total will be 59
Write narration
Bing
Goods sold
And Check received
And sent to bank
Press A with CTRL
A with CTRL
And see
Press N here
And see if all the effects are coming
Escape First of all
My bank balance should increase
B for balance sheet
Your bank balance is 17700
A little while ago it was 58000 58700 and 59 was added
After that my sale should be seen
My sale should increase by 50,000
Enter P&L from here
Alt F1 1,60,000 More than 50,000 2,10,000 You will get all
the details
After that
Output CGST and SGST should increase by 4,50,000
So come to Duties and Taxes
And see
Your output CGST has become 18,900 rupees 14,400 Similarly
your output SGST
Was also 14,400 a while ago
That also increased by 4500
And reached 18,900
Because of this
Your negative liability has also decreased
Now only 4500
Is your negative balance
In Duties and Taxes
Next point
Commission 5000 received in cash
What will be its entry on the pad
Cash is coming
How much 5000 is coming normally
We will take GST also
What is the reason of cash
Commission Do sale or give service
You will also collect output CGST and SGST
Remember Do sale of goods or assets
Or provide some service
Here you have given some work to someone
You have given some business to someone
You have given client to someone
In return you got commission
So you are giving a service
Even while giving service
At the same time you have to take GST from client
So commission is of 5000
But on that 9% 450 and 450
If you collect tax
Then cash will be 5,900
You will get cash of 5,900
Which voucher will I pass this entry
We will pass in received voucher
Because money is being received in cash
I said absolutely right
What will be its effect
My cash balance will increase
Because commission is my income
So in my P&L account
This income side will be seen
And my output CGST and SGST
Balance will increase 450 and 450
Which is coming till now
Plus 450 19,350 Will start coming
Let's have a go
Notepad, teleprime
Ok Escape V for Voucher
F6 Received Voucher
Credit Commission Alt C
Commission Under indirect income
Don't forget
Under indirect income
Type of ledger not applicable
Applicable no
Type of supply
Controlling 5000 Amount 5000
Credit Output CGST 450 CR Output SGST 450 Debit 5,900
Narration Bank
Commission Received in cash
With Output GST Control A
Let's see if all the same effects are coming
First of all, my bank balance
My cash balance should be 11800
Come to the balance sheet
Sorry 5900
See how much is seen in your cash balance 5900 Yes, correct
Second effect
Indirect income
Alt F1
Indirect income
Commission 5000
Next effect
In my duties and taxes 18900 Plus 450 19350 And outside 450
plus 450
My negative liability is reduced
Negative 4500
Negative 900
We are getting a little bit from our customers
Going Output GST
Okay After this, the final GST payment
We have
How will the final GST payment be?
Let's check this out
Look at the duties and taxes
How much is your input? 21150 Output 19350 Let's have a look
B for voucher
F5 payment voucher
Come to the payment voucher
And friends
There is a little special thing in this question
Should I tell you?
The special thing is
It is hidden in your balance sheet
Even now
Do not give a single rupee to the government
This is the speciality of this example
Because Positive liability has not come out
Your input is still more
So you know what we will do
How much is our input
How much is the output
We will reduce it by this much
And we will not do any payment
The entry will be the same as before
There will be no payment
I mean to say
F7 journal voucher
Because there will be no payment
Entry will be the same
What do we do?
First of all, we debit the output CGST
How much is the money? 19350 Then what do we do after that?
Output SDST
Debit the output SDST
We will do credit input
But we will not be able to complete
Will not be able to complete
Why will not be able to complete
Because my dear friends
You do not need
Output CGST
Input will end up to 19350
Output CGST 19350 rupees
If you want to finish with input CGST
Then you also need 19350 rupees for input CGST
Write the same amount here
And in credit input
Write the same amount in SGST 19350 No need to give a
single rupee from the bank
Because Input CGST has 1800
And input SDST has 1800
You have already
Delivered so much tax to the government
At the time of purchase
You have not even collected this much
From your customers
More than that will be collected
After that when
More than one rupee will be collected
Means more than 3600 1 lakh 1000
That money will be delivered to the government
Liability has not been created yet
Input CGST and input SDST
Is your asset
Which is your output CGST
And the liability of output SDST
Helps to finish
The last two examples
Input CGST and input SDST
Asset output CGST and output SDST
To finish the liability
Was used completely
And some money had to be given to the businessman
In this question
To finish the liability of output CGST and output SDST
Input CGST and input SDST
Is not getting finished
There is more money in it
So don't give anything from your pocket
Input CGST and output SDST
If someone like input CGST and output SDST
Comes in our life
Then it becomes a thing
You don't have to pay
Bank GST liability set off
Press A with CTRL
Press SK
Come in B for balance sheet
And see
In your duties and taxes
Input of Rs.3600 is left
Output is gone
Absolutely right
Payment is not done
So cash and bank will not move
Will remain as it was
Rs.5900 and Rs.1,17,700
So friends, this was our entry into Kajal Trader, where we
learned how to put a discount, trade discount, carry
discount, how to enter the discount column in teleprime,
and how to increase the balance in the final payment if
there is more balance in the input.
We will learn new things in this example. We will learn
many more things in the upcoming clips. Till then, thank
you, bye bye and take care.