Good Morning, Good Afternoon, Good Evening, Namaskar
Whatever time you are watching the class, according to
that, welcome to the class once again.
We have reached to the fourth example.
We are moving forward with our discussion.
With every example, we are learning new things with GST.
This question will also teach us some new things.
Let's start reading it without any delay.
Journalize in the books of Kavita Traders.
Should a company be created in the name of Kavita Traders?
Yes, sir.
How many minutes should it take?
Is this the question now?
Minutes? Talk about seconds.
How many seconds should it take?
I have noted down my watch from here.
Let's see how many seconds it takes.
Kavita Traders.
This is the mailing name.
Address.
State Haryana.
PIN Code.
You can put your telephone number.
Put your email id.
Leave the website if you want.
Because we are practicing.
Let's see how much time it took.
Let's enable GST.
Let's see how much time it takes with GST enable.
Done.
It took me 37 seconds.
We have created a company in 37 seconds.
How much time did we take to understand it in the beginning?
Today we have worked hard and reached that stage.
That we are creating a company in 37 seconds.
It was great to see your performance.
Let's move ahead.
What does Kavita Traders say?
Goods purchased for 3 lakh rupees from outside state and
paid by a cheque.
Outside state and paid by a cheque.
In this question.
In this question, what is the GST rate?
It is written at the bottom.
It is 6%.
But if you are buying from outside.
Then it will take total IGST.
Yes sir.
How much is that?
Total 12%.
This question will teach us to buy things from outside.
What were we doing in all the examples?
In all those examples, the transaction was within the same
state.
But this time, Kajal Trader is in Haryana.
But the party from which Kajal Trader purchased 3 lakh
rupees is not Haryana.
That party is Punjab.
Okay.
Take Punjab in the outside state.
Okay sir.
So let's go to buy 3 lakh rupees from Punjab.
First we will buy on the pad.
Then we will buy in the telly.
Then we will see its effect.
And this is the process.
And I am saying that even if you do a job from this process.
Then you will not have to listen to anything about the boss
in life.
You will get good money too.
Sir, we listen to everything.
You should get money.
You should not listen to anything else.
The main thing is self-respect.
No.
Yes sir.
That's why this course will be very useful for you.
Number 1.
We are going to work at Kavita Traders.
So Kavita Traders has purchased.
Purchase.
How much money has been purchased? 3 lakh rupees.
So the purchase account will be debited.
How much money? 3 lakh rupees.
And did you see?
Purchase and CGST and SGST are married.
When the purchase is debited.
So input CGST and SGST is also debited.
Purchase credit.
So input CGST and input SGST is also credit.
But.
The purchase is married to another person.
Her name is Input IGST.
Input IGST.
When there is a transaction of another state.
So this wife comes with the purchase.
Input IGST.
When married to the same state.
So the wife of Input CGST and SGST comes.
Okay.
Okay sir.
So this time.
Input IGST account debit.
Integrated GST.
If you say IGST.
Integrated GST.
The thing is.
12% of 3 lakhs.
Integrated will come 36.
It comes in two pieces.
First CGST and SGST.
18.
Now it comes in one piece.
IGST 36,000.
What happens to IGST?
I told you in conceptual class.
Will you give this whole 36,000 to Mr.
And Mr. Modi will keep 18 of this with him.
And which state will 18 go to?
The state in which there is a seller.
Or the state in which there is a buyer.
Sir.
The state in which there is a buyer.
Very.
The answer that is correct.
Because GST is a.
Destination based tax.
Where goods have reached.
Where the buyer is.
That place.
The state government there.
He gets half the GST.
So where is the buyer in these things?
Where is Mr. Kavita.
Kavita is the buyer in this transaction?
Kavita is buying goods in transaction number 1.
She is the buyer.
Where is Kavita?
Haryana.
So half 18,000 will get Haryana.
And half 18,000 will get.
Who will get?
Half of 18000 will be given to Modi ji.
So what will Kavita ji do?
Kavita ji will give 36000 to her seller who is in Punjab.
She will give 36000 to her seller who is in Punjab.
The person from Punjab will give this 36000 to Modi ji.
18000 will be kept in Modi ji's pocket.
And 18000 will be given to Khattar ji.
Modi ji will give this to Khattar ji.
Okay sir. Okay. Okay. Okay.
No issues with that.
Two.
Now who are you buying from?
You have not given his name.
No problem. You write creditors.
Two creditors account.
3,36,000.
Remember this too.
If name is not available, then write creditors.
Sir, in our example, this example is written form.
That's why you have not written.
How can it be practically that we don't know from whom you
have bought?
See friends, many times it will happen that let's say you
have to put entry but you don't have a bill now.
So in that case, you can write creditors here.
And tomorrow when you get the bill, if you get to know the
name, then go to your ledger, enter control and write the
name there.
Okay. Okay. No problem with that.
Okay.
So purchase, input, IGST, debit to creditors.
What will be the effect of this?
Purchase debit will be seen in my trading account.
Absolutely right, sir.
Purchase side in trading account will be seen 3 lakhs.
This input IGST will show negative balance in my duties and
taxes.
Because this is input.
Okay, sir.
And my current liability of creditors will be seen in the
balance sheet of 3,36,000.
So now we reach the telly.
Let's try to enter.
Let's check out its effects.
And let's start the process.
For the first time, we are going to do input IGST.
The first time input IGST will be entered.
So let's do Shri Ganesh.
Input IGST to telly prime.
We have come to telly prime.
To telly prime.
V for voucher.
We are purchasing.
Come to F9.
Supplier invoice number AS250.
Date 1st April 2022.
Guys, party account name.
Do Alt C.
And write only creditors.
You don't know the name yet.
You know only creditors.
Because we know that the one we buy loan from is a creditor.
Okay, sir.
No problem with that.
Let's go.
Enter.
Under the heading of sundry creditor.
Don't take its state as Haryana.
Take it as Punjab.
Oh! For the first time today, we have changed the state of
our creditor.
Our eyes have become numb, sir.
Now reach the numb eyes.
Otherwise, the laptop will get wet.
And move on.
You have to take it as Punjab in the state.
I don't know what kind of pin code is in Punjab.
Write anything now.
Okay, sir.
Sir, where will we write from?
You must have a bill.
Punjab's seller must have sent a bill.
You must have a bill.
Why do you worry?
Give the bill and do the work.
Okay, sir.
Press A with CTRL.
That too three times.
One, two, three times.
Alt C.
Purchase.
Under.
Purchase accounts.
Purchase under Purchase accounts.
Is GST applicable?
Applicable.
Set all registered retail?
No.
Type of supply goods?
CTRL A.
Name of item.
What should we buy?
Alt C.
It's been a long time.
Sir, we bought some in kg.
We bought some in pieces.
Let's buy some in meter.
Do you want to buy in meter this time?
Yes, let's buy in meter.
What can we buy in meter?
Let's buy cable in meter.
The work of cable is of creditor.
Okay, sir.
So, buy cable wire.
Cable wire.
Under.
Primary units.
Alt C.
Its symbol will be MTR meter.
Write in full in formal name.
METR meter.
Write in UQC.
MTR.
Here it will come.
Meters.
Number of decimal places.
Keep two.
And enter, enter and accept.
Next point comes.
GST applicable?
Absolutely applicable.
Set all registered retail?
Yes.
On value.
Take it down.
Taxable.
Take integrated.
12%.
And press A with CTRL.
And again press A with CTRL.
And write quantity.
How many meters should we buy?
We buy cable wire.
Let's say 300 meters.
300 meters.
At the rate 1000 per meter.
There is no discount right now.
300 meters at the rate 1000 per meter.
Then leave one line.
When you reach here leaving one line.
Then press C with ALT.
And write in name.
Input.
IGST.
Input.
iGST is the first time, spread your arms and welcome it
Come on Input iGST, come on Input iGST, hug it
Input iGST, hug it
Under Duties and Taxes, rest all will be same, GST
And instead of Central and State Tax, take Integrated Tax
So in this table, you will get to know that you take
Central Tax in case of CGST
Whether you are making input CGST or output CGST, you take
Central Tax there
Where do you take State Tax?
Whether you are making input CGST, while purchasing from
the same state
Or while selling in the same state, you are making output
CGST And Integrated Tax will come on Interstate Purchase or
Selling from another state
Okay Sir
Where will CESS come? We will see later
Integrated Tax, do not put anything in percentage of
calculation And do Control A and you would find Input iGST
will come
Rs. 36,036
Enter Press
Below Provide GST, in Evable Detail, press No And here you
will do On Account, then you will write Narration, then
this entry will be completed
Being Goods Purchased from Punjab
And iGST Charged
And along with that, we have also charged iGST in our bill
Very Good, Excellent, Well done
Press Control A on this
While pressing Escape and Escape, come out on Gateway of
Tally And after coming on Gateway of Tally, check your
effects
First effect should be my purchase of Rs.
P for P&L, Alt with F1
See, Purchase of Rs.
3,00,000 and along with that, Stock of Rs.
If you enter inside, you will know in which month I bought
it
If you enter inside, you will know the date
And if you enter inside, after entering in the third door
The entire entry that you did, will be presented in front
of you again One service will be done
Escape, Escape, Escape
Next effect, in my balance sheet, in Duties and Taxes,
should come negative Rs.
It is coming, it is coming
Input iGST, Rs.
It means, you have paid the tax of Rs.
And you have not collected anything from your customer You
can collect the tax of Rs.
36,000 and keep it in your pocket
You have assets of Rs.
You have the right to collect some money and keep it in
your pocket It means, it is your asset
Okay Sir, Okay
That's why, it is coming in current liability with negative
And my creditor is showing Rs.
Inside, see this, Rs.
Okay Now, let's suppose, come to the Gateway of Telly
Now, we get to know
Now, we get to know, what is it's name? What is it's name?
Now, we get to know Oh, Oh, Oh, Oh
Let's say, it's name is
Ummm, I am doing poetry
It's name is Deepika
We bought this cable wire from Deepika, from Deepika Trader
Now, we have to change it's name
So, how will we do?
We will press A for Altar
Don't go up and press Enter
A word is highlighted in Altar, press A
Okay Sir
After that, come down on Ledger
And press Enter
And go in whichever Ledger you want to change
Like, if you want to change the Ledger of creditor
Press Enter in this
And you will get the same screen, where you can do editing
So, instead of creditor, we got to know the name
It's Deepika Traders So, we will write Deepika Trader
We will save it with Ctrl
We will come out by pressing Esc
We will open B for Balance Sheet
We will press F1 with Alt
So, you will get
In Sunday Creditors
Now, Deepika Traders name has started to be reflected
Now, there is no hidden name
Hidden name is over
Okay Sir
So, what are the steps we have to alter any Ledger?
Press A
After that, enter into Ledger column
After that, select the relevant Ledger which is to be
altered
After that, make the changes and press Ctrl plus A
Make the changes and press Ctrl plus A
First of all, go to A for Alter
After that, enter into Ledger
After that, select the Ledger which is to be altered
After that, go inside, do editing and press Ctrl plus A
Save it
Very good Sir
I said, well done
What's good for me?
You are learning, working hard and moving ahead
Congratulations to you, friends
Okay Sir
So, let's come to Notepad
And after this, let's move to the next point
Quietly Quietly Sold goods for Rs.
2 Lakh outside the state on credit
Here you go
This time, we are selling goods worth Rs.
2 Lakh
And where are we selling?
We are selling outside the state
Debt We are selling debt
Okay? Okay Sir
So, let's go to the first pad
Our writing pad does the pad for every entry
This is our lovely writing pad
Second entry
Here, we are doing credit sale
Udhaar sale
What is the entry of Udhaar sale?
Sir, we know the entry of Udhaar sale very well
In Udhaar sale, the person to whom we have sold the Udhaar
goods
We catch him and make a debit
And sales is our income
That's why, with the rule of credit all income and gain
account
We credit the sales account
And, as the purchase account is married Input CGST and SGST
And with Input IGST
In the same way, the sales account is also married
Output CGST and SGST
And with Output IGST account
If the sale is in the same state
And the sale account is being credited
Then both of them will be credited together
Output CGST and SGST
If in the state where Kavita ji is
She sells in another state
Kavita ji is in Haryana
She does not sell in Haryana
She sells in any other state of the country
So, when the sale account will be credited in their books
So, with that Output SGST
Output IGST wife will be credited Sir, this is good
They have kept the wife state-wise
This is their fate
The fate of the purchase of accounts and the sale account
To Output IGST account
Okay, what is the name?
The one to whom we have sold Udhaar
Sir did not tell
Till then what will we write?
Till then we will write debtors
If the one to whom we have sold Udhaar
If his name is not known, then the word debtor is used
If the one to whom we have bought Udhaar
If his name is not known, then the word creditor is used
Okay, sir
How much have you sold?
I have sold for 2 lakhs
So, the credit will be 2 lakhs in the sale account
And the GST rate will be 12% 24000 rupees
And you will tell your debtor 2 lakhs of goods and 24000 of
output IGST
Total 2 lakhs 24000 rupees
You will debit the debtor account 2 lakhs 24000 rupees
Okay, sir
No issues, no problem
What will be the effect of this? Sir, debtor is our current
asset
It will be seen in our balance sheet
Debtor is 2 lakhs 24000
I said the correct answer
Sales is our income
It will be seen in our P&L
I said the correct answer
And the output IGST
It will be seen in your duties and taxes
In the balance sheet
And finally
Your input IGST was negative 36000 In that, this output IGST
By adding
It will bring it to minus 12000
It will lead to positivity
Absolutely correct, sir
We also know that you have written it correctly
Okay Let's go
Let's post this entry
Now some people are saying
Sir, in the last example
It was written paid by cheque
Yes, wait
We will also pay for it
I have to teach you how to do it in two pieces I have
bought a loan
I have to pay for it
I have to teach you how to do it in two pieces You have
learned how to do direct purchase in cash
You take cash or bank in party account name
But this time I am teaching you First buy a loan
Then pay after some time
This is the thing
We will talk about this entry later Why are you afraid of it
Okay Let's start this entry
Without any delay
One minute
Just wait
Let's go
We are in teleprime
Press V for Voucher
Sales Voucher is F8
Take Sales Voucher from F8
Party Account Name Press Alt C and write Debtors
D E B T O R S Debtors Under the heading of Sundry Debtors
Under the heading of Sundry Debtors
He is not in Haryana
He is in Rajasthan
He is buying from Punjab
And selling in Rajasthan In Rajasthan, our business has
grown
Our days have changed
Control A, Control A, Control A, 3 times
Sales Ledger, press C with Alt
Write Sales in Name, under it will be Sales Account
Ok Sir
Enter relevant details here, press Control A
Name of Item, if it is Cable Wire, we will sell Cable Wire
How much quantity do we have? 300 meters
And we bought 1000 rupees per meter
How much we have to sell?
We have to sell it for 2 lakhs
If we are buying 1000 rupees per meter
If nothing else
We will try to sell it for 1500 rupees
Yes, ok
Cable Wire, this time we will take quantity in decimals
133.33 meters
That too for 1500 rupees per meter
So you will get 199.995
This will happen practically with you
Now understand this thing at this point
Like meter, kg, all these things come in decimals
And the wire is completely measured
So it comes in points
Your cable is being sold for 133.33 meters
And you are putting rate of 1500 rupees per meter
So it is coming 199.995
When you asked him to give 2 lakhs
So what you have to do
Press Enter and write 2 lakhs here
If you write 2 lakhs here
Then your rate will automatically adjust
Your rate is 1500 rupees
So if you ever need this
Then do it, your amount is final
That you have to write 2 lakhs
And your quantity is also final
If you have to adjust the middle rate
Then put 2 lakhs in the amount and it will adjust
If you are ready to take less than that
Then there is no problem
Then your rate per meter is final
As per the case
Enter, press Enter
Press C with Alt and Output IGST
Welcome it by opening both arms
Output IGST has also come for the first time
Welcome Output IGST
Duties and Taxes, GST, Integrated Tax, Control A
And you would find here 24000 rupees
Has come automatically
Write No in E-Way Bill, On Account
And write Narration
Being Goods Sold Outside the State
And IGST charged in the Bill
And we have put IGST
You can also write the rate
At the rate 12%
The rate is not visible at the top
If you want, you can take 12% at the rate
You will get to know in the Narration
There is also a calculator in Tally
How will we know the rate
Take the amount of 24000
Press the divide button
Divide the basic value
Multiply by 100
Multiply by 100 1.2 1 second 1.2 12% 12% The amount of tax
Multiply by 100
Where did the Multiply come from
This is in Num Lock
Slash is multiply
Now run it down
You can go back after pressing
Now press A
Now press ESC
And try to see your effects
First of all, the datas should be seen
In the balance sheet, yes, it is seen
Hey, sundry datas, 2,24,000 2,24,000 Very good sir
After this, we should see sales 1 lakh, sorry sorry
After this, we should see sales 2 lakh rupees, so see from
here
Come in P&L, press Alt F1
See, we got sales of 2 lakh rupees
You will keep entering, you will get more details
After that
Where will we get output IGST
Here are duties and taxes, as I said
Minus 36,000, plus 24,000
Only minus 12,000 will be left
If you enter inside, you will get to know
Input IGST 36, output IGST 24
Do you know what does it mean?
It means that you have paid tax of 36,000 while buying
And now you have taken 24,000 from the customer
And sitting in your pocket
Now you have the right of 12,000 more
To collect GST from the customer and keep it in your pocket
If you collect some more than that
That will have to be sent to the government, that will
become a liability
That's why you have the right of 12,000 more
That's why you still have that asset
You will collect it and keep it in your pocket
That's why it is coming in current liability by minusing
Duties and taxes
Means it is still the current asset
Okay, no worries
Now for example
We get to know the name of our debtors
Now where did we buy from?
From Deepika
So will we sell Ranveer?
So go to Sundry Debtors
Can we go from here and change?
It will change from anywhere
Now I will show you, go to Sundry Debtors
It is not necessary, go to A for Alter
Change from there, go from here
Press enter
And reach your entry
Because entry is editable
And as soon as you come to debtors
Press here
Enter with control
And write the name here
Ranveer Singh
Press control A
Press N
Control A
Save this screen, save this entry
And you would find
You would find
In your debtors
Ranveer Singh name is written
In your debtors
You will come here in debtors
Ranveer Singh name is written
Very good
After this, let's do the payment
How much have we purchased?
How will we know?
Press dd twice
Yes sir
See the purchase
It is of 3,36,000
It is time to pay 3,36,000 to Deepika
Come to V for Voucher
Take F5 Payment Voucher
And debit the one you are paying
Debit is the reason for payment
We are paying Deepika 3,36,000 On account
Credit 3,36,000 Create a bank account
Name it bank account
Let's keep bank account
Negative balance
No problem
We will adjust it
Or put the opening balance here
Let's create
HDFC bank
Under Bank accounts
Put the account number
IFSC code
Enter And That's it
We are in Haryana
If the bank branch is in Haryana
It will work 3,36,000 Negative balance
Put the opening balance
Put 10 lakh rupees 10 lakh rupees
OK Come down
Write the narration
Bank Payment Made to
Deepika traders
What will be the effect
Deepika traders
Creditors 10 lakh rupees
Reduced 6,64,000 You can find out
Press A
Press Esc
Press F1
You will find
Difference in opening balance 10 lakh rupees
We have put the opening balance
What to do
To adjust
Put the opening balance
Create Go to ledger
Owner Kavita's capital account
Kavita's capital account
Under the heading of capital account
Put the opening balance 10 lakh rupees
Press A with CTRL
Press Esc
You will find
Difference in opening balance
Disappeared Disappeared Disappeared Go to next point
Go to next point
Sold Goods For 3,60,000
Locally on credit
Locally means
We have sold it in the same state
We are going to sell 3,60,000 locally
Come on Locally means in the same state
Locally means in the same state
The sale will be of Rs.
Debtor's account will be debited, no doubt We know this
very well
The amount of sales you are doing The same amount will be
credited in the sales account
And because, my dear friends, this time it is the same state
So it will be your Output
CGST account
Output SGST account
Because when the sale is in the same state
These two ledgers will be credited with it Output CGST and
SGST, 3,60,000 for 6%
Rs. 21,600
So you will ask your debtor to give you Rs.
And give this much of tax
So how much money are you asking from him, total Rs.
Rs. 4,03,200
What will be the effect of this, my debtors will increase
Will increase by Rs.
For example, the goods that we have sold, we have sold to
Salman Traders
So a debtor named Salman Traders will come Rs. 4,03,200
My sales will increase by Rs.
3,60,000 in P&L account
And the effect of this will be that my output CGST and
output SGST
The balance will also be seen
In duties and taxes
Very good, absolutely right
Okay my dear friends, let's move ahead
Let's go to teleprime
Notepad, teleprime
Come
Press escape and come to v4 voucher
Just once
We have to do sale again, so take F8 voucher
And party account name
Salman Traders
Alt C, name will come Salman Traders This will come under
the heading of Sundry Debtors
Sundry Debtors
And Salman Traders is also in Haryana So you can keep its
state in Haryana, Ctrl A, Ctrl A, Ctrl A
Sales will come in sales ledger, already created Name of
item is cable wire, you will sell it
How much is left? 6.67 meters
We will sell 100 meters total
And how much is our sale?
3,60,000 So its rate will be 3600 rupees per meter 3600
rupees per meter, why sir?
We have sold expensive, what happened?
The price of the item has increased, the price of the mask
has become 3-4 times in corona Just like that, the sales of
sanitizer had increased
Okay sir, enter enter
You have to come down in the transaction and create by Alt C
It was not there till now because all the transactions were
running interstate
Output CGST account
Under Duties and Taxes
GST, Central Tax, Ctrl A
Enter again, Alt C
Output SGST
Duties and Taxes, GST
State Tax, Ctrl A, 21,600
Provide GST, No
On Account, Bing
Goods Sold On Credit
To Salman Traders
And GST Charged
At the rate 6% each
From here you will get to know that you have entered CGST
and SGST
Okay sir, 6%
Ctrl A, Ctrl N
Let's see the effect
First of all, my debtor should increase B for Balance
Sheet, Alt F1
After that
My sale increased, P for P&L
Till now my sale was 2 lakh rupees Now it has increased to
3,60,000
Let's see Duties and Taxes
Due to Output CGST and SGST 21,600 and 21,600
My positive balance is here 31,200 Till now it was minus
12,000
Now it has increased to 21,600 twice So 31,200 liability is
here
Because you have collected more GST than your customers
Before this transaction
You had given extra tax of 12,000
You had the right to keep it in your pocket
And in this transaction 21,600 plus 21,600
You have collected 43,200 tax from your customers
So government is saying
Take 12,000 from this and pay us 31,200
So 31,200 is coming
So liability side has come as a positive figure
Very good sir
Very good
So without any delay
Let's move a bit ahead
Next point
Paid telephone bill 10,000 by cheque
We are paying for the telephone bill
We will not take loan
We will pay together
Telephone bill is an expense
According to Debit All Expenses Rule
You will debit
Telephone Expenses Account
Telephone Expenses Account Debit
And you are paying from bank
So bank account will be credited
Now CGST, SGST, IGST
What will come first
It is not written anywhere
It is local or interstate
Assume it is local
Input CGST and SGST
Input CGST Account Debit
Input SGST Account Debit
How much is the payment
It is payment of 10,000
Total payment will be 11,200
Effect will be
Telephone Expenses Indirect Expense
From here
Input CGST and SGST
Balance will increase
Current liability 31,200 Because you have transferred some
money
To the government
So your net liability
Will be 30,000
Government says
If you transfer money
Your current liability will be 30,000
Your bank balance will reduce
From 11,200
Entry in Payment Voucher
F5
V4 Voucher F5
Telephone Expense
Alt C
Telephone Expense
Under Indirect Expense
Take services
Yes sir
Don't worry
Control A
Debit Input CGST
Input CGST
Under Duties and Taxes
Central Tax Control A 600 Debit Alt C
State Tax Control A
Payment from bank 11,200 Telephone Expenses
Paid by
Check with GST
Payment from Check
Control A
P4 P&L
B4 Duties and Taxes
Input CGST 600 600 Bank balance 347 11,200 Ok sir
Next
AC Purchase
For Office
For 50,000
AC If you want to write direct air conditioner then also it
is not a mistake but it has a better name which we use in
accounts.
Office Equipment
AC, Laptop, Computer all these things are named as Office
Equipment
Office Equipment
So we will debit Office Equipment Account Rs.
From how much? Rs.
50,000. If you want you can write in bracket
AC. Because you will get to know
There are 3 types of things in Office Equipment
Laptop, Computer, AC and some other small things
So you will have to tell in Office Equipment
So if you write AC in bracket then you will get to know in
entry
Along with this
Input CGST Account will be debited
Input SGST Account will be debited
Are you buying loan or paying?
6% of Rs.
Total payment will be Rs.
A fixed asset named Office Equipment will be seen in my
balance sheet
Input CGST and SGST balance will increase
Because of this my liability of Rs.
30,000 will be reduced to Rs.
6,000 and only Rs.
24,000 will be left
Because the person from whom I bought Office Equipment
I gave him a tax of Rs.
6,000 and gave this Rs.
6,000 to the government
And my bank balance will be reduced by Rs.
Let's come to teleprime
Let's see its effect
V for Voucher
Payment Voucher
Input Office Equipment
Input AC in bracket
Input AC
Under Fixed Assets
If you are buying a house for business
And its life is more than a year
Then it will become Fixed Assets
And instead of services, goods will come
Control A
Office Equipment amount is Rs.
Debit again
Input CGST 3000
Debit again
Bank Account will be created
Being AC Purchased
And Payment made by cheque
Like this is our Payment Voucher
We are entering directly
While buying goods
You can see
There is no place to put invoice
While you have purchased office equipment
There must be some invoice number
So always remember
In the case of receipt and payment
You can put invoice number
And you should put
Let's say invoice number is 145
So we will write
Control A
Before balance sheet
Fixed Assets
And Input CGST
Rs. 600
Input SGST
Current Liability
Minus And my bank balance is even less
My bank balance is even less than Rs.
My bank balance was coming a while ago
Rs. 6,258
We have made another payment of Rs.
It is coming after reducing
Rs. 5,96,800
Very good
We will press this
And we will go to our entry
We don't have next entry
We have covered all entries in this example
We have covered CGST and SGST
Let's try to do the last entry
And friends
In this question
You will have to understand the last entry
First come to pad
We will spend a lot of time
Friends Write your balances
In one place
Input CGST
Input SGST
Input IGST
Write this
Input CGST
Input SGST
Input IGST
Input SGST
Write this
I am going to teleprime
Input CGST
Input SGST
Input IGST
Input CGST
Very good
Input CGST
Input SGST
Input IGST
Input SGST
Note this
Write this
If you have not written this
Write this down
Yes Input SGST
Input IGST
Input SGST
Input IGST
Input SGST
Input IGST
See It has come
Input SGST
Input IGST
Input SGST
Input SGST we used to use from this and used to pay the
balance for the rest.
For now, for once, for example, input IGST and output IGST
is not there.
It is the same case as we did in the previous example.
So, what would be our entry?
Our entry would be something like this, sir.
Output CGST account debit.
Output SGST account debit.
Output CGST account to input
SGST account 21600 21600 3600 3600 and we would pay the
balance for the rest.
How much would the balance be for the rest? 21600 into 2
minus 3600 36000.
what would have been our entry if the scenario of igst in
this case, in this example, in this question is not there
but my dear friends, in this input igst and output igst is
also there so in this case, things will change things will
change, how will they change, listen
you have output, now I will do one thing
I will write it with red pen
you have output igst liability, output igst liability of
24000 you have to finish it
output igst liability of 24000 to finish this, you have to
first use input igst what you have to do first I will write
a little above, you will need space later stop keep looking
at the steps, you will understand completely later output
igst liability of 24000
to finish this, you have to use input igst input igst
account of 24000 you don't have to pay anything and in your
input igst, balance will also be there balance of 24000
output igst is a liability to pay this, input igst asset is
so much that it cannot be used completely that's why we
don't have to pay anything from the bank and even if you
pay 24000 out of 36000 after that input igst remains, how
much do we have? 12000 after this, this is the first step,
after this second step in the second
what you have to do which is your output cgst liability
which is your output cgst liability, how much?
to finish this liability to finish this liability first of
all, the input igst above 12000, use this to input igst
account 12000, now input igst balance will be zero, that is
input igst is used first of all to finish output igst to
finish if after that also input igst is left 12000 then it
will be used to finish output cgst now our input igst is 0
but if this would have happened even after finishing output
cgst if input igst would have left then we would have used
that money to set off output
but now input igst is 0 ok sir after this what we have to
do after this my dear friends now our output cgst liability
was 21600 from which input igst has helped 12000 so now
this 9600 liability is also left what we will do for this
for this now we will use input cgst now we will use input
cgst how much money? 3600 and the remaining will be paid by
the bank remaining will be paid by the bank 21600 minus
12000 and minus 3600 so we will have to pay 6000 from the
bank sir tell me one thing sir why
you paying from the bank use input sgst state government
has the right on input sgst so the money of input sgst
cannot be used for output cgst cannot be used for output
cgst oh oh oh ok sir ok means input cgst input cgst can be
used only for output cgst liability can be used to
eliminate input sgst can be used only to eliminate output
sgst liability input cgst cannot be used for output sgst
input sgst cannot be used for output cgst ok sir and igst
is igst use of igst for input igst for output
for output cgst
Okay sir, you will be given this rule, don't worry.
You will be given this rule.
Next, we have 3rd.
What will we do on 3rd number? We will finish the liability
of our output SGST of 21,600.
Output SGST, account debit 21,600.
What will we do for this?
First, we will use input SGST.
How much is input SGST? 3,600.
And we will pay the rest from the bank.
We will pay the rest from the bank.
You will have to pay 18,000 rupees from the bank here.
Okay, okay, okay.
This is the scenario, my dear friends.
This is the scenario.
Okay.
Write these 3 entries with you.
What are the steps?
First of all, finish the output IGST.
Finish the output IGST.
Okay.
After that, if the input IGST is left, then use it for the
output CGST.
After that, come to the output SGST.
So, in this question, it will be something like this.
Okay? Okay, sir.
Shall we go?
Let's go, sir.
Let's do it on TELI.
Come to TELI Prime.
We have to pass these 3 entries on TELI Prime.
The first entry is Output IGST to Input IGST.
This will be in the General Voucher.
This entry will be passed in the General Voucher.
Because there is no payment or receipt in this.
This entry will be passed in the General Voucher.
V for Voucher.
We will press F7 here.
And we will debit the Output IGST account.
Output IGST.
The amount is Rs.24,000.
And Input IGST will be used.
Rs.24,000 Being Output IGST Set-off Against Input IGST
Set-off against
Input IGST
Set-off against
Input IGST
Set-off against
Input IGST
Yes Sir.
CTRL A
Next entry
In the Payment Voucher, we will press F5.
Because we have to make payment in the next entry.
We will debit Output CGST.
Output CGST
The amount is Rs.21,600
We will credit Input CGST
Rs.3000 Input IGST
Rs.12,000
Rs.12,000 We will use Input CGST
Rs.3600 And the balance payment from the bank will be
Rs.6,000 Being Output CGST
Set-off Against Input IGST
And Input CGST
And balance paid off
CTRL A
After this, you have to do the third entry.
There is also payment in that.
So that will also be in the Payment Voucher.
Output CGST
Account Debit
Rs.21,600 We will credit
Input CGST
Rs.3600 And the remaining payment will be done from the
bank.
Rs.18,000 Narration
Being Output CGST
Set-off against
Input CGST
And balance paid
By Check We have done the remaining balance payment from
the check.
We have done the remaining balance payment from the check.
Okay Remember this, my dear friends
How will there be steps here
This question is teaching you.
There was a discussion about IGST
And there was a discussion about these steps.
Here you can correct it
Spelling Input
Input Press A with CTRL
Press SK
And come out on the Gateway of Tally
Press B ¬¬¬ ¬¬¬ ¬¬¬¬¬ ¬¬¬¬¬¬¬ Come on
Come out at the Gateway of Tally
To press B4
Press A
The duties and taxes have exhausted completely.
To press A
The duties and taxes have exhausted completely.
Because output IGST ended
Because input IGST ended
Because output GST ended
Because input GST ended
Everything is over
We have also paid the creator
That's why the creator is also empty
The balance in my bank account is 5,72,800
Because you see
We have paid 6,000 and 18,000 24,000 more
A little while ago it was 5,96,800
Out of this, you paid 6,000 rupees to CGST
And 18,000 rupees to
SGST So 5,72,800 rupees are left
This is your bank balance
You have to do this at the end of the month
You have to do the last entries
At the end of the month
My dear friends
At the end of the month
Till then the calculation goes on
While purchasing, while selling
While taking services
While giving services
While booking input CGST, SGST, IGST
While booking output CGST, SGST, IGST
While booking
While doing all the work
Calculate at the end of the month
Clear the last entry
What is happening in our example
At the end of the month, all the balance is set off
But as I told you in the previous example
May be
Your output liability is less
That's why
Even after doing the last final entry
Some balance is left in your input
Okay And another case may be
Your output liability is more
But you have not done the payment
The payment has been delayed
The payment has gone above the due date
In such cases, some liability will be seen
So when can the input come
Balance in our duties and taxes
When our output is less
In duties and taxes
Even after the final entry
When can our output balance come
When we have not done the payment
Due date has left
And now payment is left
So friends
Do practice this question
Whether you practice or not
You have to practice this question
Okay Revise this question by yourself
And if you have any doubt, do ask me
This is one of the very best questions
As far as We are taking the journey of GST step by step
Considering that
To step on the next step
This is a very important question
This is a very very important question How many times have
I said
I also know You will have to do
This question
Whatever problem you have
You have to consult me
Otherwise Problems will increase in the next questions I do
not want this at all
Problems will increase in the next questions Because there
is a lot of data
A lot of things will go on If you leave the last
There is no understanding of the future If you take the
last in the grip
If you work hard
Then there will be no problem in the future
There will be no problem at all That's why after taking the
class
You do not have to finish the syllabus
See the next class again
You do not have to do anything like this
After taking the class
You have to revise it and bring it in the grip
Then move on to the next class That's why I am saying
Continuous revision is important
And I agree As many times as I have said
You will keep the value of my words
The next thing Thank you. Bye bye and take care.