Hello everyone, welcome back again to the last lecture in
which we will be practicing GST entries.
This is going to be the last lecture and on your computer
screen there is one more exciting example which will teach
us more things.
Pass entries in the books of all parties assuming CGST at
the rate 9% and SGST at the rate 9%.
General entries have to be done in the books of all parties.
This time we have to think from the angle of purchaser,
seller, service receiver and service provider.
In the previous examples, we used to sit as one party.
We used to create one company and sit.
We used to record the transactions of purchase, sale,
expense and income in that company.
But here if one transaction is happening with us, means one
person is purchasing and one person is selling, then we
have to do the entries of both the parties.
Sir, why do we have this requirement?
Because when you work in a job, you have to think from the
angle of another person as well.
You don't have to think only from your angle.
You have to think from the angle of another person as well.
Such cases also come up.
That's why we will look at one transaction from the angle
of all the people in this last example.
So let's start with this.
Let's read the first question.
This will also tell you how you can maintain the data of
many companies in TELI and when you have to go to which
company, you can select the other company and close the old
one.
You can come back to the old one again because this time
you have to create many companies.
You have to create many companies.
Goods sold by a manufacturer Aniket of Maharashtra.
So open your register and start writing with me.
First of all, a company named Aniket will be created which
is in Maharashtra.
Aniket Traders.
And to whom has he sold the goods?
To a dealer Rajesh of Maharashtra.
Rajesh is there and Rajesh Trader is in Maharashtra.
So Aniket Trader is in Maharashtra and Rajesh Trader is in
Maharashtra.
These two companies will be created.
And we will see how many parties come out in our example.
According to that, we will keep creating companies.
Write which companies you want to create.
Number 1.
First of all, Aniket Traders Maharashtra has to be created.
Then one has to be created.
Rajesh Traders, that big brother is also in Maharashtra.
Rajesh Traders Maharashtra.
Let's see what other parties are getting related
transactions.
Let's go back.
Second point.
Goods sold by Rajesh to Chandni of Gujarat.
We have created Rajesh.
Now Chandni of Gujarat is a new party.
So the third company will be created.
Chandni.
So the third party will be created.
Chandni Traders.
Goods sold by Chandni to Danish of Gujarat.
And Ekant of Rajasthan.
Danish Gujarat Ekant Rajasthan.
Two more companies.
Danish Gujarat.
Ekant Rajasthan.
And where was Chandni?
Sir, Chandni was in Rajasthan.
By the way, where was Chandni in your years?
Chandni was in Gujarat.
Chandni is also in Gujarat.
Five companies have to be created.
Five.
So first these five companies will be created in Teleprime.
Then we will start the discussion.
Create companies.
Create companies easily.
Five this time.
I will open Teleprime.
You also open Teleprime quickly.
I will flash it on the screen.
Give me a minute.
Yes.
Let's create.
First of all, we will do Aniket Traders in Maharashtra.
F3.
Create.
Company name Aniket Traders.
Mailing name will also be the same.
You will have to take the address of Maharashtra.
Okay.
So this time you take phase 47.
In Maharashtra, Nariman Point is in Bombay.
Let's take that.
Mumbai.
Okay, sir.
State Maharashtra.
Take any pin code.
Mobile number.
Email.
Aniket Traders at the rate gmail.com
Website www.anikettraders.com
It has become Traders, sir.
Okay.
Take this.
Traders.
Look carefully.
It is right.
After that, take control and enable GST.
GST enable.
Maharashtra.
The GST number of Maharashtra.
Where does it start?
Google will search.
All the lovely children with me.
Maharashtra GST code.
27 is coming.
I googled.
27 is coming.
Look at this.
Maharashtra GST code.
27.
MH for Maharashtra.
Okay.
Okay, sir.
Let's go.
We will start with 27 in our teleprime.
27.
Okay.
Keep periodicity monthly.
And press control A.
Press control A.
Aniket Traders has been created.
Okay.
Which second company do we have to create?
Sir, second is Rajesh Traders.
That too in Maharashtra.
Very good.
Rajesh Traders will be created.
Let's create it in Maharashtra too.
F3.
Create.
Preparation is going on before completing the question.
Preparation is going on before the main wedding function.
So you have to work hard.
Phase 42.
Take Pune this time.
Maharashtra.
PIN code.
Mobile.
Email.
Website.
Control A.
Enable GST.
Control A.
Okay, sir.
Who do we have to create third?
Chandni Traders in Gujarat.
F3.
Create.
Chandni Traders.
In Gujarat.
There must be a sector in Gujarat too.
Take anything according to that.
Gujarat.
PIN code.
Mobile.
Email.
Control A.
Enable GST.
Before enabling GST, let's see the code once.
What is the GST code of Gujarat?
Gujarat's GST code is 24, my dear friends.
Gujarat's GST code is 24.
See this.
GST state code list is coming for Gujarat.
24.
Okay, sir.
Gujarat.
24.
Put it down.
Control A.
After that, Danish Traders in Gujarat too.
Create Danish Traders in Gujarat too.
Danish Traders.
Gujarat.
Control A.
Enable GST in this too.
Thereafter, last but not the least, Ekant Traders,
Rajasthan, Ekant Traders, Rajasthan,
Ekant Traders, Rajasthan, Ekant Traders, Rajasthan, Ekant
Traders, Rajasthan, Ekant
Traders, Rajasthan, Ekant Traders, Rak natuur, Ekant
Traders, Rak, Ekant,in this a cluster has been created.
Before enabling the GST will see the Rajasthan's GST Code.
Rajasthan GST Code will be Selected as Radinho 80808.
Control A.
All companies are created friends with.
Whatever we had to create, we have created all the
organizations in which we have to pass the entry.
Okay? Okay, sir.
So, friends, this time let's do the question in a different
way.
Let's do one thing.
First, let's write all the entries on the pad.
Let's understand all the entries on the pad.
Then we will see those entries one by one and post them in
the entire telly.
And we will see everyone's effect one by one.
It will be a little more fun.
Let's change the rhythm a little.
Every time we do this.
First do it on the pad.
Then see the effect.
Then enter the telly.
And whether the same effect is matching or not.
What do we do this time? Let's do it on the entire pad
first.
Then we will do it in the entire telly.
And then we will try to match their effects.
Yes, sir.
There is no problem in this.
Let's do it.
We come to the pad.
Come on.
Let me flash the notes first in front of you.
And let's see how the transactions are one by one.
Goods sold by a manufacturer Aniket of Maharashtra to a
dealer Rajesh of Maharashtra for 1 lakh rupees.
And how much is the CGST SGST rate here?
It is 9%.
And your IGST will be total 18%.
Okay.
So the seller is Aniket in Maharashtra.
The buyer is Rajesh in Maharashtra.
Okay, sir.
Come on, come on the pad.
So open a book of Aniket.
Open a book of Rajesh.
Come on, come on the pad.
Open Aniket Traders and Rajesh Traders.
Okay, sir.
Aniket is a seller.
Rajesh Trader is a buyer.
You have to think from both angles, friends.
From both angles.
A sale of 1 lakh rupees is being done.
And it is not written anywhere that it is a cash sale.
It means a loan sale.
First enter the seller here.
Then enter the buyer here.
Okay, sir.
Come on.
So the entry of the loan sale will be.
Rajesh Traders Account Debit to Sales Account.
Then what will be here?
Look, it is the same state.
Both are in Maharashtra.
To output CGST account.
To output SGST account.
Come with me while writing.
And what will be the entry of the purchase?
The entry of the purchase will be.
Purchase Account Debit.
Input CGST.
Input SGST.
Account Debit.
To Aniket Traders Account.
Aniket Traders Account.
Because Rajesh is being purchased from Aniket here.
So he will write the name of Aniket Traders and go.
What is the price of the sale? 1 lakh.
The price of the purchase will also be 1 lakh.
What will be my 9% GST? 9000 and 9000.
9000 and 9000.
How much does Aniket have to take from Rajesh? 1 lakh 18
thousand.
How much does Rajesh have to pay Aniket in total? 1 lakh 18
thousand.
1 lakh 18 thousand rupees.
Now friends, do you know the fun thing? In the next entry,
Rajesh will sell.
So Rajesh has the goods to sell.
There is no problem.
He has just bought from Aniket.
But when you will start entering in Aniket Traders.
Because Aniket Traders has sold goods.
So Tally will give you a warning.
Tally will say that Aniket Traders you do not have the
goods.
From where did you sell?
How could you sell?
So friends, we are practicing this question.
If we have to think from the angle of all parties.
Then how will we move forward? So ignoring the warning of
Tally.
We will move forward and see our work.
Now go behind Aniket.
From whom did you buy?
Then he must have bought from someone.
Then how will it happen?
And second thing.
Look at your example.
What was written in your example?
In your example, the beginning is happening like this.
Goods sold by a manufacturer Aniket.
Aniket does not buy from anyone.
He makes it himself.
He manufactures it himself.
And after manufacturing, he is selling it.
So he does not buy from anyone.
Okay? Okay sir.
So there is no problem in this.
We will do this work ahead.
Come on, let's move forward.
On the second point, we also write it on the pad.
How will the entries be in the second point?
Let's see what is my second point in the notes.
Now friends, Rajesh is selling Chandni.
Which is in Gujarat for Rs. 2,40,000.
Rajesh is selling Chandni of Gujarat.
Okay.
Rajesh is selling Chandni.
He himself is sitting in Maharashtra.
And has reached Gujarat.
Okay.
Rajesh's second entry will come here.
Sir, if the second entry comes, the color pen will also be
different.
I said okay, no problem.
Enter the sale of Rajesh here, my dear friends.
Chandni is being sold.
So he will debit Chandni traders.
And it is an interstate sale.
So with the sale account, the output IGST will come.
Output IGST account.
Output IGST account will come with the sale.
Okay.
How much is the sale?
Sir, the sale is Rs. 2,40,000.
I said okay.
So my sale price is Rs. 240,000.
If we put 18% on it.
So Rs. 2,40,000 into 18%.
Sir, one zero is less here.
Take this.
Look carefully.
Rs. 2,40,000 into 18%.
This is Rs. 43,200.
This is coming as Rs. 283,200.
Rs. 283,200.
And a new party.
You will have to make a purchase entry here.
So leave a little space.
In Aniket and Rajesh.
It is left in Aniket.
There may be another entry in Rajesh.
So leave a little space of 2-3 lines.
And then create Chandni traders.
Please create Chandni traders.
Chandni traders.
Purchase entry in Chandni traders.
Purchase account debit.
Chandni trader is buying goods from Gujarat and Maharashtra.
So we have to give input IGST.
Input IGST account debit to Rajesh trader's account.
Rajesh trader's account.
The same amount will come.
Rs. 2,40,000.
Rs. 43,200.
Rs. 2,83,200.
We will move to the next point.
Let's move to the next point.
Goods sold by Chandni to Danish.
Now Chandni will sell to Danish.
Danish is also in Gujarat.
So now Chandni has the entry of the sale.
Remember that the sale is Rs. 3,00,000.
Chandni has the entry of the sale.
It is selling to Danish.
And it is the same state.
So the entry will be Danish traders account debit.
To sales account.
to output cgst account
to output sgst account
yes sir how much is the sale? sale is 3 lakhs sale is 3
lakhs
and on 9% you will get 2700 and then on 2300 and yourDebit
will be 350000 350000 3.54 lakhs
now you will need to create a party here and you need to
put your purchase here yes sir, come here
Danish Traders
Purchase here
Danish Traders is buying from Chandni
Both are in Gujarat
So input CGST and input SGST will be applied on it
So you can see that the sale entry is just opposite to the
purchase entry
Say that the purchase entry is just opposite to the sale
entry
Say that the purchase and sale entry are just opposite to
each other
To Chandni Traders 3,57,354 Let's see the next point
Goods sold by Danish to Ekant of Rajasthan costing 3 lakhs
at 1 by 3 profit on cost
Now Danish is selling to Ekant
Danish is the seller and Ekant is the buyer
Now see carefully Now Danish will become the seller and one
more party will have to be created
So the sale entry will come to Danish
And one more party will be created Ekant Traders
Purchase entry will come to this
Purchase entry will come to Ekant Traders
No problem
Purchase entry will come to Ekant Traders Now see what the
question has written
The goods that are being sold, the cost price of that goods
is 3 lakhs Cost price is 3 lakhs
Means it was sold for 3 lakhs This Danish trader is selling
this goods for 3 lakhs
And he is selling it at profit So when profit will be added
in the cost
Then the sale price will come
How much profit has been told 33.33% Which can also be
called 1 by 3
On cost
Cost means your example is saying
Multiply 1 by 3 by cost price Multiply 1 by 3 by 3 lakhs
Then you will get your profit 1 lakh 33.33% means 1 by 3
How sir? 33.33% is written If you subtract the percent,
then 100 comes in the upon
Ok sir
So what will you do after that If you subtract 2 here, then
the decimal will come two places ahead
So it will be 0.3333
And if you do 1 by 3 on the calculator 1 divided by 3
Still it comes 0.333333
So means 33.33% is as much equivalent to 1 upon 3 Multiply
3 lakhs 1 lakh came my profit 3 and 1 4 lakhs
How much is my sale price 4 lakhs
My sale price is 4 lakhs
Let's go
So I have got the sale price Danish trader is earning 1 lakh
And he is selling Ekant
Where is Ekant?
Sir, Ekant is in mind
But in our question, Ekant is in Rajasthan
RG Not Radio Jockey, Rajasthan
Rajasthan Interstate Sale
So it will be Ekant Trader's Account Debit
To Sales Account
What will you get?
All dear children tell
What will you get?
Output CGST, SGST
Or Output IGST
Sir, Interstate
IGST will be discussed
Here will come
Output IGST Account
My sale is 4 lakhs 4 lakhs
And 18% GST rate 72,000 rupees
And Ekant Trader's will get debit 4 lakhs 72,000 rupees 4
lakhs 72,000 rupees
Okay sir
Okay What will happen after this?
There will be an entry in Ekant Trader's
There is only one entry in Ekant Trader's
Yes, there is only one entry in Ekant
He did not sell further
Purchase Account Debit
Input IGST Account Debit
To Danish Trader's Account
4 lakhs
72,000 rupees
4 lakhs 72,000 rupees 4 lakhs 72,000 rupees
Okay friends
Start writing
Quickly
Start writing
Everybody start writing
Start writing
Finish writing
If there is anything on this page
Then write this
What happened to you now?
If there is anything on this page
Then write it
Pause
If there is anything on this page
Then write, Pause
If there is anything on this page
Then write, Pause
And if there is anything on this page
Then write,Pause
Okay Take this
Okay sir
So Aniket trader has only one entry here and Aniket has
also made only one entry and by the way, let's make a small
change, what do you say sir?
This trader, Aniket trader, let's do one thing, let's make
him a manufacturer there because Aniket does not trade, he
does manufacturing.
Let's name it Aniket Manufacturers and let's also change it
in our tele and let's see how the company's information
changes.
If you have seen it a long time ago and a student has
forgotten how we can change the information put in the
company, then let's see it with you today.
Aniket Manufacturers, now come to teleprime, teleprime,
what do we have to press sir?
Friends, you have to press your top horizontal bar, sir, it
came after a long time, top horizontal bar, it was
discussed in the beginning.
This is your top horizontal bar, my dear friends, what is
written for the company, there is an underline below K.
What did I tell you about one underline? One underline
means K, Alt means you have to press K with Alt.
You will press K with Alt and you will see the option of
alter, in that A word is highlighted, you will press A
word, then you will find that whatever company you want to
alter, that company will open.
Which company do we want to alter? We have to alter Aniket
Traders, we have to do Aniket Manufacturers in this, so
change it to Aniket Manufacturers.
If you want to write notes, then you can write down, first
of all, to change the company information, first of all,
come to the gateway of tele, go to the gateway of tele,
thereafter press Alt plus K,
Press K with Alt, then press A for alter, A word is
highlighted for alter, you have to press A word, press A
for alter, thereafter select the relevant company for which
information is to be edited, select the relevant company
for which information is to be edited.
After that, go inside and do the relevant editing and press
A with control, so write in the last, make the changes and
press control plus A, make the changes and press control
plus A, make the changes and press control plus A.
Come back, I will press control plus A, escape and come
out, okay, so friends, we have seen all the effects, that
is, we have seen the entries of all the parties here, yes
sir, now what to do, now we will see their effect,
Let's see their effect, first let's discuss about their
effect, and you tell me, what will happen in the sale of
Aniket Manufacturer, a debtor named Rajesh Traders will be
born,
Now Aniket Manufacturer has to take money from Rajesh, so
he will become a debtor, because he has made a sale, and
this sale will be seen in the P&L account, the credit side
will be seen, the income will be made, very good, and the
output is CGST and the output is SGST,
Input SGST will increase my current liability of duties and
taxes.
Very good, very good, excellent.
You also put an arrow like this and write to yourself.
If you put an arrow like this and write, it will be very
good.
You would feel really good.
If you put an arrow like this and write, you would feel
really good.
What will happen in Rajesh Trader?
This purchase will be seen in the trading account.
It should also be seen, why not?
Due to the new ledger of Input SGST and Input CGST,
The duties and taxes in my current liability will fall.
Its balance will be reduced.
Okay, sir.
From 9 and 9000.
Chandni Traders Account Debit
Sorry, Aniket Traders has been credited above first.
Let's talk about it.
This will be seen in the creditors in the balance sheet in
the current liability.
He will become the creditor of Rajesh Trader, friends.
Okay, sir.
Who is Chandni Trader?
Debt for Rajesh
Look, Rajesh has to pay money to Aniket.
He is his creditor.
But you have to take it from Chandni.
So Chandni will become his debtor.
What will happen to sales?
Credit side income will be seen in your trading account.
Due to Output SGST, the balance of your duties and taxes
will increase.
Increase in the current liability heading.
Okay, sir.
This purchase in Chandni Traders will be seen in your
trading account.
Due to Input SGST, the balance of duties and taxes will
fall down.
And you will see a creditor named Rajesh Trader.
Absolutely right, sir.
Debtor named Danish Trader will become Chandni for 354000.
Look at this.
Sales will be seen.
Credit side income in trading.
Due to this, the balance of current liability, duties and
taxes will increase.
Purchase in Danish Trader in trading account.
Due to this, the balance of current liability will fall.
And creditors will come.
And one kind of traders will come.
Debtors will come.
And sales will become your income in trading account.
Due to Output SGST, the balance of current liability will
go up.
Is there anyone else?
One more is left, sir.
The same effect is same to same.
It will be seen in the trading account.
Due to this, the current liability will fall.
And creditors will be seen.
Danish Traders.
Okay, sir.
Okay.
Now let's come to teleprime.
Let's come on to the teleprime.
And we have already created all the companies.
First of all, who should we enter here?
Let's do it one by one.
First of all, what are we creating on our pad?
Sell here to Aniket Manufacturer.
So first of all, let's sell here to Aniket Manufacturer.
Come here.
Keep walking.
If you want, you can run ahead of me.
If you want, you can run ahead of me, friends.
Yes, sir.
This is the attempt.
So select the company.
Right now, Ekant Traders is open, sir.
But first of all, we have to enter here to Aniket.
So how will Aniket open?
It is simple.
How will Aniket open?
Press F3.
And select Aniket here.
Aniket Manufacturer.
Press Enter.
If you look in the left panel, you will see that Aniket
Manufacturer is in bold.
Bold means that this company is open.
Bold means that Aniket Manufacturer is open in front of you.
Sir, can we open two companies at a time?
Not possible.
You can keep changing.
Sometimes you can open one, then another, then the last
one, then another.
But not two at a time.
Only one at a time.
Okay, okay, sir.
Like one soul stays in one body at a time.
Exactly the same way.
Can't stay in two.
Hmm.
Okay.
We will sell.
We will enter V for Voucher.
Take it straight.
F8.
Party Account Name.
Whom are we selling?
Rajesh Trader.
So press C with Alt.
Write Rajesh Traders in Name.
It will come under Sundry Debtors.
And where is Rajesh Trader himself?
He is also in Maharashtra, sir.
So keep the state of Rajesh Trader here in Maharashtra.
Okay, sir.
We will keep the address of Rajesh Trader in Maharashtra.
Press A with CTRL.
A with CTRL.
And create a Sales Ledger.
Alt C.
Sales.
Under Sales Accounts.
Is GST applicable?
Applicable.
No.
Goods.
CTRL A.
Okay, sir.
Now what to sell?
There is no item.
How to sell?
And how much is the sale?
Basic sale is Rs. 1 lakh.
Then Output CGST, SGST.
On that Rs. 9000.
So see, I will tell you a way.
Do Alt C here.
Do Alt C.
Okay, I have done Alt C, sir.
Let's sell Writing Pads.
Our job is Writing Pads.
How are Writing Pads, sir?
Friends, Writing Pads are like this.
We are writing on it with a pen.
Here is the pen.
We are writing on it like this.
Can you see or not?
Wait.
Yes, you can see.
This is how a Writing Pad is.
If we write on it like this, it flashes on your computer
screen.
It connects to the laptop.
There is also a wire one.
There is also a wireless one.
Sir, which one do you have?
Didn't you see the wire now?
Okay, okay.
Let's go.
Writing Pads.
Under Primary Units.
If Pieces will come in this, then Alt C.
Take Pieces in Symbol.
Formal Name.
Brother, believe me.
Formal Name Pieces.
Pieces.
Control A.
Keep 0 in Classical Places.
Okay, sir.
GST Applicable.
Yes.
Set Alter Rate Detail.
Yes.
What is the rate?
Put 9% rate here.
So take On Value.
Take Taxable.
Take 18.
And 9% is done.
Enter.
If you enter, then you will get this.
That it will be created here.
Telly will give you a warning.
There are not many pieces.
But you sell and leave.
No problem.
Sell two pieces.
Sale price of one piece.
Rs. 50,000.
Rs. 100,000.
Enter.
Come down.
And here you will charge.
What? Output CGST.
And Output SGST.
Alt C.
Output CGST.
Under Duties and Taxes.
GST.
Central Tax.
Control A.
9000 will come automatically.
Press Enter.
Output SGST.
Duties and Taxes.
GST.
State Tax.
Control A.
No GST Bill.
On Account.
Narration.
Being.
Goods.
Sold.
In.
Same State.
To.
Rajesh Traders.
Wide.
Invoice Number.
This.
Invoice Number.
Press A with Control.
Within seconds.
Check Effect.
Within seconds.
P for P&L.
Rs. 1,00,000.
B for Balance Sheet.
Debtors.
Rs. 118,000.
Duties and Taxes.
Rs. 18,000.
Positive Liability.
Negative Stock.
Profit.
Opening Stock.
Purchase.
Profit.
That's right.
Is there any other entry in this?
There is no other entry in Aniket Manufacturer.
Now let's come to Rajesh Traders.
Okay.
Now come to Rajesh Traders without any delay.
Press SK.
Now you have to select Rajesh Traders.
So press F3 and select Rajesh Traders.
The last one is Rajesh Traders.
Now you will see in the left panel,
Rajesh Traders has come in bold.
This means that now at this time
Rajesh Traders is open in front of you.
This is what it means.
Okay sir.
No problem.
Let's go.
Rajesh Traders, see in your notes.
First of all, it is purchasing.
Enter purchase here.
This will be correct sir.
Let's purchase here.
V for Voucher.
F9.
Invoice number 2567.
This is the date.
Party account name.
This has purchased from Aniket Manufacturer.
So Alt C and create.
Aniket Manufacturer.
Which heading will Aniket Manufacturer come in?
It will become a sundry creditor for it.
Yes sir.
And Aniket Manufacturer is in Maharashtra.
Yes.
Press A with Alt C and Ctrl.
That too 1, 2, 3 times.
Then create purchase.
Alt C and create purchase.
Under Purchase Accounts.
Purchase under Purchase Accounts.
Not applicable. Type of supply, goods, press A with CTRL
Name of item, what are you buying?
Let's buy writing pad only, create alt-C
Writing pad
Alt-C, Pieces
P-I-E-C-E-S Pieces, CTRL-A
Set the rate here, on value
Taxable, 18, 9 and 9, press enter and go
Enter, Enter
Let's buy the same, right? 2, at the rate 50,000 And here
it will say, Input
I-G-S-T, create alt-C
Input I-G-S-T, under duties and taxes
G-S-T, integrated tax, CTRL-A
And what is the amount of GST? Oh, C-G-S-T-S-G-S-T
That's why I said, why it didn't come?
You can see, if you make a mistake Then telly will tell
you, you are saying both are in Maharashtra
Your party is also in Maharashtra
You have created that company in Maharashtra, Rajesh Trader
And the one you are buying from, Aniket, is also in
Maharashtra
Then how will I-G-S-T come? That's why telly denied to
calculate the figure
Now you are taking Input-C-G-S-T, so it is calculating
Telly is very smart, sir.
Yes, telly is very, very smart
State tax
CTRL-A, 9, 9,000
No
Bink
Goods purchased from
Same state
CTRL-A, what will be the effect of this?
My purchase will be seen, sir, purchase is seen for 1 lakh
rupees
Due to Input-C-G-S-T-S-G-S-T, duties and taxes will be seen
negative
Sir, 9, 9,000, 18,000 will be seen negative
And my creators will be seen for 1 lakh 18,000
My creators are 1 lakh 18,000 rupees, absolutely correct,
no problem
Now you have to do sale of Rajesh Trader here
Do sale of Rajesh Trader here
Press V for Voucher
Take F8, Sales Voucher and Party Account Name
Who is Rajesh Trader selling? Rajesh Trader is selling
Chandni Traders
Chandni Traders, which is in Gujarat
So Alt-C and take Party Account Name
C-H-A-N-D-N-I Chandni Traders
Chandni Traders will become Sundry Debtor
Sundry Debtor, which is being sold
And you have to do state Gujarat here
G-U-J-A-R-A-T Gujarat
Press A with Control 3 times
Create Sales Ledger, Alt-C
Sales under Sales Accounts
Goods Control
How much is the sale sir?
Sale is being done in 2,40,000 rupees We have 2 pieces, we
sell both
We have writing pad, we sell both 1,20,000 each, so this is
the sale of 2,40,000
Output I-G-S-T
Press Alt-C and write
Output I-G-S-T
Under Duties and Taxes
G-S-T Integrated Tax Control A 43,200 will come
automatically
Because you have done all the work Being Good Sold
Interstate to Chandni
Being Good Sold Interstate to Chandni
Control A
You can see my sale in P&L Sale of 2,40,000
Output C-G-S-T and S-G-S-T
Duties and Taxes
Because of this, my negative figure has come down
Liability has come in positive
Duties and Taxes 25,200
Debtor 2,63,200 Chandni Trader
Chandni Trader 283,200 No Problem
Next Party
Chandni Trader
F3 V4 Voucher
F9 Rajesh Trader
Rajesh Trader
Party Account Name
Rajesh Traders
Rajesh Trader
Control-A, Control-A, Alt-C
Purchase under Purchase Accounts
Goods, Control-A, Name of Item
What did he purchase? What did he sell?
The writing pad journey is going on, so let's take the
writing pad only, what's the problem? Okay sir, so here it
will come in the item
Alt-C, Writing Pad
Writing Pad, Alt-C
Yes sir, Control-A, Yes, Value taxable Rs.18,999
Yes sir, take this
Two pieces at the rate Rs.1,20,000
Enter, Enter, Enter
And what will come here? Input IGST will come sir, very
good because it is Interstate
Now the telly will not refuse, it will calculate and give
you the figure
Duties and Taxes, Integrated Tax, Control-A
Here it comes Rs.43,200
Rs.43,200
Okay sir
Being goods purchased Interstate from Maharashtra
Purchased from Maharashtra, Control-A
Check the effect in the balance sheet, see the creditor has
come, Rs.2,83,200
Input IGST has been paid, so the negative liability is
visible, the stock is remaining at Rs.2,40,000
Okay sir
And your purchase will be visible, your purchase is in the
trading account, Rs.2,44,000
Rs.2,44,000 Okay sir
Chandni has made Danish a sale, so you have to enter the
sale in Chandni
V for Voucher, F8 Sales
Create Danish Trader
Danish Traders
Under Sundry Debtors
Now where is this Danish Trader, sir, it is also in
Gujarat, so let Danish Trader be in Gujarat
And Alt-C, Sales
Under Sales Accounts
Now if you are not able to work in seconds, then it is a
very bad thing, then you have not worked hard, you have not
heard things, you have not practiced
Writing Pad
You sell 2 of 2 pieces?
Yes sir
And what is the sale of Rs.3,00,000?
You sell Rs.1,50,000 each
Rs.3,00,000 What will it take?
Sir, Output CGST and SGST
Very good, because it is a same state transaction
Output CGST
Under Duties and Taxes
GST Central Tax
Control A
Rs.27,000 Alt-C Output SGST
Duties and Taxes
GST State Tax
Control A
Total Rs.3,00,000
Write Narration
Control A
End F3 Danish Traders
Danish Traders
Highlighted Sir, very good
Danish Traders
Open Danish Traders
Can I open Danish Traders?
Of course
Now let's open Danish Traders
Under Duties and Taxes
GST Digital Data GST Digital Data Ok Open Danish Traders
Copy Danish Traders
There is a purchase in Danish Trader and then there is a
sale.
Let's purchase in Danish Trader.
V for Voucher. Purchase.
Who is Danish purchasing from?
Danish Sir is purchasing from Chandni.
Both are in Gujarat.
Chandni Traders.
Sundry Creditors.
Ctrl A.
Alt C.
Purchase under Purchase Accounts.
Goods.
Ctrl A.
Alt C.
Writing Pad.
Alt C.
Sorry.
Yes.
On Value.
Taxable.
18,99.
2 Pieces.
1,50,000 each.
Purchase for 3,00,000.
Input CGST.
Under Duties and Taxes.
GST.
Central Tax.
Ctrl A.
Alt C.
Input SGST.
Duties and Taxes.
BST, State Tax Control, this is 27000, on account being
goods purchased from Chandni
Traders in Gujarat, I have bought from Chandni Traders in
Gujarat, very good sir, very good, I have bought from
Chandni Traders in Gujarat, I have bought from Chandni
Traders in Gujarat,
I have bought from Chandni Traders in Gujarat, I have
bought from Chandni Traders in Gujarat,
I have bought from Chandni Traders in Gujarat, I have
bought from Chandni Traders in Gujarat,
Or output IGST will come.
Output IGST
Under Duties and Taxes
GST Integrated Tax Control A 72 72000 Enter Enter Control A
Bank Goods sold to Ekant Traders of Rajasthan
Control A
Pay for P&L
Here is the sale of 4 lakh rupees
And here are my debtors 4,72,000 And my duties and taxes
Output IGST
Due to 72,000
Positive balance has come out 18,000 Now the last party is
left
Last party
That is
Ekant Traders of Rajasthan
We will select it after coming out
Ekant Traders
In this, you just have to purchase
V for Voucher
Invoice number
Alt C
Purchasing from Danish Danish Traders
Under Sundry Creators
And Danish Traders
Where is Danish Traders in Gujarat?
Control A
Alt C
Purchase under Purchase Accounts
Control A
Writing Pad
Okay, I have to create
Writing Pad
Alt C
PCS PCS Control A
ES Own Value
Tax Saver
Now as fast as I can
You should be able to do it as fast as you can
According to me 2 piece
At the rate 2 lakh each
And input IGST will be applied
Input IGST
Under Duties and Taxes
GST Integrated 72,000 Here it is
Entry should be completed in seconds
Being Goods purchased
From Other States
You can write anything in your own words
We will save it by controlling it
And we will try to see its effect
Escape P for P&L
Look, my purchase has come 4 lakh
Closing stock is also left 4 lakh rupees
B for Balance Sheet
Look, there is a negative balance in my duties and taxes
Because I have not paid anything yet
And the creators are showing 4 lakh 72,000 rupees 4,72,000
rupees
My dear friends
Okay sir
Okay So after this
The entry of GST's final payment In all five parties
You can do it very easily
As you have been taught the rules
On the basis of those rules
Okay, mark it as homework
And next thing we have
If you want to check in any party
You can also play checking here
Like Let's go to the writing pad That's why I was saying
It is necessary to see from the angle of both parties
If you want to do cross-checking
Then it is like this
Look at this
Now in Aniket Manufacturer
There is a debtor named Rajesh Trader How much? 1,18,000 So
don't you think
Rajesh Trader should have a creditor of 1,18,000
In the name of Aniket It should be
So if you want to cross-check You can cross-check
Once by opening Aniket
And once by opening Rajesh
Let's try to do it
In Teleprime
Let's open Aniket F3 Aniket Manufacturer
Look at this
Is the debtor coming or not?
Of course, the debtor is coming
In what name is it coming?
In the name of Rajesh Trader
Now open Rajesh Trader
In Rajesh Trader
You should see a creditor of 1,18,000
Can you see?
In what name?
In the name of Aniket
Absolutely visible
If it is not visible
Then there is something wrong
There is some problem in the accounting
On both sides
You have to correct that thing
Oh ho ho
Okay sir
So sir, in the same way In Rajesh Trader
There should be a debtor named Chandni 2,83,200 See there
is a debtor in Rajesh Trader
Here it is
In the name of Chandni 2,83,200 Check in Chandni also
Is there a creditor or not? 2,83,200 Let's see
You can cross-check from here
And see your mistake
It will take just a second
Balance sheet
Here is a creditor in the name of Rajesh 2,83,200 There is
no problem
In Chandni Trader
How many debtors are there?
In the name of Danish Trader 3,54,000 So in Danish Trader
There should be a creditor
Check if it is coming or not
Danish In Danish
Creditor Here it is
In the name of 3,54,000
In the name of Chandni
There is no problem
In Danish Trader
How many debtors are there? 4,72,000 In the name of Ekant
So in Ekant
There should be a creditor
Let's check in Ekant
Is there a creditor or not?
Absolutely there is a creditor 4,72,000
Yes So friends
You can also do cross-checking
If you get some amount
Up and down
Then you would find
You will know
That you have made a mistake Which you have to correct
Which you have to correct
Cross-checking can also be done
From here
Okay sir
No problem
Okay Let's open Aniket for once
Open Aniket for once
And see in its balance sheet How much liability is coming
In duties and taxes 18,000 rupees
Output CGST
And SGST
Because you have not bought anything You have sold
You have sold
So you have to pay it all
There will be no input
To help it
So what we will do
We will come in payment voucher
Output CGST
9,000
Debit output SGST 9,000 And you have to pay
All of it
Pay it with cash
Or with bank
It will show negative balance
No problem
Because we have not put it here
Being
GST liability paid
Control Now your GST
GST liability will disappear
GST liability is over
To not use any input
Yes sir
After that
Let's open Rajesh Trader
Once
Rajesh Trader
What is the scenario of Rajesh Trader
In this
Sir is coming in duties and taxes
We have 43,200 Output And input CGST
SGST 9,000 9,000 There is no output
Talk about CGST
And SGST
Can input CGST
And input SGST
Come for the help of output IGST
Yes
Output For the help of IGST
Input CGST
Can come
Output For the help of SGST
Input CGST
Can't come
Output For the help of IGST
Input SGST
Can come
Output SGST For the help of CGST
Input SGST
Can't come
Means CGST And SGST
Are each other's
Entries Input and output
Can't be used for each other
Output For IGST
Both are ready
So come
How will be its entry
Debit Output IGST 43,200 Input CGST 9,000 Input SGST 9,000
And remaining 9,000 And remaining
Pay 25,200 Control Liability Will end
Here Balance Sheet Oh Ok So Work like this
Yes Work like this
See ahead
Rule
So Friends Revision GST Comprehensive Entries We have seen
a lot
You have worked hard 6-7 hours
Curriculum And We have done a lot of entries
But I would like to tell you After working for 6-7 hours
I don't think
There will be any entry
GST Which you can't do
Purchase Same state
Interstate Sale Same state
Interstate Goods Buy Asset Buy
Printer Office Equipment Computer In expenses
Direct Expense Freight Packing Indirect Expense
Advertisement Salary Purchase Return Sale Return Drawing
Entry GST I think
Almost Everything Is covered
Ok And Most Important Thing So with this note we will end
this lecture here, many congratulations to you, we will
meet in next class, thank you bye bye and take care.