Next is example number 6 in our past series
This will teach us a very important thing which we didn't
know till now that what we have to do in that case
Sir, which case?
Let's give some idea
To give idea, I will take you to the pad that why we are
doing this example and what special thing it is going to
teach us
See friends, it is like this
The last entry which you have been taught to do
In that last entry, if we talk about our last two examples
In which the previous homework was given and I only did the
previous one
The previous one was just like that that's why homework was
given
Okay sir
So in the last entry, we have previous example of homework
and the previous example which I have done
In both the cases which is the liability of our output IGST
Liability of output IGST
To finish that, we had enough input IGST
Even we had
Even after setting off the liability of output IGST
Input IGST used to be saved
But the example which we will do
In this example, we will learn that if the liability of
output IGST is not able to be set off completely
From where?
From the input IGST
Not liability, from the asset of input IGST
If it is not able to be set off completely from the asset
of input IGST
Then how will we work?
And how will the further entries proceed?
We are going to see this case in this example
Okay? Okay sir
So without any delay, let's start
Let's have a go
Let's read the notes first
Let's come to the notes
Number 6
Pass journal entries in the books of
Yogesh and Sons in Haryana
Yogesh and Sons is in Haryana
We have to pass journal entries in his books
CGST and SGST is given transaction-wise
Number 1
Purchase goods from Anu traders of Haryana for Rs.
5 lakh
We have purchased for Rs.
5 lakh
CGST and SGST rates are 9%
The first thing to do in Teleprime is to create a company
in the name of Yogesh and Sons which is in Haryana
Okay sir
Without any delay, let's create
Alt F3
1, 2, 3, 4, 5, 6
Go to the top
Create company
Yogesh and Sons
Enter the address
Take Haryana in the state
Take the PIN code
Enter the telephone number
Enter the email id
Save it by pressing CTRL A
And don't forget to enable GST
Don't forget to enable GST
And enter the code 06
Because this party is in Haryana
CTRL A, CTRL A
So, we have created here a company named Yogesh and Sons
In which, first of all, what we will do
Let's do one thing in this example
Let's create some balance of cash and bank
Later, if there is a need for payment
Let's put the same amount in the opening balance of capital
Okay? Okay sir
So, first let's do one thing
Let's put some opening balance in cash
Come to A4 alter
Come to Ledger below
Come to Cash
And below
Put the opening balance of cash
Rs. 1,50,000
Save it by pressing CTRL A
Escape and come out
Come to C4 Create
Go to Ledger in this
And write here in name
ICICI Bank
Under Bank Accounts
Put the account number etc
Put the IFSC code etc
And save it by pressing CTRL A
Save it by pressing CTRL A
Okay sir
Oh! I didn't put the bank balance
Oh! I was doing it for this
So, come to alter
Alter Ledger ICICI Bank
And below
Put the opening balance
How much to put in this sir?
Put Rs.
Rs. 2,50,000
Rs. 1,50,000
CTRL A
After this, again create Ledger
C4 Create
Ledger
Owner Capital
Yogesh's Capital Account
This will come under the heading of
Capital Account
CTRL A
And Come here
You can also put the opening balance in this
Then how much amount to put?
Hmmm We had put
Rs. 1,50,000 there and Rs.
2,50,000 there
Rs. 4,00,000
Put Rs.
4,00,000 in total capital
Invest Rs.
1,50,000 in cash
Rs. 2,50,000 in bank
Total Rs.
CTRL A
Escape and come out
Before balance sheet
And you would find
Balance sheet is Tally
It should be
Yogesh has put Rs.
4,00,000 capital
In which he has put Rs.
1,50,000 cash
And Rs.
Has been deposited in the bank
In the business bank account
This is the business bank account
In ICICI Bank
Not Yogesh's
Okay Because this balance sheet is also for business
Okay sir
Now let's do the purchase entry
So, press escape
Come out
And first come on the pad
Let's start with the writing pad
Writing pad
Since we are buying things
So, purchase account will be debit
Purchase Account Debit And Where is the front party
From whom we are buying?
We are buying from Anu Trader
Of Haryana
Anu Trader is also in Haryana
Friends
So, Input
CGST Account Debit
I say
Don't even look
What I am writing
Write it yourself
Now it has happened so many times
You should write it yourself
Input SGST Account Debit
To Anu Traders
Write it yourself
I am writing it
Because notes should be completed
With me
You write it yourself
Without seeing
Things We are purchasing
For Rs.
What are the things? 5 Laptops
At the rate
Rs. 1,00,000 each
5 Laptops
At the rate
Rs. 1,00,000 each
5 Laptops
At the rate
Rs. 1,00,000 each
On Rs.
Input CGST
And Input SGST
What is the rate in this transaction?
9% 9% 9% See your notes 9% of Rs.
This will be
Rs. 45,000
This will also be
Rs. 45,000
And total will be
Rs. 5,45,000
Rs. 5,90,000
Purchases Will be reflected
In my trading account
Rs. 5,00,000
Along with that
Closing stock
Will also be Rs.
Because nothing is sold yet
We are just buying
We are doing the first entry
Input CGST
And Input SGST
Balance of these two accounts
Will increase
Because of which
In my current liability
Negative balance
Will be seen
And my creditors
Named Anu Traders
Will be seen
In my balance sheet
And this entry
Will be in which voucher?
This will be
Purchase voucher
Come on
Without any delay
Within seconds
We will finish this work
Quickly This question
Will teach you
A very important thing
Keep in mind
Very very important thing
And now
Move ahead of me
Please move ahead of me
Please try to
Move ahead of me
Kindly
V for voucher
Purchase voucher
We have
F9 Come in F9
Supplier invoice number
SDT 5,6 5,4,7
Date Party account name
Whom are you buying from?
Anu Traders
Alt C
Anu Traders
Unders and
Recreditors
And Anu Traders
Is also in Haryana
So in state of Anu Traders
Take Haryana
Okay? Okay Sir
Press Ctrl A three times
Purchase ledger
Alt C
Purchase under
Purchase accounts
Not applicable
SGST applicable
Applicable Set alter no
Type of supply goods
Ctrl A
Buy laptop
Create in name
Laptops
Laptops Whose laptop?
Dell Dell Laptops
And unit
Pieces PCS P I E C E S
PCS Ctrl A
Set alter
GST detail
Yes On value
Taxable 18,9,9 Ctrl A
5 piece
At the rate 1 lakh 1 lakh
Purchase Leave one line gap
Alt C
Create Input CGST account
Under Duties and taxes
GST Central Tax
Ctrl A 45,000 Thereafter Alt C
Input SGST Under Duties and taxes
GST State Tax
Ctrl A
And Come down
No On account
Write narration
How fast
Is it working 5 minutes
Being Goods purchased
On credit
And
CGST SGST Charged
Ctrl A
Escape Press Come out
P for P and L
Alt F1
Press See Purchase 5 lakh 5 lakh 5 lakh 5 lakh and here the
stock is coming up to 5 lakhs
After that, B4 Balance Sheet, Alt F1, Duties and Taxes came
down to 90k because inside
Input CGST and SGST is 45-45
After that, I can see my creditors
Sunday Creditors of 5 lakhs and 90k
You can see
Yes sir, we can see
Sunday Creditors of 5 lakhs and 90k are coming
I said very good, well done
Very very good
Shall we move ahead?
Yes sir, let's move ahead
Let's move to the next point
Purchased goods from Rani Enterprises of Rajasthan for 6
lakhs
Okay, this time it is Interstate Purchase
Rani Enterprises is in Rajasthan
They are buying goods worth 6 lakhs and the rate is 12%
Let's go to Pad and enter
First of all
Let's move to Writing Pad
First of all
Second Entry
Purchases, Account Debit
And this time it is Interstate Transaction
That's why Input IGST word will come
Input IGST, Account Debit
To Rani Enterprises
Rani Enterprises
Purchase of 6 lakhs, my dear friends
What are they buying?
This time also they will buy Laptop
They are buying 6 laptops
At the rate, 1 lakh each
They are buying 6 laptops
At the rate, 1 lakh each
Input IGST will be 6 lakhs 12% 6 lakhs into 12%
It will be 72,000 rupees
And you will give total to Rani 6,72,000 rupees 6,72,000
rupees
My purchases will increase in trading account
Creditors named Rani Enterprises will come
And the creditors will also increase
And my Input IGST
Due to the increase in the balance of ledger
My current liability
Negative liability will increase more
My current liability
Will go more negative
Whenever input will come
Current liability will increase towards negative
Duties and Taxes
Whenever the output is towards positive
Come on Teleprime
Enter V for Voucher
Purchase is already selected for Voucher
Take the invoice number
CGF458
All C's
This time Rani Enterprises will come
Rani Enterprises
Under Sundry Creators
Rani Enterprises is in Rajasthan
So take the state of Rajasthan
Rajasthan Control A
Control A
Purchase Ledger
Name of Item
Buy Laptop
Dell Laptop
How many are buying 6 are buying this time 1 piece 1 lakh 6
lakhs
Enter Input IGST
Have to create
Input IGST
Under Duties and Taxes
GST Integrated Tax
Control A 1 lakh 8 thousand
How did it come
Because on Dell Laptops
We have put 18%
Because on Dell Laptops
We have put 18%
Now come
I am going to teach you an important thing
I am going to teach you
Listen very carefully
My dear friends
Look at this friends
What is the rate of our transaction 12%
But at 6 lakhs 18% automatically
Calculated How much amount
In the name of tax 1 lakh 8 thousand rupees
Why did Telly do this
Is it true that Stephen Hawking
Sir Machines will overpower humans
Elon Musk also said
Artificial Intelligence
Can be proven more dangerous than a helper
Is this the case, sir?
Telly did not start doing his will
No no
There is nothing like that
Telly has started doing his will
We told Telly
To put 18%
Where did you say
When you created a Dell Laptop
Ledger Remember When you created a Dell Laptop Ledger
Remember Created a stock item
So you put there 18% rate
Yes sir
Put 18% rate
So whenever
Sorry There you
No okay
Put 18% rate
So whenever you
Dell Laptop
Purchase So Telly knows
You have given him an order of 18%
He will put a rate of 18%
Hmm The thing is right
This is automatic calculation
You told Telly
That this time
The Dell Laptop we are buying
Is at 12%
Its model is different
Its type is different
On that
A different type of GST rate is applied
On that 12% is applied
Oh oh oh
So what do we have to do in this, sir?
Let me tell you
What you have to do in this
If the product is the same
But specifications are different
Manufacturing design is different
Its characteristics are a little different
Because of which
The government has made their GST rates different
So then you
How do you have to work here
In Telly Prime
I tell you
You don't have to do anything
You don't have to select this Dell Laptop here
You will have to create
Dell Laptop
Another one
How? By pressing Alt C
Write here
Dell Laptops
And 12%
Write Dell Laptops 12% Write this
You will know from here
You are buying a Dell Laptop with 12%
Okay sir
Okay And this will come in pieces
Set alter GST detail
Yes On value taxable
Write 12% here
Control A
Take goods
Control A
And now let's see
How much rate does Telly give?
Telly, look at us
You are doing the right calculation this time
And in Input IGST 72,000 rupees came out
In Input IGST 72,000 came out
Yes sir
Sir tell me one thing
Then write on that Dell Laptop 18% came
Yes do one thing
Will write on that too
What is the problem?
Then we will have convenience
As soon as we see our trading account
If you see the purchase
Then we will know
Dell Laptop with 12%
How much is the purchase
And Dell Laptop with 18%
How much is the purchase
Okay You can write
No problem
Let's finish this
Let's see its effect
And then change it
No will come
On account
And here we will write
Being
Dell Laptops
Purchased
From
Rani Enterprises
In Rajasthan
With 12% GST
You can write the whole thing
In which
In your narration
Narration gives you a chance
To write the whole thing
Press A with CTRL
Write, write the narration
Being Dell Laptops
Purchased from
Rani Enterprises
In Rajasthan
With 12% GST
Press CTRL A
Press SK
Come out
P4 P&L
Alt F1
See the purchase
My purchase is coming
How much is the total 11 lakh rupees
Okay If you go inside
Then you will know
How much from Anut Trader
And how much from Rani Enterprises
Okay sir
And you can also see my stock
Dell Laptop
Simple one
Simple means
Will write 18% on it
And 12% 5 and 6
Okay sir
No problem
After that
B for balance sheet
Alt F1
Duties and taxes
See 1 lakh 62 thousand
Absolutely sir
And the creator has also increased 12 lakh 62 thousand
Rani has also come
Now let's change it
Alter Go to A4 alter
And come down
Stock item
Come down
Stock item
And select this Dell Laptop
And in this
Go to the end
And write 18% Dell Laptops 18% CTRL A
And you would find
Now you will come in your P&L
Alt F1
So see this
Dell Laptop 12
And 18
Rate is also coming
Written on their side 18% has also come
Rate has come on both sides
Okay sir
We have no problem
We want to move to the next point
I said
OK Well done
Without any delay
Let's move to the next point
Sold goods to Gagan of Haryana
For 4 lakh rupees
We are also Haryana
Gagan is also Haryana 4 lakh goods
We are selling
CGST SGST 99% Okay Okay Okay Okay Okay Let's come to the pad
Let's do it
Number This is the third entry
Purchase Selling this time
Who is selling
Gagan See the full name
What is it
Gagan Gagan of Haryana
Will not write like this
Will write Gagan
GA
Gagan account debit
What money will we ask from Gagan
We will ask one thing
Money What we are selling
Gagan account debit
To sale account
And since it is in Haryana
Then we will ask the output
CGST
And we will ask the output
SGST USS SGST succeed To output
SGST SGST How much is the sale?
It's a sale of 4 lakh rupees
GST rate is 9% 9% of 4 lakhs 36,000 and 36,000 4,72,000
will come up 4,72,000 Okay sir
Listen to the next thing
Can you tell us what you sold?
Sir, it's a laptop
You must have sold a laptop
Dell one
Absolutely right
But which rate? 12 or 18? 18 Very good
Very good.
Look at the GST rate while selling.
It's 18%
No or no.
So who is it depending on?
The 18% dollar you bought, will you sell it at 18%?
GST remains the same during purchase and sale.
Yes.
If you have bought a Dell laptop at 12%, will you sell it
at 12?
If you have bought something at 18%, will you sell it at 18?
While buying and selling, the GST rate of that item cannot
be different.
Okay sir.
How many pieces should I sell?
Let's sell 2 pieces. At the rate, 2 lakh each.
Sir, you are keeping a very good margin.
Absolutely.
Almost double in 2.
Yes. I have seen it again and again.
Double in 21 days.
2 pieces at the rate, 2 lakh each.
Okay.
Debtors named Gagan will come.
The balance will be in the ledger of output CGST and SGST.
Because of which, the negative liability of my current
liability will be reduced.
Very good. Congratulations.
The negative figure will be reduced.
The credit side will be seen in the trading account.
Come, let's go.
Let's enter on the pad.
Let's go from the pad.
Yes.
Escape. V for Voucher.
Select a sales agent.
Party account name.
Create by pressing Alt C.
GAGAN G-A-N Gagan Sundry debtors will come.
It is in Haryana.
Control A.
Create a sales ledger.
Alt C. Sales.
Under sales accounts.
Goods will come.
Control A.
Name of item.
2 pieces at the rate, 2 lakh each.
Alt C.
It is in Haryana.
Output CGST.
Under duties and taxes.
GST. Central Tax.
Control A.
Alt C.
Output SGST.
Under duties and taxes.
GST. State Tax.
Enter. Enter. No.
Enter on account.
Being.
Goods sold.
To Gagan in Haryana.
On credit.
As much as you want to say.
You can give as much as you want.
In your narration.
It's up to you.
How much you want to explain.
Okay.
Save.
Come out.
P for P&L.
Sales.
Good.
Data.
4,72,000.
Negative loyalty.
1,62,000.
36,72,000.
Only 90,000.
36,72,000.
Output CGST.
Output SGST.
Let's go to the next point.
Purchased computer printer.
For office 1,60,000.
From Dell Limited on credit.
We are buying a loan from Dell Limited.
We have not told where Dell Limited is.
So we will assume the branch in Haryana.
We are buying a computer printer for 1,60,000.
And we have a GST rate of 6% and 6%.
GST rate of 6% and 6%.
Come to the writing pad first.
Note pad.
Write.
Number 4.
Entry number 4.
Which is 4?
It is left in the middle.
Come back to the notes.
The fourth point is this.
Paid railway freight 30,000.
9%, 9% CGST, SGST.
Let's do this first.
On number 4.
We are paying freight.
Freight is our direct expense.
Because it is the expense of bringing the goods to its
present location.
Because it is the expense of bringing the goods to its
present location.
According to the rule of Debit All Expenses,
Freight account will be debited.
Input CGST and SGST will come with it.
We have not told.
If freight is paid in the same state.
Input CGST account debit.
Input SGST account debit.
Payment is done in cash.
Freight is 30,000 rupees.
9% rate.
9% of 30,000 is 2700.
35,400 rupees.
My direct expense of freight will be visible.
Where? In trading account.
Input CGST and SGST balance will increase.
Due to which my current liability negativity will increase.
And my cash balance will reduce.
Because I am paying with cash.
35,400 rupees.
So my cash balance will reduce.
Are you ready for it?
Yes sir, more than ready for it.
Come to teleprime.
Escape.
V for Voucher.
If you are doing payment,
Take F5 Payment Voucher.
Debit.
You have to create an account by pressing Alt C.
Freight account.
Under direct expenses.
Freight under direct expenses.
And services will also be there.
In type of supply.
Freight is a service.
How much is the amount? 30,000 rupees.
Input CGST.
How much is the amount? 27,000 rupees.
Debit.
Input SGST.
27,000 rupees.
Credit.
Cash.
35,400 rupees.
Freight services.
Paid in cash.
With.
9%.
CGST and SGST each.
It will be completely your own words.
Narration.
And in this,
VIDE wide invoice number.
You can also write the bill number here.
The freight bill that must have come to you.
You can also write that here.
Save by pressing Ctrl A.
Press Esc.
First of all, the cost of freight should be seen in P&L.
Alt F1.
Freight is coming in direct expense.
It had to come.
After that, the balance of input CGST and SGST increased.
It has increased.
47,700 and 47,700.
2,700 increased from each.
Due to which my negative liability has increased from 5,400.
Earlier it was 90,000.
Now it has come to 95,400.
Negative liability.
We have still paid enough tax.
Up to 95,400.
You can keep it in your pocket by collecting from the
customer.
Okay.
This is also called input credit leisure.
Sometimes the client's phone comes.
How much is my input credit leisure?
As much as I can cut the bill.
And I don't have to give GST from my pocket.
So you tell me.
95,400 is lying.
Look at the balance sheet and tell me.
It is better to see from the GST portal.
But if you have done a good job.
Proper data is maintained in the telly.
Bill wise.
You can see from here and tell.
You can collect up to 95,400.
You can keep it in your pocket from the customer.
Whatever you have to give after that.
Okay sir.
And my cash that I paid.
Cash will be reduced from 35,400.
A little while ago it was 1,50,000.
Now it is coming down from 35,400 to 14,600.
Yes sir.
Okay.
Let's move to our next point.
Now let's do the computer one.
Computer printer purchased.
For the office.
1,60,000.
Delimited loan.
And the rate is 6% and 6%.
Let's enter it on the pad first.
Entry number 5.
We have entry number 5.
Entry number 5.
What will we do?
What are we purchasing this time?
Office equipment.
Account debit.
The computer is worth 1,60,000.
Laptop and computer are being bought.
Yes sir.
This is what they do.
And where is the place?
Assume the same state of the supplier.
Input CGST account debit.
Input SGST account debit.
2.
We are buying a loan.
We have not made a payment.
The name of the supplier will come.
Delimited account.
GST is 6%.
9,600.
1,60,000.
6%.
9,200.
Yes, that's right.
Sorry, you'll see a fixed asset named Office Equipment in
my balance sheet.
As the balance of Input CGST and Input SGST increases, my
current liability's negativity will increase even more.
You'll see a creator named Dell Ltd.
Because I've bought a loan, but haven't paid the money yet.
I've bought a loan, but haven't paid the money yet.
Come on, let's go.
To Teleprime.
Without any delay, press V for Voucher.
And...
We'll do it in General Voucher, because we're buying a
fixed asset, not a stock.
F7, General Voucher.
We'll do Debit, Office Equipment.
We'll have to create it.
Alt-C.
Office Equipment.
Under...
Fixed Assets.
Applicable Goods Controlling.
Rs. 1,60,000.
Debit.
Input.
CGST.
Rs. 9,600.
Debit.
Input.
SGST.
Rs. 9,600.
The credit will be Dell Ltd.
Alt-C.
Dell Ltd.
Under Sundry Creditors.
Ctrl-A.
Rs. 179,200.
On Account.
Bing.
Computer.
What did it say?
Computer.
Printer.
Computer.
Printer.
The printer that comes out of the computer.
Bing.
Computer.
Printer.
Purchased.
White.
Invoice Number.
This.
Okay.
Press A with Ctrl.
Press SK.
B for Balance Sheet.
Alt-F1.
Fixed Asset.
Office Equipment.
Rs. 1,60,000.
Duties and Taxes.
Rs. 1,14,600.
Where is it?
Rs. 47,700.
Rs. 57,300.
Input.
CGST.
SGST.
Rs. 9,600.
Rs. 47,700.
Rs. 9,600.
Rs. 57,300.
And.
My creditors have increased.
New creditors have been born.
Dell Limited.
Rs. 179,200.
That's why my creditors are also increasing.
Okay, sir.
No problem.
I said okay.
Take us to the next point, sir.
Come on.
See how fast the work is happening.
It's hard work, isn't it?
That's why.
The work is happening fast now.
Now do all the smart work.
Fast.
Now it will be called smart work.
After hard work.
Not directly.
Not in the beginning.
Earlier I used to say.
Leave the concept.
Do hard work.
Do smart work.
Smart work is.
Press the button.
As I am saying.
Let's do it.
Time will be saved quickly.
No.
You can't do this.
After hard work.
Smart work.
Smart work comes.
Definitely.
No doubt.
But after.
Hard work.
Next point is.
Sold goods to Gangadhar.
In UP.
We are in Haryana.
It is being sold in UP.
IGST will be applied.
Output IGST.
8,40,000.
Okay.
Against check.
Against.
Check.
In return.
We have also got the money.
With 7.
Okay.
Sir.
No problem.
Entry will be in the received voucher.
I believe.
All children will know this much.
Yes.
Sir.
Absolutely.
Come to teleprime.
Come to the pad.
Let's write the entry on the pad first.
No.
6.
Payment is getting from the check.
So my ICICI bank.
That will be debit.
Okay.
What are we doing?
Sale.
So my sale account will be created.
Okay.
What will be applied?
Output.
IGST.
Output.
IGST.
How much is the sale? 8,40,000 is the sale.
Okay.
And what was the rate?
IGST 18%.
Come.
Sir.
I will show you.
It was written below.
You will feel, sir.
Where are you talking from?
Look at this.
IGST 18%.
Okay.
Sir.
So how much will be the 18% of 8,40,000?
Take out the calculator, brother.
8,40,000.
Into 18%.
151,200.
And this will be total.
9,91,200.
Plus 8,41,200.
9,91,200.
Plus 8,40,000.
9,91,200.
Absolutely right.
This gives me the balance in my bank.
My bank balance will increase.
It will rise with 9,91,200.
My sales will increase.
It will rise.
And my output, IGST's balance, my, that too will also
increase because of which, the outside negative balance of
current liability will decrease a bit.
The negativity will increase towards the positive side.
So the negativity will decrease.
The negative balance will decrease.
balance will be reduced. Okay sir.
Let's do this entry.
I said yes, good work.
Let's do this entry.
Come to teleprime.
V for Voucher and you are getting money.
Voucher. Take F6.
What will you credit? Sales.
First of all, create sales.
Name of item.
What are you selling?
What do we have? We have two laptops.
Dell laptop has 6 pieces.
and 12% and 18% have 3 pieces.
Okay sir.
Let's do one thing. Let's sell the 18% one.
2 pieces.
and 840 it will be very expensive.
Wait.
Take Dell laptop 12% one.
Okay.
and 840 should come.
Take 4 pieces here.
2,10,000 per piece is being sold.
We used to do it in 2 lakhs.
Price has become more expensive.
2,10,000.
So this is 840,000.
Our sales credit.
You will have to credit again.
The name of the account is Output IGST.
Which you have to create by pressing Alt C.
Output IGST
Under Duties and Taxes
GST Integrated Tax Control.
The amount will come in it.
151,200 And now you have to debit your ICICI Bank 991,200
991,200
Control A
Bink
Dell laptops 12% Sold
To Gangadhar
In UP In UP
Okay
Control A
Press SK
First of all, the bank balance should increase.
B for Balance Sheet
Press Alt F1
Bank Balance 2.5 lakh 991,200 2.5 plus 991 200 12,41,200
Very good
After that, my sales should increase.
The sale has also increased.
Without seeing it, it has increased.
4 lakhs 840 sales increased 4 lakhs
After that
Duties and Taxes
Positive Balance
Negative Balance
57,300 57,300 72,000 1,14,600 Negative Balance 1,14,600
151,200 Output IGST
Negative Balance
Positive Balance 36,600 36,600 Current Liability
Duties and Taxes 36,600 Input CGST
How much have we paid?
Input CGST
How much have we paid? 57,300 57,300 Input IGST 72,000
Input SGST 57,300 57,300 Yes Sir
And we have
We have paid a total of 86,600 Minus 36,000 151,200 36,600
36,600 Income has increased
Due to which 36,600 Current Liability 36,600 This is it
36,600 36,600 36,600 36,600 Next Point
Next Point
I think it was the last point
Paid for Broadband Services 20,000 by Check
Means you have taken some internet facility and you are
paying with a cheque of 20,000 and the rate is 6%
So this is an indirect expense
This is an indirect expense with us
Let's come to the writing pad
Please come on writing pad
Please write in this
Internet
Services Account Debit
And input will be CGST and SGST
Input CGST
Account Debit
Input SGST Account Debit
We are paying with a cheque
Bank account will be created
To bank account
How much is the internet service? 20,000 6% rate is 1200
and 1200
Total will be 22,400 22,400 Internet services is an
indirect expense
That's why in my P&L debit side
Input CGST and SGST
Because of the increase in the balance
The current liability will increase
To bank means my bank balance will reduce
Because I am making some payment from the bank
Note this point quickly
Please note this point down
Quickly
Now come to teleprime
Okay Enter in v4 voucher
Because you are making payment
Select payment voucher F5
What is the reason for this payment?
Internet expenses
Alt C
You can write internet services
Or You can write broadband services
You can write wifi services
Whatever you like
You can give any name
I take broadband services
Under indirect expenses
Services will remain
Because it is a service in the type of supply
Broadband service 20000 You will have to debit again
Input CGST 1200 DR Debit
Input SGST 1200 If you are making payment from the bank
Create ICICI bank 22,400 Being Internet Services Charges
Paid With 6%
CGST And SGST
Each With 6% CGST and SGST
Each Control A
See Broadband services debit
Internet services
Input CGST debit
Input SGST debit
Bank account credit
Absolutely right
Press A with control
And now
Press SK
B for balance sheet
Duties and taxes 36600 positive
It has gone towards negativity 1200 and 1200 2400 34200
34200 34200 After that
The bank account will be reduced by 22,400
So your bank balance
It was coming a little more
Now it has been reduced by 22,400
Yes yes
How much was coming before 2,50,000 plus 99,200 12,41,200
Now less than 22,400 12,18,800 So the effect that should
have come
The same effect is coming to us
And no effect is coming
Okay Let's move on to the next point
Next point
Payment made for
Balance amount of GST
You have to learn this
This has to be learned here
This is a special thing
First come to teleprime
And you don't have to do anything
In teleprime
Enter the balance sheet
Press Alt F1
And go to duties and taxes
And note on a paper
All these balances
Wherever you are writing
I also write
I write on my writing pad
I am writing all the balances
Input CGST
How much is it?
Input SGST
How much is it?
Input IGST
All the transactions of the month are over
Now the government has to calculate
Output CGST
How much is it?
Output SGST
How much is it?
Output IGST
Let's write it once
Let's write
Input CGST 58,500 Input SGST 58,500 Input IGST 72,072
Output CGST 36,000 Output SGST 36,000 And Output IGST
Output IGST 151,200 151,200 151200 Now I will show you the
pad
I have written all these balances
Write all these balances
Everybody please write down
I have written it
Now I will tell you
What is the special thing in this example
Now let me tell you
What is the special thing in this example
Let's see
My output
IGST is 151,200 These are all my liabilities
These are all my liabilities
And these are all my assets
So my output
IGST liability is 151,200
I have finished it
With Input IGST
In my last two examples
But this time
My Input IGST asset
Is not enough to finish
My Output IGST liability
In this case
How do we apply steps
And how does it work
Let me tell you
See very carefully
Very carefully
First First see
Then write
I want to finish
My Output IGST liability
Output IGST
Account Debit
How much is it? 151,200 Whenever a liability is finished,
it is debited
If liability increases, it is credited
If liability decreases, it is debited
If asset increases, it is debited
If asset decreases, it is credited
If I want to finish
Output IGST liability
I will debit it
I will use my asset
I will put my asset at stake
I will finish my asset
That's why the asset will be credited
And what is the name of the asset
Which I will finish for Output IGST liability
Input IGST
To Input IGST account 72,000 72,000 But Even now
I still have
Output liability 79,200 Output liability 79,200 Still
pending
Let's write somewhere
Liability of 89,200 pending
You don't have to write
You just have to see
That my
Input IGST asset
Is finished
And Output IGST liability
Reduced from 151,200
To 72,000 79,200 Not completely finished
Not completely finished
So what to do now
Sir, we can't use these two assets
These two assets
Input CGST and Input SGST
What is the job of the asset?
Finish the liability
So we have two more assets
But my dear friends
We have two more liabilities
How will they pay
So these two assets
We have Input CGST and Input SGST
Now for these assets
There is a fight
Output IGST is saying
Finish my liability
Output CGST and Output SGST
Are saying no no
Finish our liability
So there is a fight on Input CGST and Input SGST
So what rule was made
Rule my dear friends
Was made like this
To finish the liability of Output CGST
Input CGST will be used
If some Input CGST is left
It will come
To finish the liability of Output IGST
See I will write
What is the rule
Output CGST
Sorry sorry Input CGST will be used first for Output CGST
and if something is left then it will be used for Output
IGST and similarly, Input SGST will be used first for
Output SGST and if something is left then it will be used
for Output IGST
Input CGST will be used first for Output CGST and then for
Output IGST
Input SGST will be used first for Output SGST and then for
Output IGST
Sir, Input SGST is not possible for Output CGST
I have told you
Sir, Input CGST is not possible for Output SGST
Ok Sir, Ok
So, now we have to move forward according to this
So, first my dear friends
We will finish the liability of Output CGST from Input CGST
First of all
I will make it a little smaller so that you can see it in
one page
I have done 85%
Ok Sir
Can you see?
Yes Sir, I can see
No problem
Let's go
First of all, finish the liability of Output CGST
Finish the liability of Output CGST
Account Debit
How much is it?
Rs. 36,000
Don't write it now, just see it
Output CGST is Rs.
For that, Input CGST will be used
Rs. 36,000
And then it will be saved
Ok So, Input CGST is used
And how much is left in Input CGST?
Rs. 58,500 minus Rs.
Rs. 22,500
So, we can use Rs.
To finish which liability?
To finish the remaining liability of Output CGST
Ok Sir
Ok Ok Ok No problem Sir
Ok Come Now see what I am writing carefully
Now I will do one thing for Output CGST
The remaining liability was Rs.
So, it will be reduced a little more
Output IGST Account Debit
It will be reduced by Rs.
And who will come to finish it?
The remaining balance of Input CGST
Rs. 22,500
Very good
So, my Input CGST is also finished by Rs.
It is completely zero
It is finished
Ok Sir
Now, I will finish the liability of Output SGST
Output SGST
Account Debit
How much was my Output SGST liability?
Sir, it was Rs.
Absolutely right
So, I will debit the Output SGST account Rs.
Who will come to finish it?
Input SGST
Input SGST account Rs.
And you would find
You would find
That your Input SGST will be less than Rs.
Rs. 22,500 will be left
How much will be left?
Rs. 22,500
And your Output SGST liability Rs.
36,000 is finished
Now, where will I use the remaining Input SGST Rs.
I will use it to finish the Output IGST
Output IGST account debit Rs.
To Input SGST account Rs.
And my remaining Rs.
22,500 in Input SGST will also be finished
Now, what is left?
All the assets are finished
All the liabilities are finished
But still
There is some liability left in Output IGST
How much?
It was Rs.
From that, we used Input SGST Rs.
And used Input SGST Rs.
How much is left?
Rs. 89,200 minus Rs.
22,500 minus Rs.
Still, Rs.
34,200 is left
So, you have to pay this
You have to pay this
Output IGST account debit Rs.
To Bank account Rs.
To Bank Rs.
And my dear friends
The Output IGST liability that you started with Rs.
Thinking that Input IGST will finish it
It will not be able to finish it
It was only able to finish it with Rs.
That's why, debit Rs.
72,000 there
Okay, sir
Output IGST account debit Rs.
So, how many entries we have?
Output IGST account debit to Input IGST
Output IGST to Input IGST
Rs. 72,000
Entry will be passed in General Voucher
Okay, sir
After that
Output IGST to Input IGST
Rs. 36,000
Output IGST to Input IGST
Rs. 36,000
Output IGST to Input IGST
Rs. 22,500
Output IGST to Input IGST
Rs. 34,200
My dear friends
You can merge these entries
We have done 1, 2, 3, 4, 5, 6
You can merge these entries
I am telling you again
You can merge these entries
If you want to merge
No problem there
Okay, sir
Okay How to merge?
Merging will be like this
Merge these two 2 and 3
Output IGST debit Rs.
To Input IGST Rs.
Merge 2 and 3
Okay, sir
After that
Merge 4 and 5
You can merge 4 and 5
One second
4, 5 and 6
All three will merge 4, 5 and 6
Merge all three
Merge Output IGST debit
Rs. 22,500, Rs.
22,500, Rs.
45,000 and Rs.
Rs. 45,000 and Rs.
Merge all three
Okay, sir
How much will be this?
Rs. 79,200
Okay, this is the remaining Output IGST liability
Credit to Input CGST Rs.
To Input SGST Rs.
Credit to Input CGST Rs.
To Input SGST Rs.
Merge 4, 5 and 6
Pass Entry in Payment Voucher
You can pass Entry in Payment Voucher
Okay I will write here
Pass Entry
First Entry
You have to take
Output IGST
Account Debit
To Input IGST
Account Debit 72 72 After that
Output CGST
Account Debit
Output SGST
Account Debit 36,000 36,000 To Input
CGST Account 36,000 36,000 To Input SGST Account 36,000
Merge 4, 5 and 6
Output IGST
Account Debit 79,200
To Input CGST Account
22,400 22,500
To Input
SGST Account 22,500 And Payment from Bank 34,200 To Bank
Account 34,200 Merging like this
I added 2 and 3
How to pass
Let me show you
Come to Teleprime
Press SK
Come to Voucher
First Entry
General Voucher
Output IGST
Debit 72,000 Credit Input IGST 72,000 Link
Output IGST
Adjusted with
Input IGST
Control A
Second Entry
Output CGST Account Debit 36,000
Output SGST Account Debit 36,000
Input CGST Credit 36,000 Input SGST Credit 36,000
Link Output CGST
And SGST
Adjusted with
Input CGST
And SGST
Control A
Third Entry
Payment Voucher
F5 Output IGST Debit 79,200
Credit Input CGST 22,500 Credit Input SGST 22,500 or Credit
Bank 34,200 Output IGST adjusted with Input CGST and Input
SGST and balance paid off balance paid off press CTRL A
come out in balance sheet and see duties and taxes are over
duties and taxes are completely over ok sir so let's go my
dear friends duties and taxes are zero we have to do this
only do practice if you have any doubt do ask thank you bye
bye