Class Reports
It is a long established fact that a reader will be
| Date | Topic | Report/Review |
|---|---|---|
| 19-02-2024 | Place of Supply | Palace of supply Supply within India Bill to shepft Incase of service |
| 18-02-2024 | Time of Supply | Time of Invoice issue, time of payment receipt and time of goods or services provide which is earliest |
| 31-01-2024 | Introduction to GST | Problems with GST - 1. Introduced without proper preparation 2. Problems in GST portal 3. Proper return filing system is not introduced 4. frequent changes in the rules and policies 5. No proper assistance to the Taxpayers |
| 20-01-2024 | Preparation of Balance Sheet | Trial Balance (Debit A/c) -> Profit & Loss Account (Debit side) or Balance Sheet (Asset side) Trial Balance (Credit A/c) -> Profit & Loss Account (Credit side) or Balance Sheet (Liability side) All accounts and adjustments which are outside the trial balance are to be entered twice in balance sheet and P&L A/c with debit and credit effect. |
| 12-01-2024 | Balance Sheet - Finalisation Part - II | Finalization work : * Asset side of the Balance Sheet - 1. Fixed Assets - Depreciation 2. No finalization work will be done in the cash and bank section of the balance sheet since the bank statement is already reconciled with the bank a/c in the company books. 3. Sundry debtors - X 4. Closing stock - Stock on 31st march 5. Current assets - Interest accrued/earned on FDs Prepaid Insurance * Liability side of the BS - 1. Capital - Drawings 2. Secured and unsecured loans - interest due 3. Sundry Creditors - No 4. Expenses payable - Yes Depreciation - Fixed assets - purchased for use in business and have a life of more than one year. Depreciation is a systematic and rational process of distributing the cost of tangible assets over the life of assets. Methods of calculating Depreciation - 1. SLM 2. WDV Depreciation is calculated as per section 32 of the IT Act, 1961. Asset purchased before 30th September - Full year Depreciation Asset purchased after 30th September - half year Depreciation |
| 29-09-2023 | Journal Entry P-II | I completed this journal Entry p ll project in just 10 Minutes . |
| 28-09-2023 | Input Tax Credit | when can we claim input tax credit. adjustment of CGST, SGST, IGST. |
| 11-09-2023 | Preparation of Balance Sheet | nice session |
| 25-07-2023 | Apply for PAN Card & Register with Income Tax Portal | Good |
| 24-04-2023 | Journal Entry P-II | Date Particulars Debit Credit 01/04/2002 Cash A/C 10,00,000 To A.K. Sharma A/C 10,00,000 [Received Capital] 01/04/2002 Punjab National Bank A/C 8,00,000 To cash A/C 8,00,000 [Deposit] 01/04/2002 Furniture A/C 1,75,000 To Ram Wood Works A/C 1,75,000 [Bill No - 601 ] 01/04/2002 Computer & Printer A/C 65,000 To H.P.Ltd. A/C 65,000 [ Bill No - 886 ] 01/04/2002 Advertisement Exp. A/C 10,000 To Cash A/C 10,000 [ Receipt No - 489 ] 01/04/2002 Rent A/C 10,000 To Cash A/C 10,000 [paid to Mr. Raj Malhotra] 01/04/2002 Staff salary A/C 6,000 To cash A/C 6,000 [Paid salary ] 01/04/2002 Ram wood works A/C 1,25,000 To P. N. Bank A/C 1,25,000 [ Cheque No - 701601 ] 01/04/2002 H .P. Ltd.A/C 65,000 To P. N. Bank A/C 65,000 [ Cheque No - 701602 ] 01/04/2002 Staff refreshment A/C 5,000 To cash A/C 5,000 [Memo No -993 ] 02/04/2002 Purchase A/C 5,75,000 To M/S A.C.C Ltd. A/C 5,75,000 [ Bill No - 853 ] 02/04/2002 Purchase A/C 3,75,000 To M/S J.K. White cement Ltd A/C 3,75,000 [ Bill No 909 ] 02/04/2002 Advertisement A/C 5,000 To cash A/C 5,000 [ Cash memo No -2212 ] 02/04/2002 Cash A/C 15,000 To sale A/C 15,000 [Bill No - 801 ] 02/04/2002 Deepak Kumar A/C 25,000 To sale A/C 25,000 [ Bill No - 802 ] 02/04/2002 Rent A/C 10,000 To P. N. Bank A/C 10,000 [ Cheque No - 701603 ] 02/04/2002 Staff Salary A/C 7,000 To cash A/C 7,000 [ Paid salary ] 02/04/2002 Telephone Exp. A/C 3,000 To cash A/C 3,000 [ Receipt No - 453521 ] 02/04/2002 Electricity Bill Exp. A/C 3,000 To P. N. Bank A/C 3,000 [ Cheque No - 701604 ] 02/04/2002 Cash A/C 20,000 To Deepak Kumar A/C 20,000 [CR No - 102 ] 03/04/2002 M/S Cyber city A/C 1,75,000 To sale A/C 1,75,000 [ Bill No 803 ] 03/04/2002 P. N. Bank A/C 30,000 To M/S Cyber city A/C 30,000 [Cheque No -601602 ] 03/04/2002 Cash A/C 20,000 To M/S Cyber city A/C 20,000 [CR No - 103 ] 03/04/2002 M/S Pandhir Agency A/C 55,0000 To sale A/C 55,000 [Bill No - 804 ] 03/04/2002 Purchase A/C 3,50,000 To M/S A.C.C Ltd A/C 3,50,000 [ Bill N O - 382 ] 03/04/2002 M/S A.C.C Ltd A/C 4,00,000 To P .N . Bank A/C 4,00,000 [Cheque No - 701605 ] 03/04/2002 Rent A/C 10,000 To P. N. Bank A/C 10,000 [ Cheque No - 701606 ] 03/04/2002 Staff refreshment A/C 1,000 To cash A/C 1,000 [ Paid for tea ] 03/04/2002 P.N.Bank A/C 55,000 To Pandhir Agency A/C 55,000 [ Cheque No - 811901 ] 03/04/2002 Laser Printer A/C 4,000 To cash A/C 4,000 [Bill No 345 ] 04/04/2002 Car A/C 3,25,000 To Pasco India Ltd. A/C 3,25,000 [Bill No - 5110 ] 04/04/2002 Cash A/C 5,00,000 To A. K. Sharma A/C 5,00,000 [Additional Capital] 04/04/2002 Purchase A/C 3,50,000 To J. K. White cement Ltd. A/C 3,50,000 [Bill No - 501 ] 04/04/2002 P.N .Bank A/C 4,00,000 To cash A/C 4,00,000 [ Deposite in Bank] 04/04/2002 J . K. White cement Ltd A/C 2,00,000 To P N. Bank A/C 2,00,000 [Cheque No - 701604 ] 04/04/2002 Rent A/C 10,000 To P. N. Bank A/C 10,000 [Cheque No - 701608 ] 04/04/2002 Staff salary A/C 8,000 To cash A/C 8,000 [Paid salary ] 04/04/2002 Cash A/C 20,000 To sale A/C 20,000 [Bill No - 805 ] 04/04/2002 Deepak Kumar A/C 25,000 To P. N . Bank A/C 25,000 [Bill No 806 ] 04/04/2002 Cash A/C 20,000 To Deepak Kumar A/C 20,000 [ Receipt No 103 ] 05/04/2002 P.N Bank A/C 10,000 To Deepak Kumar A/C 10,000 [ Cheque No - 601608 ] 05/05/2002 Cash A/C 19,000 To sale A/C 19,000 [Bill No - 807 ] 05/05/2002 Cash A/C 25,000 To P.N.Bank A/C 25,000 [Cheque No - 701609 ] 05/05/2002 Rent A/C 10,000 To P.N.Bank A/C 10,000 [ Cheque No - 701610 ] 05/05/2002 Staff salary A/C 5,000 To cash A/C 5,000 [Cash memo No - 2345 ] 05/05/2002 Pasco India Ltd. A/C 2,00,000 To P.N.Bank A/C 2,00,000 [ Cheque No - 701611 ] 05/05/2002 A.K.Sharma A/C 25,000 To cash A/C 25,000 [Drawing] 05/05/2002 Eletricity Exp. A/C 6,000 To cash A/C 6,000 [Paid eletricity] 05/05/2002 Cement Exp A/C 9,000 To cash A/C 9,000 [Paid for carriage cement ] 05/05/2002 Cash A/C 20,000 To sale A/C 20,000 [Bill No - 808 ] |
| 20-04-2023 | Bank Reconciliation -Tally ERP -9 | Ok |
| 19-04-2023 | Journal Entry | D a t e P a r t i c u l a r s D e b i t C r e d i t 01/04/2001 Purchase A/C 16,650 To Sony India Ltd. A/C 16,650 [ Bill No - 921] 01/04/2001 Purchase A/C 3,12,700 To Joshi Auto mobiles A/C 3,12,700 [Bill No - 844] 02/04/2001 Cash A/C 19,500 To sale A/C 19,500 02/04/2001 purchase A/C 11,350 To Puja Applliance A/C 11,350 [Bill No - 902] 03/04/2001 Ajay kumar A/C 8,500 To sale A/C 8,500 [Bill No - 651] 03/04/2001 Salary exp A/C 10,000 To cash A/C 10,000 [Month April - 2002] 04/04/2001 ICIC Bank A/C 8,500 To Ajay Kumar A/C 8,500 [ Cheque No - 353421] 04/04/2001 Sony India Ltd. A/C 16,650 To ICIC Bank A/C 16,650 [Cheque No - 012191] 05/04/2001 Stationary exp A/C 1,240 To cash A/C 1,240 [Cash memo - 441] 05/04/2001 Rent A/C 7,000 To ICIC Bank A/C 7,000 [ Cheque No - 012192] |
| 15-04-2023 | Journal Entry | Almost Completed |
| 04-04-2023 | Bank Reconciliation - Manual | knowledgeble chapter |
| 01-04-2023 | Basic Concept & Opening Balance | balance sheet shows financial position of business organization at a particular date. |
| 20-03-2023 | Income Tax Returns : ITR 4 Sugam | ok |
| 21-02-2023 | TDS & TCS Accounting Entries | TDS & TCS Accounting Entries: TDS on Professional Charges – 194J Audit Fee A/c Dr CGST A/c Dr SGST A/c Dr To TDS on Professional Charges (194J) A/c To Vendor A/c TDS Payment Entry TDS on Professional Charges (194J) A/c Dr To Bank A/c Interest on Late Payment of TDS (Assume, TDS is paying after due date) TDS on Professional Charges (194J) A/c Dr Interest A/c Dr (10,000 X1.5/100) To Bank A/c TDS on Commission Charges – 194H Commission Charges A/c Dr CGST A/c Dr SGST A/c Dr To TDS on Commission (194H) A/c To Vendor A/c Payment to Vendor Entry Vendor A/c Dr To Bank A/c TDS Payment Entry TDS on Commission (194H) A/c Dr To Bank A/c TDS on Rent – 194I Rent Expenses A/c Dr CGST A/c Dr SGST A/c Dr To TDS on Rent (194I) A/c To Vendor A/c TDS Payment Entry TDS on Rent (194I) A/c Dr To Bank A/c TDS on Payment to Contractor – 194C Job Work Charges A/c Dr CGST A/c Dr SGST A/c Dr To TDS on Contractors (194C) A/c To Vendor A/c TDS Payment Entry TDS on Rent (194I) A/c Dr To Bank A/c |
| 08-02-2023 | Tally Special Tricks - Sales & Purchase | Good |
| 02-02-2023 | Roll of Work Structure | work structure: work structure of the company identify the work and double entry system give solution. purchase in trading industry : material purchase for resale point of view in which our company deals purchase in manufacturing industry: Raw material purchase which is use for produce final product purchase in Service industry : There are no use in service industry Expense: money spent to get service in business and it can not recover again in cash Sales in trading industry : sales is a trading goods in which our company deals. Sales in manufacturing industry : sales is a final goods or product by manufacturing company Receipt and Payment: any type of receive money in company called receipt and any type of pay out the money called payment in the business term capital : any money invested by the owner is called capital other than called loan secure loan: any money invested by owner through bank or financial organization whose give money against assets called secure loan unsecured loan : any money invested by owner through father or relative whose give money without any security fixed assets: Any Item which can be used more than one year known as fixed assets balance sheets: balance sheet shows the financial position of the company as the particular days and time |
| 18-12-2022 | Double Entry System | Double Entry System is invented by an Italian mathematician Luca Pacioli . Pacioli is known as the father of accounting, According to Double Entry System , each transaction effect atleast two accounts in terms of equal debit and equal credit . Transaction means exchange/transfer of goods, money and services . Account is the title or name of the group in which the related transactions are recorded . There are three types of Accounts : 1) Personal A/c - Accounts related to person, individual, companies and firms. 2) Real A/c - Accounts related to cash , goods (Purchase A/c and Sales A/c), bank and Fixed assets . 3) Nominal A/c - Accounts related to Expenses, losses, Incomes and gains. There are three golden rules of accounting - 1) Personal - Debit the receiver and Credit the giver 2) Real - Debit what comes in and Credit what goes out 3) Nominal - Debit all expenses and losses and Credit all incomes and gains |
| 16-12-2022 | Roll of Work Structure | In this class , we learned about the two types of accounting books i.e. Compulsory books and optional boooks . Compulsory books include cash book , journal and ledger . Optional books are written as per the requirement of the company . We also learned about the work structure of business organisations . There are three types of business organisation - trading , manufacturing and service .organisation . Difference in the accounting structure of these organisations is due to the difference in their work structure. While writing books of accounts ,the same item ican be a purchase for one organisation whereas it can be an asset for another organisation . The role of work structure is to identify the nature and type of business transaction while recording it in the books of accounts. We also learned about some basic terms used in accounting such as capital , loans , fixed assets , purchase , expense , sales , receipt , payment . |
| 17-11-2022 | Project Solutions | I have checked all 50 entries. |
| 06-11-2022 | Bank Reconciliation - Manual | Learned how to do Bank Reconciliation manually through practical project |
| 22-09-2022 | BS - Project Entries Instructions - III | i am vary pathetic |
| 09-09-2022 | Project Solutions | good and supportive |
| 07-09-2022 | Tally ERP -9 Practical | ****** |
| 07-09-2022 | Project Solutions | India Cement Trading Co. Sco 83, Sector 38, Chandigarh *About Company : A Proprietary Firm of Sh. A. K. Sharma *Nature of Business: Trader of Cement and also authorized dealer of A. C. C. & J. K. White Cement Ltd. Journal Entry Sl. No. Date Details of Business Transaction Amount (in Rs.) 1 1/4/2002 Received Cash from A. K. Sharma as Capital 10,00,000/- Sl. No. Date Particulars Debit (Rs.) Credit (Rs.) 1 1/4/2002 Cash A/c 10,00,000 To A. K. Sharma Capital A/c 10,00,000 (Cash Received) Sl. No. Date Details of Business Transaction Amount (in Rs.) 2 1/4/2002 Cash deposited in Punjab National Bank 8,00,000/- Sl. No. Date Particulars Debit (Rs.) Credit (Rs.) 2 1/4/2002 Punjab National Bank A/c 8,00,000 To Cash A/c 8,00,000 (Cash Deposited) Sl. No. Date Details of Business Transaction Amount (in Rs.) 3 1/4/2002 Office Furniture Purchase from Ram Wood Works on Credit, Bill No. 601 1,75,000/- Sl. No. Date Particulars Debit (Rs.) Credit (Rs.) 3 1/4/2002 Furniture & Fixture A/c 1,75,000 To Ram Wood Works A/c 1,75,000 (Bill No. - 601) Sl. No. Date Details of Business Transaction Amount (in Rs.) 4 1/4/2002 Purchase Computer & Printer from H.P.Ltd. on credit, Bill No. 886 65,000/- Sl. No. Date Particulars Debit (Rs.) Credit (Rs.) 4 1/4/2002 Computer & Accessories A/c 65,000 To H. P. Ltd A/c 65,000 (Bil No. - 886) Sl. No. Date Details of Business Transaction Amount (in Rs.) 5 1/4/2002 Cash Paid for advertisement in News Papers. Receipt No. 489 10,000/- Sl. No. Date Particulars Debit (Rs.) Credit (Rs.) 5 1/4/2002 Advertisement Exp. A/c 10,000 To Cash A/c 10,000 (Cash Receipt No. - 489) Sl. No. Date Details of Business Transaction Amount (in Rs.) 6 1/04/2002 Office Rent Cash Paid to Mr. Raj Malhotra 10,000 Sl. No. Date Particulars Debit (Rs.) Credit (Rs.) 6 1/4/2002 Rent A/c 10,000 To Cash A/c 10,000 (Cash Paid to Raj Malhotra) Sl. No. Date Details of Business Transaction Amount (in Rs.) 7 1/4/2002 Cash Paid to Staff for Salary 6,000/- Sl. No. Date Particulars Debit (Rs.) Credit (Rs.) 7 1/4/2002 Staff Salary A/c 6,000 To Cash A/c 6,000 (Cash Paid) Sl. No. Date Details of Business Transaction Amount (in Rs.) 8 1/4/2002 Cheque No. 701601 issues to Ram Wood Works from Punjab National Bank 1,25,000/- Sl. No. Date Particulars Debit (Rs.) Credit (Rs.) 8 1/4/2002 Ram Wood Works A/c 1,25,000 To Punjab National Bank A/c 1,25,000 (Chq. No. - 701601) Sl. No. Date Details of Business Transaction Amount (in Rs.) 9 1/4/2002 Cheque No. 701602 issued to H. P. Ltd. from Punjab National Bank 65,000 Sl. No. Date Particulars Debit (Rs.) Credit (Rs.) 9 1/4/2002 H. P. Ltd A/c 65,000 To Punjab National Bank A/c 65,000 Chq. No. - 701602 Sl. No. Date Details of Business Transaction Amount (in Rs.) 10 1/4/2002 Cash Paid for tea & refreshment material for staff vide Memo No. 993 5,000/- Sl. No. Date Particulars Debit (Rs.) Credit (Rs.) 10 1/4/2002 Tea & Refreshment Exp. A/c 5,000 To Cash A/c 5,000 (Cash Memo No. - 993) For submitting this Report I am writing the Journal Entries of 01-04-2002 only. Rest entries have already noted in Basics of Professional Accounting Note Book. |
| 02-09-2022 | Journal Entry | JOURNAL ENTRY Meaning & Definition: - To understand the meaning of the word “Journal” at first we should know the meaning of “Jour”. Jour = One day / Daily Therefore, Journal = Daily Book / Day Book Thus, Journal Entry = Daily Entry A journal entry is used to record a business transaction in the accounting records of a business. The logic behind a journal entry is to record every business transaction in at least two places (known as double entry accounting). We will understand this by a few examples. Backbone of Journal Entry: - Journal Entry actually depends upon two factors, these are – Work Structure & Double Entry System. Role of Work Structure: - The primary key to understand the various business transactions knowledge of Work Structure is highly needed. It helps us to identify the business transactions for their accounting solutions. • Types of Business Organization: - 1. Trading Company 2. Manufacturing 3. Service Providers • Types of Business Transactions: - 1. Regular Transactions: - Purchases, Sales, Expenses, Receipts and Payments. 2. Low Frequency Transactions: - Capitals, Loans, Fixed Assets. 3. Finalization Related: - Balance Sheet, Financial Year and related transactions. Basic Meaning of above stated types of business transactions: - i. Purchases: - Trading Company: - Material / Goods / Products purchase for Resale Point of View. Manufacturing Company: - Purchases of Raw Materials for producing Final Products. Service Industry: - Purchase term does not exist here. ii. Sales: - Trading Company: - Sales of Trading Goods in which the business organization deals with. Manufacturing Company: - Sales of Final Goods / Products / Items, produced / manufactured by the company. Service Industry: - The term is not applicable here. iii. Expenses: - In All Industries: - Money spent to get services in business and it cannot be recoverable again in cash form. iv. Receipts: - In All Industries: - Inflow of Money in business, either reason. v. Payments: - In All Industries: - Outflow of Money from business, either reason. vi. Capital: - Money invested by the owner in business. Such as – Share Capital, Partner’s Capital, Proprietor’s Capital etc. vii. Loans: - Money invested in business by anyone. Loan can be of Two Types – Secured Loans and Unsecured Loans. viii. Fixed Assets: - Any item purchase for use in business and most importantly items which can be used for more than 1 year. That means, the life of these items should be more than 1 year. ix. Balance Sheet: - Balance Sheet shows the financial position of a business at a particular date. Role of Double Entry System: - According to double entry system, each Transaction effect at least two Accounts in terms of Equal Debit and Equal Credit. #Note: - Only Financial Transactions can be recorded through Double Entry System. • Types of Accounts: - 1. Personal Account 2. Real Account 3. Nominal Account • Identification of Accounts: - 1. Personal Accounts: - Accounts related to Persons (Human being), Individuals, Companies and Firms. 2. Real Accounts: - Accounts related to Cash, Banks, Trading Goods (Purchase & Sales Accounts) and Fixed Assets. Real A/c is related to Tangible items only. 3. Nominal Accounts: - Accounts related to Expenses, Losses, Incomes and Gains. • Golden Rules of Accounts: - 1. Personal Account: - Debit (Dr) = The Receiver Credit (Cr) = The Giver 2. Real Account: - Debit (Dr) = What Comes In Credit (Cr) = What Goes Out 3. Nominal Account: - Debit (Dr) = All Expenses and Losses Credit (Cr) = All Incomes & Gains Examples: - Name of the Company: - Modern Electronics Ltd. About Company – Trader of Electronic Goods 1. Date: - 01-04-01 Details of Business Transactions: - Color TV Purchase from Sony India Ltd. on credit. Bill No. – 921. Amount: - Rs. 16,650/- Make a Journal entry for this transaction. Step No. – 1 Work Structure Theory: - Type of Business Organization: - Trading Company: - Deals in Electronic Goods. Type of Business Transaction: - Purchase: - Material / Goods / Products purchase for Resale Point of View. Therefore, If Modern Electronics Ltd. purchase Color TV (Electronics Item) from Sony India Ltd. then one should consider this transaction as “Purchase”. Double Entry System Theory: - “Each Transaction effect at least Two Accounts”. Two Accounts – 1. Purchase A/c 2. Sony India Ltd A/c (Supplier Account) Step No. – 2 Double Entry System Theory: - 1. Purchase A/c = Real Account 2. Sony India Ltd A/c = Personal Account Step No. – 3 Double Entry System Theory: - Golden Rules of Accounts: - 1. Real Account: - Debit (Dr) = What Comes In = Color TV 2. Personal Account: - Credit (Cr) = The Giver = Sony India Ltd Step No. - 4 Narration of the details of Business Transaction / Particulars = Bill No. - 921 Step - 1: - Purchase A/c & Sony India Ltd A/c Step - 2: - Real Account & Personal Account respectively Step - 3: - Dr (Purchase A/c) & Cr (Sony India Ltd A/c) Journal Entry: - Date: - 01-04-01 Particulars: - Purchase A/c To Sony India Ltd A/c (Bill No. - 921) Debit: - 16650 (Purchase A/c) Credit: - 16650 (Sony India Ltd A/c) # “in terms of Equal Debit and Equal Credit” - Hence proved. 2. Date: - 01-04-01 Details of Business Transactions: - Purchase Car from Joshi Automobiles on credit. Bill No. – 844 Amount: - Rs. 312700/- Make a Journal entry for this transaction. Step -1: - Vehicle A/c & Joshi Automobiles A/c Step -2: - Real Account (Vehicle A/c) & Personal Account (Joshi Automobiles A/c) Step - 3: - Vehicle A/c = Dr & Joshi Automobiles A/c = Credit #Note: - Step – 1: - Purchase Car: - As per the question Modern Electronics Ltd is a Trading Company which deals with Electronic Goods. According to the definition of Purchase (Material / Goods / Products purchase for Resale Point of View) here is no “Resale point of view” because Car is not at all an Electronic Goods. So, one thing for sure this will not signify any Purchase A/c. Another Possibility: - Expense: - Money spent to get services in business and it cannot be recoverable again in cash form. Obviously Rs. 312700/- has been spent for purchasing a Car to get service in business but one can easily recover this investment after selling this. Hence, it is not an Expense A/c. Third Possibility: - Fixed Asset: - Any item purchase for use in business and most importantly items which can be used for more than 1 year. One can treat this as Fixed Asset A/c as Car can be purchased to use in business and most importantly it has life more than 1 year. Therefore, Fixed Asset A/c = Vehicle A/c = Real Account Journal Entry: - Date: -01-04-01 Particulars: - Vehicle A/c To Joshi Automobiles A/c (Bill No. – 844) Debit: - 312700 (Vehicle A/c) Credit: - 312700 (Joshi Automobiles A/c) 3. Date: - 02-04-01 Details of Business Transactions: - Color TV sold to Sh. R.K.Verma on Cash Payment. Bill No. – 650 Amount: - Rs. 19500/- Make a Journal entry for this transaction. Step - 1: - Sales A/c & Cash A/c Step - 2: - Sales A/c = Real Account & Cash A/c = Real Account Step - 3: - Sales A/c = Cr (What Goes Out = Color TV) & Cash Account = Dr (What Comes In = Money / Cash) Journal Entry: - Date: -02-04-01 Particulars: - Cash A/c To Sales A/c (Bill No. - 650) Debit: - 19500 (Cash A/c) Credit: - 19500 (Sales A/c) 4. Date: - 03-04-01 Details of Business Transactions: - Salary Cash paid to Mr. Ravi Mehta for the month of April, 2001. Amount: - Rs. 10000/- Make a Journal entry for this transaction. Step - 1: -Salary A/c & Cash A/c Step - 2: - Salary A/c = Expense Account = Nominal Account Cash A/c = Real Account Step - 3:- Salary A/c = Dr (All Expenses & Losses) & Cash A/c = Cr (What Goes Out = Cas / Money) Journal Entry: - Date: - 03-04-01 Particulars: - Salary A/c To Cash A/c (Salary Paid to Mr. Ravi Mehta for the Month of April,2001) Debit: - 10000 = Salary A/c Credit: - 10000 = Cash A/c 5. Date: - 04-04-01 Details of Business Transactions: - Cheque received from Sh. Ajay Kumar & Deposited in ICICI Bank. Cheque No. – 353421 Amount: - Rs. 8500/- Make a Journal entry for this transaction. Journal Entry: - Date: -04-04-01 Particulars: - ICICI Bank A/c To Sh. Ajay Kumar A/c (Chq. No. - 353421) Debit: - 8500 (ICICI Bank A/c) Credit: - 8500 (Sh. Ajay Kumar A/c) 6. Date: - 04-04-01 Details of Business Transactions: - Cheque issued to Sony India Ltd from ICICI Bank. Cheque No. – 012191 Amount: - Rs. 16650/- Make a Journal entry for this transaction. Journal Entry: - Date: - 04-04-01 Particulars: - Sony India Ltd A/c To ICICI Bank A/c (Chq. No. - 012191) Debit: - 16650 (Sony India Ltd A/c) Credit: - 16650 (ICICI Bank A/c) 7. Date: - 05-04-01 Details of Business Transactions: - Purchase File Covers & Pens from G.K. Stationaries. Cash Memo – 441 Amount: - Rs. 1240/- Make a Journal entry for this transaction. Journal Entry: - Date:- 05-04-01 Particulars: - Stationary A/c To Cash A/c (Cash Memo - 441) Debit: - 1240 (Stationary A/c) Credit: - 1240 (Cash A/c) 8. Date: - 05-04-01 Details of Business Transactions: - Cheque issued to Sh. Lala Ram from ICICI Bank for Rent Payment. Cheque No. – 012192 Amount: - Rs. 7000/- Journal Entry: - Date: - 05-04-01 Particulars: - Rent A/c To ICICI Bank A/c (Chq. No. - 012192) Debit: - 7000 (Rent A/c) Credit: -7000 (ICICI Bank A/c) |
| 12-08-2022 | GST Transactions : Tally Prime Practical -1 | VERY GOOD EXPLAIN |
| 17-07-2022 | TDS & TCS Transactions in Tally | done |
| 09-07-2022 | Journal Entry | Much easily explained and i understood it very well. |
| 05-07-2022 | Computer Accounting Concept | It was a good explanation |
| 27-06-2022 | Type of Supply with GST Calculation | types of supply intra state supply inter state supply location of supplier import of goods or service zero rated supply exempted supply non taxable supply gst tax combinations |
| 05-06-2022 | Income Tax : Calculation of Gross Salary | Computation of Income from Salary:. As per Section 17(1) of the Income Tax Act, Salary includes Wages, any advance of salary, any fee, Commission, Perquisites, Profits instead of or in addition to the salary / wages etc. in the previous year. Gross Salary under comes basic salary, Allowance, Perquisites and Retire Benefit. Section-17(1) gives an inclusive definition of salary - a). wages, b). any annuity or pension, c). any gratuity, d). any fees, commission, perquisites or profit in lieu of or in addition to any salary or wages, e). Any advance of salary, f). Employer Contribution (EPF) etc. Section-17 (Salary) Section-16 (Deduction) Salary 17(1) Standard Deduction Allowance 17(2) LESS Entertainment Perquisites 17 (3) Professional/ Employment Tax Retirement Benefit 17(4) Income under the heads of Salary: HRA is exempt up to minimum of following - 1. Actual HRA Received 2. Actual Rent paid -10% of Salary, 3. For Metro cities = 50%, for other cities = 40% of Salary. Salary (for the purpose of HRA)- due basic for relevant period. = Basic Salary + DA (forming part of Retirement Benefit) + Fixed % of Commission on sales. Basic Salary: An employee has a gross salary of Rs. 40,000/- and a basic salary is Rs. 18000/-, he/she will get Rs. 18000/- as fixed salary in addition to other allowance such as House Rent Allowance, Conveyance, Communication, Dearness Allowance, City Allowance or any other special allowance. Entertainment Allowance refers to Employees are allowed the lowest of the deduction amount 1/5 of basic Salary an actual amount received as allowance or Rs. 5000/-. Dearness Allowance is a fully taxable allowance for all salaried employees including the pensioners. Allowances: for performance of official duties - there allowance are exempt up to minimum of any received or amount spent- Travelling Allowance, Daily Allowance, Conveyance Allowance, Helper Allowance, Academic Allowance and Uniform Allowance. To meet Personal Expenses -there allowance are exempted upto amount received or limit Specified - Children Education Allowance -Rs. 100 Per month ( 2 Child), Hostel Expenses Allowance - Rs. 300/- Per month (2 Child), Transport Allowance -Rs.1600/- Per month (Disable person -Rs. 3200/-Per month), Trible Area Allowance - Rs. 200/- Per month and Border Area Allowance etc. Special Allowance, this allowance given who working in Central and State Government employees for such category of post/ rank. PERQUISITES: Perquisites means any benefit or amenity provided to the employee, whether in cash or in kind, in addition to the salary. As per Section 17(2) Perquisites includes -a). Rent free Accommodation b). Concessional Accommodation c) Benefit and Amenities taxable for specified Employees - Car facilities, Domestic servant, Gas, Electricity & Water facilities, Education facility and Transport facility etc. d). Employees obligation paid by the employer and e). Employees Life Insurance. Retired Benefit: Benefit given to the employees by the employer at the time of Retirement and also after retirement. Leave Encashment, Gratuity and Pension etc. DEDUCTION (Section 16): 1. Standard Deduction - Rs. 40,000/- P.A for all employees. 2. Entertainment Allowance - Only for the Govt. Employees @ 20% of basic salary. 3. Professional / Employment Tax - Rs. 2500/- P.A for State Govt / Local Authority workers. ******End***********End********** |
| 28-05-2022 | Taxation System of India (New Series 2023) | Thank for the summarizing the taxes |
| 12-05-2022 | Input Tax Credit | Input Tax in relation to taxable person means the Goods & Services Tax charged on any supply of goods and services to him which are used or are intended to be used, during furtherance of his business Fulfillment of Input Tax Credit under GST. GST Liability = Output GST - Input GST. A registered person will be eligible to claim ITC on fulfillment of some conditions 1. Possession of a tax invoice or debit note or document evidencing payment 2. Receipt of Goods and/or services. 3. Tax charged in respect of such supply has been actually paid to the govt. 4. Furnishing of a return u/s 39. Other conditions are as follows: 1. No ITC will be allowed if depreciation have been claimed on tax component of a capital good. 2. If Invoice or debit note is received after the due date of filing return of Sep of next FY. 3. Common credit for ITC used commonly for - Effecting exempt and taxable supplies, business and non-business entity 4. Failure to the supplier towards supply of goods and services within 180 days from the date of Invoice. As per section 17 (5) of CGST ITC is not allowed 1. Motor vehicles and conveyance except for further supply, transport of passengers, imparting training on driving, flying, navigating 2. Food and beverages, outdoor catering, beauty treatment, Health sciences, Cosmetic and plastic surgery. 3. Sale of membership in a club, health, fitness center. 4. Rent a cab, health insurance, life insurance. 5. Travel benefits extended to employees on vacation such as leave , home travel. 6. Works contract service for construction of an immovable property. 7. Goods or services or both for construction of an immovable property whether to be used for personal or business. 8. Goods and/or services where tax have been paid under composition scheme (Section 10). 9. Goods or services or both received by a non-resident taxable person except for any of the goods imported by him. 10. Goods and/ or services used for personal use. 11. Goods lost, stolen, destroyed, written off or disposed by way of gift or free samples. 12. Any tax paid in accordance with the provisions of Section 74, 129 and 130. |
| 28-04-2022 | Time of Supply | Point of taxation means the point in time when the goods have been deemed to supplied or services have been deemed to be provided. The point of taxation help us determine the rate of tax, value and due dates for payment of taxes. When the supply includes movement of goods, the invoice must be issued before of at the time of removal of goods in case supply is made of taxable goods. When supply does not includes movement of goods, the invoice must be issued at the time of delivery of goods to the recipient in case of supply of taxable goods. In case of taxable services, the invoice should be issued before or after the provision of service in case of taxable service. Invoice can be issued within 30 days from provision of the service. In case of Banking & Financial Institutions it is 45 days. The time of Supply of Goods shall be the earlier of the following dates: The date of issuing the invoice, the date of receipt of payment. For Example : Goods Invoiced - 25.02.2020, Goods Delivered - 25.02.2020 (Time of Supply), Payment recd. - 25.03.2020 Goods invoiced - 25.02.2020, Goods Delivered - 25.02.2020, Payment recd. - 25.01.2020 (Time of Supply). In case of services if invoice is issued within time : Services Provided - 05.02.2020, Invoice raised - 01.03.2020, Payment recd. - 10.01.2020 (Time of Supply). Services Provided - 05.02.2020, Invoice raised - 01.03.2020 ( Time of Supply), Payment recd. - 10.04.2020. In case of services if invoice is not issued within time: Service Provided - 05.02.2020, Invoice raised - Not raised, Payment recd. 10.01.2020 (Time of Supply ) Service provided - 05.02.2020 ( Time of supply), Invoice raised - Not raised, Payment recd. 10.04.2020. Time of Supply under Reverse charge - In case of goods - Date of receipt of goods, The date immediately after 30 days from the date of issue of invoice by the supplier. In case of Services -= The date of payment, The date immediately after 60 days from the date of issue of invoice by the supplier. As per CGST Act , a receipt voucher can be issued for recording the receipt in advance from the customer under GST, as taxes are applicable on the receipt of money under GST for the supply of goods and services. |
| 25-03-2022 | Place of Supply | Location of supplier and place of supply is very important while filling returns. In intra state supply there are one combination i.e any tax amount which covers 50% cgst and 50% sgst. But in case of inter state supply there are combination of 36 or 37 states. On that 50% to cgst and 50% to the state where the place of supply occur. |
| 22-03-2022 | Meaning & Type of Supply | Supply means all forms of supply of goods and services such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of businesses. Supply has two elements: 1) supply is done for a consideration 2) supply is done in course of furtherance of businesses. In schedule 1 of GST act certain activities are considered as supply even if it is made without consideration. There are 4 types of supplies: 1)On the basis of location: within state, all other states, special economic zone ( SEZ), territorial waters, exclusive economic zone and outside India. There is no tax if supplies in SEZ area. In GST terms all supplies are categorised iIndia types: A) Intra state supply B) Inter state supply |
| 15-03-2022 | Income Tax : Steps to Calculate Tax for Individuals | Income Tax: Source of Income the section 14 of Income Tax Act classifies all incomes under the following heads - 1. Income from Salary 2. Income from House Property 3. Income from Profit gains of Profession or Business 4. Income from Capital Gains 5. Income from Other Sources. 1. Income from Salary:- An Income is taxable under salary head if there is a relationship of Employer and Employees. This means there should be a relationship between the prayer and payee. (Section 15 to 17 ) 2. Income from House Property:- The rental income earned from the house property is taxable under the income from house property. (Section 22 to 24 ) 3. Income from Profit Gains of Profession or Business :- Any income that is earned from a profession / Business / Trade / Manufacture / commerce shall be taxable under the this head. Income of a proprietorship firm only. (Section 28 to 44) 4. Income from Capital Gains:- Any profit or gain earned under s transfer of an assets in the effective Financial year shall be chargeable under the head of income of Capital Gains. (Section 45 to 55A) 5. Income from Other Sources:- Any income that does not comes under the above 4 heads of income shall be chargeable under this head. (Section 56 to 59) Calculation of Income Tax step by step:- Steps-1: Calculation of Gross Total Income. Steps -2: Calculation of Total Taxable Income. Steps -3: Calculation of Income Tax. Steps -4: Deposit of Tax and filling of Income Tax.. Step-1: Steps to calculate Income Tax of an Individual. - Calculation of Gross Income - Source of Income (Section 14) - {Salary Income}{House Property} {PGBP Income}{Capital Gains}{Other Source} - Compute Taxable Income from all heads - Clubbing of income (Sec. 60 to 85) - Set-off losses (Sec. 70 to 80)- Gross Total Income (GTI) Step -2: Calculation of total taxable income - Deduction under Chapter -VI A -u/s 80C to 80U - Total taxable income. Step -3: Calculation of Taxable Income - Normal (Slab-a. Below age 60 years b. Age 60 to 80 c. above age 80 year) Special (Flat rate). |
| 04-03-2022 | GSTR-1 and GSTR-3B, New filling System 2022 | In this class, we learnt how to file gstr 1 and gstr 3b online and offline.we use tally erp 9 as transaction software to be reflected in our return through json upload. GSTR 3 B is system generated. Hence GST payable=GST on sales+RCM-ITC. Inward supply=Purchase+expense+Fixed assets. |
| 04-03-2022 | GSTR-1 and GSTR-3B, New filling System 2022 | In this class, we learnt how to file gstr 1 and gstr 3b online and offline.we use tally erp 9 as transaction software to be reflected in our return through json upload. GSTR 3 B is system generated. Hence GST payable=GST on sales+RCM-ITC. Inward supply=Purchase+expense+Fixed assets. |
| 03-03-2022 | Double Entry System | Double Entry System: According to Double Entry System each transaction effect at least two Accounts in terms of equal Debits and equal Credit. A Transaction is a completed agreement between a buyer and a seller to exchange goods, services or financial assets in return for money. A business transaction is a financial transaction between two or more parties that involves the exchange of goods, money or services. An accounts is a records in an accounting system that tracks the financial activities of a specific assets, liability, equity, revenue or expense. The basic principles of Double Entry is that for every financial transaction there are two effects - one debit effect and other credit effect. Debits and Credits in double entry book keeping are entries made in account ledgers to record changes in value resulting from business transactions. Mathematics aspects to Positive (+) and Negative (-) in applicable for two accounts. The three types of accounts as 1. Personal Account 2. Real Account and 3. Nominal Account. |
| 26-02-2022 | ITR : Basic Information and Income Tax Return Forms | Income Tax Return:- ITR is a way of informing the Government about the total income that we have earned during a particular financial year and that we have paid taxes on that income accordingly. Income earned from 01/04/2021 to 31/03/2022. Income tax Return to be filled in the Assessment year -2022.-23. Income tax filling due date when tax audit is not required on 31st July in every year. And due date when tax audit required on 30th Sept. in every Year. But CBDT has extension the due date of filling income tax returns for any administrative reasons. Income tax has to be paid only Individuals or Businesses who fall with in certain income exceeds the taxable limit in a financial year then you are required to file your Income Tax Return (ITR). Deposited amount exceeding Rs.1 Crores in current account / 2 lakhs expenses for foreign journey / who expenses more than 1 lakh charges of electricity bills etc. / Who claim TDS amount they have paid in the previous year. Mandatory filling of all the businessmen, firms, AOP, BOI, Coop. Society, Trust and other establishments. A structure of Income tax returns form which is applicable for different as ITR-1 for Individual, ITR-2 for Individual & HUF, ITR-3 for Individual & HUF, ITR-4 for Individual HUF and Partnership firm, ITR-5 for Firm, LLP, AOP, BOI, AJP, Trust and Coop. Societies. ITR-6 for Companies, ITR-7 for Persons including Companies. File ITR-1: Salary/ Pension and other sources of income in house property (Not more tan one) and lottery & Race horses. Besides agricultural income upto 5000/- (Total coverage amount upto 50 lakhs). File ITR-2: Salary / Pension ,and other sources of income in house property (More than one house) and coverage Capital gain, lottery and Race horses and agricultural income upto 5000/- (Total coverage amount more than 50 lakhs). File ITR-3: As like ITR-2 nad included Business & Profession. who should file ITR-3 an Individual taxpayer or a HUF who has earned income from proprietary business or by carrying profession during the financial year. File-4: Salary/Pension, house property (Not more than one house) Business or Profession and other sources income upto 50 lakhs included agricultural income is 5000/- during the financial year. File ITR-5: Partnership firm, LLP, AOP, BOI, AJP, Local Authority, Coop. Society and Business trust etc. It is mandatory required the Books of Accounts have to maintained and reports of Balance sheet, Trading and Manufacturing accounts as for required of text audit. File ITR-6: ITR-6 form is applicable to Companies that are not claiming any exemption under Section 11 of the Income Tax Act 1961. and ITR-7 Those Companies who derive there income from properties that are for charitable or religious purpose need to fill ITR-7 for filling their Income Tax Returns. |
| 08-02-2022 | Journal Entry P-II | Date particulars. Dr. Cr. 1. 01/04. Cash a/c Dr. 1000000 To capital a/c. 1000000 2. 01/04 p.n. bank a/c Dr. 800000 To Cash a/c. 800000 3. 01/04 furniture a/c Dr. 175000 To ram wood works a/c. 175000 4. 01/04 fixed assets a/c Dr 65000 To h.p. Ltd a/c 65000 5. 01/04 advertisement exp. a/c Dr 10000 To cash a/c. 10000 6. 01/04. Rent a/c. Dr. 10000 To cash a/c. 10000 7. 01/04. Staff salary a/c. Dr 6000 To Cash a/c. 6000 8. 01/04. Ram wood works a/c. Dr 125000 To p.n.bank a/c 125000 9. 01/04. H p Ltd a/c. Dr. 65000 To p.n. bank a/c. 65000 10. 01/04. Tea & other exp. a/c. Dr. 5000 To cash a/c. 5000 11. 02/04. Purchase a/c. Dr. 575000 To m/s A.C.C Ltd. 575000 12 02/04 purchase a/c. Dr. 375000 To j.k white cement Ltd. 375000 13. 02/04 advertisement exp Dr. 5000 To cash a/c. 5000 14 02/04 cash a/c. Dr. 15000 To sales a /c. 15000 15 02/04 Deepak Kumar a/c Dr. 25000 To sales a / c. 25000 16. 02/04 rent a/c Dr. 10000 To p.n. bank a/c 10000 17. 02/04 staff salary a/c. Dr 7000 To cash a/c. 7000 18. 02/04 telephone exp. Dr. 3000 To cash a/c. 3000 19. 02/04 electricity exp Dr. 3000 P.n. bank a/c. 3000 20. 02/04 cash a/c Dr. 20000 To Deepak Kumar a/c. 20000 21. 03/04 cyber city a/c. Dr. 175000 To sales a/c. 175000 22. 03/04 p.n. bank a/c. Dr 30000 Cyber city a/c. 30000 23 03/04 cash a/c. Dr. 20000 To Cyber city a/c. 20000 24 03/04. Pandhir agency a/c Dr 55000 To sales a/c. 55000 25. 03/04 purchase a/c Dr. 350000 To a.c.c Ltd a/c. 350000 26. 03/04 a.c.c Ltd a/c Dr. 400000 To p.n. bank a/c. 400000 27. 03/04 rent a/c. Dr. 10000 To p.n bank a/c. 10000 28. 03/04 tea exp. A/c Dr. 1000 To cash a/c. 1000 29. 03/04 p.n. bank a/c. Dr. 55000 To pandhir agency a/c. 55000 30. 03/04 fixed assets a/c Dr. 4000 To cash a/c. 4000 31. 04/04 fixed assets a/c Dr. 325000 To pasco India Ltd a/c 325000 32 04/04. Cash a/c Dr. 500000 To additional capital a/c 500000 33. 04/04 purchase a/c Dr. 350000 To j.k white cement Ltd. 350000 34. 04/04 p.n bank a/c Dr. 400000 To cash a/c. 400000 35. 04/04. J.k white cement Ltd Dr 200000 To p.n Bank a/c. 200000 36. 04/04 rent a/c. Dr. 10000 To p.n bank a/c. 10000 37. 04/04 staff salary a/c Dr. 8000 To cash a/c. 8000 38. 04/04 cash a/c. Dr. 20000 To sales a/c. 20000 39. 04/04 Deepak Kumar a/c Dr 25000 To sales a/c. 25000 40 04/04 cash a/c Dr. 20000 To Deepak Kumar a/c. 20000 41 05/04 p.n bank a/c Dr. 10000 To Deepak Kumar a/c. 10000 42. 05/04 cash a/c Dr. 19000 To sales a/c. 19000 43. 05/04 cash a/c. Dr. 25000 To p.n. bank a/c. 25000 44. 05/04 rent a/c. Dr. 10000 To p.n bank a/c. 10000 45. 05/04 tea & other exp. Dr 5000 To cash a /c. 5000 46. 05/04 pasco India Ltd Dr. 200000 To p.n bank a/c. 200000 47. 05/04 drowing a/c Dr. 25000 To cash a /c. 25000 48. 05/04 electricity exp Dr. 6000 To cash. A/c. 6000 49. 05/04. Transport exp a/c Dr 9000 To cash a/c. 9000 50. 05/04 cash a/c Dr. 20000 To sales a/c 20000 |
| 07-02-2022 | Meaning & Type of Supply | In this class we learnt that in GST the taxable event is the supply of Goods & Services where Supply has a broad definition consisting for the consideration amount and also for the furtherance of Business. There are four types of Supply : 1) Based on Location 2) Based on Combination 3) Based on Recipient 4) Based on Tax Treatment. Classification of Supply in GST is done in two ways : 1) Intra State Supply 2) Inter State Supply where in Intra State Supply consist of within state supply and Territorial waters while in Inter State Supply consist of supply made to all other states SEZs, Exclusive Economic Zone and supply made to outside India i.e Import & Export. On the basis of Liability Supply can be divided into 2 class : 1) Supply with GST 2) Supply without GST. Supply with GST consist of Intra State supply, Inter State supply, Inward supply under RCM and Import of Goods or Services while Supply without GST consist of Zero rated supply, Exempted Supply, Nil rated supply and Non-GST outward supply. |
| 24-01-2022 | Central Excise - Basic Concept - I | good class |
| 09-01-2022 | Service Tax - Basic Concept -I | Gd |
| 10-12-2021 | Calculation of Income from House Property & PGBP | done |
| 08-12-2021 | Time of Supply | Point of taxation means the point in time when the goods have been deemed to be supplied and services have been deemed to be provided. The point of Taxation enables us to determine the rate of tax, value, and due dates for payment of taxes. |
| 05-12-2021 | TDS on Salary - Practical Examples | In this section we learnt to calculate TDS on salary with example. The chapter was very clear to understand. With Regds:- B.K.Puri |
| 29-11-2021 | Set-off and Carry Forward of Losses | Set off losses adjusting the losses against the profit or income of that particular year. steps for set off losses will be intra head adjustment inter head adjustment carry forward n set off losses |
| 12-10-2021 | TDS on Salary - Practical Examples & Solutions | Practical Example - 1 Salary of Mr. D (Age 30 years) for the month of April 2018 Basic Salary - 25000 DA - 20000 Bonus - 10000 HRA - 14000 Medical Reimbursement - 2000 EPF Contribution -1800 --------------------------- Total Salary - 72800 Forming Part In DA is 60% Other Information: 1. No income from any other source 2. Paying Rent in Chandigarh - 5000 pm 3. LIP Payment - 20000 4. Interest on Education Loan - 8000 Note: Self Contribution in EPF of Mr. D in EPF is 1800pm Projections Particulars April 2018 Est. Salary Exempt G.Salary B. Salary & DA - 45000 - 5,40,000 - 0 - 5,40,000 Bonus - 10000 - 1,20,000 - 0 - 1,20,000 HRA - 14000 - 168000 - 135600 - 32,400 Medical Reim. - 2000 - 24000 - 0 - 24,000 EPF Contrib. - 1800 - 21600 - 21600 - 0 __________________________________________________ Total Salary - 72800 - 873600 - 157200 - 716400 -------------------------------------------------------------- ------ HRA is Exempt up to a Minimum of the following: i. Actual HRA Received ii. Actual Rent Paid - 10% of Salary. iii. For non-Metro cities - 40% of Salary. Salary (for the purpose of HRA): = Basic salary + DA forming part 60% = 25000+12000 = 37000 Therefore, 10% of Salary is 3700. Again, HRA is Exempt up to a Minimum of the following: i. Actual HRA Received = 14000 ii. Actual Rent Paid - 10% of Salary. = 15000 - 3700 = 11300 iii. For non-Metro cities - 40% of Salary. = 14800. __________________________________________________ Total Salary - 72800 - 873600 - 157200 - 716400 -------------------------------------------------------------- ----- Standard Deduction - 40000 __________________________ Estimated Total Salary - 676400 Less Deductions: U/s 80C - LIP = 20000 " - EPF = 21600 U/s 80E - Edu Loan = 8000 Less - 49600 _________________________________________________ Taxable Income = 626800 Income Tax calculation as per Slab rate: First, 250000 @ 0% = 0 Second, 250000 @ 5% = 12500 Third, 126800 @ 20% = 25360 ----------------------------------- Total Tax amount = 37860 ----------------------------------- add Edu Cess @ 4% = 1514 ----------------------------------- Total Tax payable = 39374 ----------------------------------- Hence, Income tax deductable per month = 39374/12 = 3281. ----------------------------------------------------- ----------------------------------------------------- Practical Example - 2 Salary of Mr. B (Age 61 years) for the month of April 2018 Basic Salary - 30000 DA - 20000 HRA - 14000 Conveyance - 2000 --------------------------- Total Salary - 62000 Forming Part In DA is 80% Other Information: 1. Residential House rental Income - 10000 pm 2. Income from other sources - 20000 3. LIP Payment - 21000 4. Other Investment - 40000 5. Medical Insurance - 20000 6. He spent full conveyance allowance. Projections Particulars April 2018 Est. Salary Exempt G.Salary B. Salary & DA - 50000 - 6,00,000 - 0 - 6,00,000 HRA - 10000 - 1,20,000 - 0 - 1,20,000 Conveyance - 2000 - 24000 - 24000 - 0 __________________________________________________ Total Salary - 62,000 - 7,44,000 - 24000 - 7,20,000 -------------------------------------------------------------- ------ Standard Deduction - 40000 __________________________ Estimated Total Salary - 680000 Income from property 1,20,000 -30% (Maintanence) = 30000 - 84000 Income from other sources = 20000 -------------------------------------------------------------------- Estimate Total Income = 7,84,000 Less Deductions: U/s 80C - LIP = 20100 " - other Investment = 40000 U/s 80D - Medical Insurance = 20000 Less - 81000 _________________________________________________ Taxable Income = 703000 Income Tax calculation as per Slab rate: 0 to 300000 @ 0% = 0 300001 to 500000 @ 5% = 10000 2,03,000 @ 20% = 40600 ----------------------------------- Total Tax amount = 50600 ----------------------------------- add Edu Cess @ 4% = 2024 ----------------------------------- Total Tax payable = 52,624 ----------------------------------- Hence, Income tax deductable per month = 52,624/12 = 4385 ----------------------------------------------------- ----------------------------------------------------- |
| 02-10-2021 | Project Solutions | India Cement Trading Co. On date-1.4.2002 1. Cash A/c _____dr 1000000/- Real Account To Capital A/c 1000000/- personal Account ( Being Busses Started by A. K. Sharma) 2. Pnb Bank ___dr 800000/- Real Account To cash A/c 800000/- Real Account (being Cash deposited in bank) 3. Furniture A/C----dr 175000 Real Account To Ram wood Work 175000 Real Account ( Bill No- 601) 4. Computer & Printer-----65000/- Real Account To H. P. Ltd. 65000/- personal Account (Bill-886) 5. Advertisement A/c -------10000/- Nominal Account To Cash A/c 10000/- Real Account (Being Bill No 489 ) 6. Rent A/c-------------------10000/- Nominal Account To Cash A/c 10000/- Real Account (Being Rent paid to mr. Raj Malhotra) 7. Salary A/c ------dr 6000/- Nominal Account To Cash A/c 6000/- Real Account ( Being Salary paid to staff) 8. Ram Wood Work A/c---dr 125000/- Personal Account To PNB Bank A/C 125000/- Real Account ( Cheque no – 701601) 9. H.P.Ltd A/C-------dr 65000/- Personal Account To PNB Bank 65000/- Real Account (Cheque no 701601) 10. Office account ___dr 5000/- Nominal Account To Cash A/c 5000/- Real Account ( memo no 993 cash paid) On date 2.04.2002 11. Purchase A/c dr- 575000/- Real Account To Acc Ltd 575000/- Personal Account (Being bill 853 , Grey cement purchase) 12. Purchase a/c dr 375000/- Real Account To J.K white cement ltd. 375000/- Personal account (Bing Bill -909, Purchase white cement) 13. Advertisement A/c 5000/- Nominal Account To cash A/c 5000/- Real Account 14. Cash A/c 15000/- Real Account To Sale A/c 15000/- Real Account (bill no 801, gray cement) 15. Deepak Kumar Dr 25000/- Personal Account To Sale a/c 25000/- Real Account (Being Bill No 802, white cement Sale) 16. Rent A/c 10000/- Nominal Account To Pnb Account 10000/- Real Account (Beingch. 701603, Raj Molhotra For rent paid) 17. Salary A/c 7000/- Nominal Account To cash A/c 7000/- Real Account (Being paid for staff salary) 18. Telephone Account 3000/- Nominal Account To Cash Account 3000/- Real Account ( Being receipt no 453521 , Amount paid) 19. Electricity Account 3000/- Nominal Account To Pnb Account 3000/- Real Account (Being Ch. 701604) 20. Cash Account 20000/- Real Account To Deepak Kumar 20000/- Personal Account (being C.R no-102 ) |
| 26-09-2021 | Opening Balance - Tally ERP-9 | Opening balance Carry Forwarded to next financial year i.e. 1-4-2001 to 31-3-2002 on software (Tally). |
| 26-09-2021 | Journal Entry P-II | India Cement Trading Co. 1. Cash A/c _____dr 1000000/- Real Account To Capital A/c 1000000/- personal Account ( Being Busses Started by A. K. Sharma) 2. Pnb Bank ___dr 800000/- Real Account To cash A/c 800000/- Real Account (being Cash deposited in bank) 3. Furniture A/C----dr 175000 Real Account To Ram wood Work 175000 Real Account ( Bill No- 601) 4. Computer & Printer-----65000/- Real Account To H. P. Ltd. 65000/- personal Account (Bill-886) 5. Advertisement A/c -------10000/- Nominal Account To Cash A/c 10000/- Real Account (Being Bill No 489 ) 6. Rent A/c-------------------10000/- Nominal Account To Cash A/c 10000/- Real Account (Being Rent paid to mr. Raj Malhotra) 7. Salary A/c ------dr 6000/- Nominal Account To Cash A/c 6000/- Real Account ( Being Salary paid to staff) 8. Ram Wood Work A/c---dr 125000/- Personal Account To PNB Bank A/C 125000/- Real Account ( Cheque no – 701601) 9. H.P.Ltd A/C-------dr 65000/- Personal Account To PNB Bank 65000/- Real Account (Cheque no 701601) 10. Office account ___dr 5000/- Nominal Account To Cash A/c 5000/- Real Account ( memo no 993 cash paid) |
| 23-09-2021 | Business Reports | Business Reports are prepared after trial balance. It is created on the basis of six accounts 1 Personal A/c with debit balance 2 Personal A/c with credit balance 3 Real A/c with debit balance 4 Real A/c with credit balance 5 Nominal A/c with debit balance 6 Nominal A/c with credit balance. |
| 17-09-2021 | Roll of Work Structure | In a business organisation the financial book along with the financial year starts from 1st April to31st March of the next year.Financial book is maintained in double entry system. that is business transaction is in cash book as well as in journal ledgers.This facilates to produce report, trial balance,and balanc sheet . Double entry ststem mainly depends upon work structure of the company.For example 2 water pumps bought for a clinic and for a pump selling company respectfully, For the clinic pumps are assets but for the pump shop it is purchases.Business organisation is of 3 types.Treading, Manfacturing and service.Irrespective of nature of companies all companies needs some common entries such as capital,Loan. Fixede asses,2 Purchase,Expenditure,Reciept,Payment 3,Balancsheet. If we think of purchase buying of goods/materials/products which can be reselled is in purslhase list of a Treading company,For manfacturing company buyingof raw matterials is to be put in purchase list and for a service company there is no use of it, Expensees are those which can not be recashed suchas salaries,phone bills,tea expenceses etc. Sales of treading goods is done in trading company .incase of manfacturing company the end products which the company manfacture can sell them. In service company sale term is not used atall. Reciept is the infkow of money to the company from any source, similarly outflow of money from the company is entried in Payment . To say Capital is the base amount invested by the propioter/groups of owners at the time of opening or for the expansion of the company.Loan is of two types ,.Loans taken from banks with security is secured loans and debts from family and relatives are unsecured loans. Fixed assets are those which can be used atlist for more than one year. |
| 02-09-2021 | Filing of Income Tax Returns : Form ITR-1 Sahaj | In this chapter we learnt about filing of return, Form ITR-1 Sahaj in Income Tax in depth. The class was very useful and learnable. With Regds :- B.K.Puri |
| 21-08-2021 | GST Monthly Return : GSTR 3B - Online Mode | . |
| 09-08-2021 | Introduction to RET-1, RET-2 and RET-3 | done |
| 04-08-2021 | Opening Balance - Tally ERP-9 | Class Complete thank you |
| 24-07-2021 | Double Entry System | Definition of Double-Entry System The double-entry system of accounting means that for every business transaction, amounts must be recorded in a minimum of two accounts. The double-entry system also requires that for all transactions, the amounts entered as debits must be equal to the amounts entered as credits |
| 18-07-2021 | VAT & CST Concept -1 | watched |
| 11-07-2021 | Journal Entry P-II | In the books of India Cement Trading Co. Journal Dr Cr Date Particulars L/F Amount(Rs) Amount(Rs) 01-04-2002 Cash A/c Dr 10,00,000 To A.K. Sharma A/c 10,00,000 (Being received cash from A.K. Sharma as capital) 01-04-2002 Punjab National Bank A/c Dr 800000 To Cash A/c 800000 (Being cash deposited in Punjab National Bank) 01-04-2002 Furniture A/c Dr 175000 To Ram A/c 175000 (Being purchase office furniture from Ram wood works on credit) 01-04-2002 Computer and Printer A/c Dr 65000 To H.P. Ltd. 65000 (Being purchase computer and printer from H.P. Ltd.) 01-04-2002 Advertisement in Newspapers A/c Dr 10000 To Cash A/c 10000 (Being cash paid for advertisement in news papers) 01-04-2002 Raj Malhotra A/c Dr 10000 To Cash A/c 10000 (Being office rent cash paid to Mr. Raj Malhotra) 01-04-2002 Salary A/c Dr 6000 To Cash A/c 6000 (Being cash paid to staff for salary) 01-04-2002 Ram A/c Dr 125000 To P.N. Bank A/c 125000 (Being cheque issued to Ram Wood Works from P.N. Bank) 01-04-2002 H.P Ltd. A/c Dr 65,000 To P.N Bank A/c 65,000 (Being cheque no. 701602 issued to H.P. Ltd. From P.N. Bank) 01-04-2002 Tea A/c Dr 5,000 To Cash A/c 5,000 (Being cash paid for tea and other refreshment material for staff ) 02-04-2002 Grey Cement A/c Dr 5,75,000 To M/s A.C.C Ltd. A/c 5,75,000 (Being purchase grey cement from M/s A.C.C. Ltd.) 02-04-2002 White Cement A/c Dr 3,75,000 To J.K. White Cement Ltd. A/c 3,75,000 (Being purchase white cement from M/s J.K. White Cement Ltd.) 02-04-2002 Advertisement in Newspapers A/c Dr 5,000 To Cash A/c 5,000 (Being cash paid for advertisement in newspapers) 02-04-2002 Grey Cement A/c Dr 15,000 To Sales A/c 15,000 (Being grey cement cash sold) 02-04-2002 Deepak Kumar A/c Dr 25,000 To White Cement Sold A/c 25,000 (Being white cement sold to Deepak Kumar on credit) 02-04-2002 Mr. Raj Malhotra A/c Dr 10,000 To P.N. Bank A/c 10,000 (Being cheque no. 701603 issued from P.N. Bank in favour of Mr. Raj Malhotra for rent) 02-04-2002 Staff Salary A/c Dr 7,000 To Cash A/c 7,000 (Being staff salary cash paid) 02-04-2002 Telephone Expenses A/c Dr 3,000 To Cash A/c 3,000 (Being telephone expenses cash paid) 02-04-2002 Electricity Bill A/c Dr 3,000 To P.N. Bank A/c 3,000 (Being cheque no 701604 issued for Electricity Bill from P.N. Bank) 02-04-2002 Deepak Kumar A/c Dr 20,000 To Cash A/c 20,000 (Being cash received from Deepak Kumar) 03-04-2002 Cyber City A/c Dr 1,75,000 To Creditor A/c 1,75,000 (Being cement sold to M/s cyber city on credit) 03-04-2002 P.N. Bank A/c Dr 30,000 To Cyber City A/c 30,000 (Being cheque received from cyber city and deposited in P.N. Bank) 03-04-2002 Cyber City A/c Dr 20,000 To Cash A/c 20,000 (Being cash received from M/s cyber city) 03-04-2002 Pandhir Agency A/c Dr 55,000 To Sales A/c 55,000 (Being cement sold to M/s Pandhir Agency) 03-04-2002 Cement A/c Dr 3,50,000 To A.C.C. Ltd. 3,50,000 (Being cement purchase from M/s A.C.C Ltd. From P.N. Bank) 03-04-2002 P.N. Bank A/c Dr 4,00,000 To A.C.C. Ltd. 4,00,000 (Being issued from P.N. Bank for rent to Mr. Raj Malhotra) 03-04-2002 P.N. Bank A/c Dr 10,000 To Mr. Raj Malhotra A/c 10,000 (Being cheque issued from P.N. Bank for rent to Mr.Raj Malhotra) 03-04-2002 Tea Expenses A/c Dr 1,000 To Cash A/c 1,000 (Being tea expenses paid) 03-04-2002 P.N. Bank A/c Dr 55,000 To Pandhir Agency A/c 55,000 (Being cheque received from Pandhir Agency and deposited in P.N. Bank) 03-04-2002 Laser Printer A/c Dr 4,000 To M/s OST Ltd. A/c 4,000 (Being purchase laser printer from M/s OST Ltd on cash payment) 04-04-2002 Car A/c Dr 3,25,000 To Pasco India Ltd. 3,25,000 (Being car purchase for office use from Pasco India Ltd.) 04-04-2002 A.K. Sharma A/c Dr 5,00,000 To Cash A/c 5,00,000 (Being received cash from A.K. Sharma proprietor as additional capital) 04-04-2002 White Cement A/c Dr 3,50,000 To J.K. White Cement Ltd. A/c 3,50,000 (Being white cement purchase from J.K. White Cement Ltd.) 04-04-2002 P.N. Bank A/c Dr 4,00,000 To Cash A/c 4,00,000 (Being cash deposited in P.N. Bank) 04-04-2002 P.N. Bank A/c Dr 2,00,000 To J.K. White Cement Ltd. 2,00,000 (Being cheque issued from P.N. Bank in favour of J.K. White Cement Ltd.) 04-04-2002 P.N. Bank A/c Dr 10,000 To Raj Malhotra A/c 10,000 (Being cheque issued from P.N. Bank for rent in favour of Mr.Raj Malhotra) 04-04-2002 Staff Salary A/c Dr 8,000 To Cash a/c 8,000 (Being staff salary cash paid) 04-04-2002 Ramesh Kumar A/c Dr 20,000 To Sales A/c 20,000 (Being white cement cash sold to Ramesh Kumar) 04-04-2002 Deepak Kumar A/c Dr 25,000 To Sales A/c 25,000 (Being cement sold to Deepak Kumar) 04-04-2002 Deepak Kumar A/c Dr 20,000 To Cash A/c 20,000 (Being cash received from Deepak Kumar) 05-04-2002 P.N. Bank A/c Dr 10,000 To Deepak Kumar A/c 10,000 (Being cheque received from Deepak Kumar and deposit in P.N. Bank) 05-04-2002 M/s Ravi A/c Dr 19,000 To Sales A/c 19,000 (Being cement cash sold to M/s Ravi agency on cash payment) 05-04-2002 P.N. Bank A/c Dr 25,000 To Drawings A/c 25,000 (Being cash withdraw from P.N. Bank) 05-04-2002 Raj Malhotra A/c Dr 10,000 To P.N. Bank A/c 10,000 (Being cheque issued from P.N. Bank in favour of Mr. Malhotra for rent) 05-04-2002 Tea A/c Dr 5,000 To Cash A/c 5,000 (Being cash paid for tea and other eatable items for staff) 05-04-2002 P.N. Bank A/c Dr 2,00,000 To Pasco India Ltd. A/c 2,00,000 (Being cheque issued from P.N. Bank in favour of Pasco India Ltd.) 05-04-2002 Drawings A/c Dr 25,000 To A.K. Sharma A/c 25,000 (Being cash withdraw by A.K. Sharma for personal use) 05-04-2002 Electricity Expenses A/c Dr 6,000 To Cash A/c 6,000 (Being electricity expenses paid) 05-04-2002 Carriage A/c Dr 9,000 To Cash A/c 9,000 (Being cash paid to Khan transport Co for carriage of cement) 05-04-2002 P.K. Gupta A/c Dr 20,000 To Sales A/c 20,000 (Being cement cash sold to P.K. Gupta) |
| 05-07-2021 | Income Tax : Steps to Calculate Tax for Individuals | Good |
| 22-06-2021 | EPF - Upload ECR with Payment, Generate UAN | Filing of EPR Verify workings and upload txt file. Prepare challan for payment Mention administration charges manually of Rs 500 For Account 22 contribution is not required now Manually enter number of employees also generate challan Finalize Make payment online In case of new employee joining generate UAN/update UAN Direct payment can also be made for administration charges, penal charges |
| 20-06-2021 | Basic Rules of TDS Payments & Returns | TDS TDS when deposited gets credited in our Tax Deduction Account Number (TAN) After filing the TDS Return the amounts get distributed to concerned parties. Due date for payment of TDS 7th of next month. In case of march month time limit is 30th April. TDS is deposited through Challan No. ITNS 281. For TDS payment use different challans for different types of payment (194J, 1194I etc) For Company assesses and Tax audit cases online payment is compulsory If due date falls on Sunday next day will be considered as due date for payment For online payment 8:00 PM is the cut off time Any payment after 8:00 PM gets credited on the next day False TAN attracts penalty of rupees 10,000 TDS and TCS Returns Form 24Q cube statement of TDS for salary Form 26 Q statement of TDS for all payments other than salary Form 27 Q statement of deduction of tax on any payment to NRI except salary Form 27EQ Statement of TCS Due dates except 27EQ: 1st Apr to 30th June 31st July 1st July to 30th Sep 31st Oct 1st Oct to 31st Dec 31st Jan 1st Jan to 31st Mar 31st May TCS return Due date 1st Apr to 30th June 15th July 1st July to 30th Sep 15th Oct 1st Oct to 31st Dec 15th Jan 1st Jan to 31st Mar 15th May Delay in payment of TDS attracts interest u/s 201 from date of deduction till date of payment @ 1.5% per month. Part of month is also considered as full month. Non deduction of TDS attracts penalty @ 1% PM Delay in filing TDS return attracts penalty u/s 234 E of Rs 200 per day (max of amount equal to TDS ) Sec 271H penalty from 10,000 to 1 lakh applicable if the delay more than 1 year If TDS payment is made & only return filing is pending the penalty u/s 271H is not applicable. Till TDS is not deposited we cannot file TDS return TDS Certificate for salary Form 16 & it is issued once in a year Other than salary TDS certificate is From 16A and is issued quarterly Due dates for issuing TDS certificate are as follows: 1st Apr to 30th June 15th Aug 1st July to 30th Sep 15th Nov 1st Oct to 31st Dec 15th Feb 1st Jan to 31st Mar 15th June |
| 20-06-2021 | Business Reports | Good |
| 16-06-2021 | Type of Supply with GST Calculation | CLCULATION OF INTRA AND INTER SUPPL OF GOODS AND SERVICES |
| 06-06-2021 | VAT & CST : Practical -1 | done |
| 04-06-2021 | GST Transactions : Tally.Erp9 - Practical | tally practical -1 learn @ more practice |
| 21-05-2021 | Roll of Work Structure | good |
| 18-05-2021 | Time of Supply | yes |
| 08-05-2021 | Income Tax : Introduction & Basic Information | Na |
| 31-03-2021 | Double Entry System | According to double entry system each transaction effects atleast two accounts in terms of equal debit and equal credit. Here only the financial transactions are to be recorded. Accounts is the name of the head,header or title in which related transactions are to be recorded. In mathematics there are two types of no. One is positive and another is negative no. In accountancy positive no. Is replaced by debit and negative no. Is replaced by credit. In a company there are thousands of transactions,it is not possible to remember them all, so we follow some rules to solve this problem, first we divide all this transactions in various groups and this groups are nothing but accounts in accountancy,but one question arises here which transactions are to be entered on which account, basically there are three types of accounts personnel account, real account, nominal accounts. Accounts related person,individual, firms and companies are called personnel account. Accounts related to cash,banks,goods purchase and sales,fixed assets are called real accounts. Accounts related to expenses and losses,incomes and gains are called nominal account and in double entry systems the rules of entering the transactions are all different. In personal accout debit the receiver and credit the giver. In real account debit what comes in credit what goes out. In nominal accounts debit all expenses and losses and credit all incomes and gains. |
| 03-03-2021 | TDS & TCS Transactions in Tally | We file return in following manners.01.Form 24Q for Salary.Form26Q for except salary 03.27Q for foreigner 04.Form 27 EQ For Tax collection at source.We maintain accounts with GST RETURN AND GST Returns in Tally ERP9 in Following manners.01 to Creat Company 02 To set Features03 To Creat Ledger for Particulars Transactions 03. To Set TDS AND GST enable in Tally ERP9 in Statuary and Taxation 05 and enable TCS for tax collection at source. |
| 02-03-2021 | GST Monthly Return : GSTR 3B - Offline Mode | Offline mode achha jada achha hai .kam data fill karna padega |
| 27-02-2021 | Journal Entry P-II | done |
| 27-02-2021 | VAT & CST Concept -1 | Watched |
| 15-02-2021 | GST Return System in India | please play next video |
| 01-02-2021 | EPF - Electronic Challan cum Return | EXCELLENT CLASS |
| 28-01-2021 | Introduction to GST | Gst introduce in July 2017. This tax has mixed up 17 type of taxes like vat,excise duty purchase tax cat and other taxes. This tax destination based tax not origin based tax . There are 4 type tax in gst csgt ,sgst, igst, utgst .cgst is for center sgst is for state and utgst for union teritory or igst for inter state |
| 14-01-2021 | Service Tax - Basic Concept -I | Service tax is applicable to all company who provider taxable services and whose taxable amount more than 10 lacs in the pervious F.Y.RATE OF SERVICE TAX IS 14%, 0.50% swachh bharat CESS & 0.50% KRISHI KALYAN CESS. |
| 07-01-2021 | Introduction to GST | GST |
| 05-01-2021 | Balance Sheet - Finalisation Part - IV | 1213 |
| 06-12-2020 | VAT & CST Concept -3 | nice explanation |
| 26-11-2020 | Inventory - Practical Project | TALLY ERP 9 when we create the company we will get the option of accounts only and accounts with inventory, in old version 4 series. but in new it will be default set in both accounts and inventory, we can change it in features. Sales and purchase accounts are mainly effected in inventory. in gateway of tally we can get the option of inventory and we can create items and give measurements to items. we can create groups for each category for easy maintenance like as follow. cement-grey cement white cement AS a group and we can finally see the stock details in stock summary. |
| 23-11-2020 | Business Reports | business reports are the reports where different accounts of same catageory are arranged for analysis and future decision making. reports should be in a way where a non accountent can also be understand the sitiution of company. types of reports 1. information reports 2.analytical reports, etc. reports might be created on bases relues of accouts ex ; in personal account under debit catageory people who is to give money like- customes (under this repoert sundry debitors) under credit catageory to people who we used to give like-suppliers (under this report sundry creditors) in real account under debit catageory avliablity of things like fixed asset, stocketc under credit catageory only sales reports are the reflection of all the accounts, compresed in way where every one related to firm can understand it. |
| 04-11-2020 | Income Tax : Introduction & Basic Information | Tax Definition , Income , Persons (7 types), income tax act 1961 and tax authorities , CBDT and TIN , PAN , 2021-22 -Assessment year then the financial year is 2020-21 and known as previous year and persons can be divided as corporate and non-corporate . |
| 21-10-2020 | Roll of Work Structure | Leaned basics of accounting, a. Business Transaction, ie writing Books, Mainly primary books are Cashbook Journal and ledger (Compulsory Books). Double entry system: for DES there is a need for Work Structure. and because of work structure will able to identify the transaction. Business organizations are mostly of these 3 type 1: trading, 2: Manufacturing, 3: service., So we will able to understand types of Transaction - 1st In trading, :-group 1:(Capital, Loan, Fixed Assets) group 2: (Purchase, sales, expenses, Receipt, Payments)More then 90% transactions are covered in these 5 types. group 3: (Balance sheet)which effects only once in the year. Also Learned different Destinations of headings Like, Capital is - Amount invested by owner for business purpose. Purchase :- Material Purchase for resale Perpouse. |
| 18-10-2020 | Introduction to GST | ok |
| 01-09-2020 | Inventory - Practical Project | tally practical has been helpful |
| 30-08-2020 | Project Solutions | Great experience |
| 27-08-2020 | TDS & TCS - Meaning & Concept | Tax deducted at source means the tax which is deducted by the income payer - Deductor from the payment he/she is making to income earner - Deductee. The TDS can be on Salary Payment or Non-salary payments depends on the nature of transaction done & nature relation is there between the parties. The deductor after deducting the certain percentage of tax amount from the payments will deposit the said tax amount in the Central Government account on a monthly basis before the due date. TDS applicable on payments done under section 193, 194 A to J, 194 LA, 195, 195A, 196B to D, 206C. Tax Collection at Source means the tax which is collected by the certain sellers from the buyer at the time transactions. TCS is applicable on certain transactions specified under section 206C of the I.T. Act. For Payment of TDS or TCS one needs to obtain TAN - Tax Deduction & Collection Account Number. One can apply on the government portal for the TAN and needs to pay the processing fees of Rs. 65 (Rs. 55 + 18% GST). TDS & TCS Returns shall be filed by filing return form as applicable person as per law, for e.g. Form 24 Q for Statement for Tax deducted at source for salary. If an entity or person fails to file its returns as applicable to them he/she/they will be charged as per Section 201 of the I.T. Act. After deducting or collecting tax and subsequently depositing the said tax in central government account the TAN holder will issue the TDS certificate to the deductee in Form 16 for salary income & Form 16 A for non-salary income. |
| 16-08-2020 | VAT & CST Concept -2 | Vat basic Information 1)Business Organisation a)Register Person b)Taxable Person c)Unregister Person 2) Goods :- Taxable & Tax free 3)Sale : Local & Interstate 4)Tax:- VAT & CST 5)Registration No. (TIN)-VRN/TRN |
| 19-07-2020 | Income Tax : Calculation of Gross Salary | Computation of Income from Gross Salary Sec 17 gives an inclusive definition of Salary 1. wages 2. Any annuity or pension 3. Any gratuity 4. Any fees, commission, perquisites or profits in lieu of or in addition to Salary or wages 5. Any Advance salary 6. Employer contribution to recognized PF fund etc The Basic salary is fully taxable: The amt of above shall be added in gross salary. Allowances An allowance is a money given to someone, usually on a regular basis, in order to help them pay for the things they need. The Dearness allowance is a cost of living adjustment allowance paid to Govt and Pvt sector employees and pensioners in India, DA is fully Taxable. House Rent Allowance:- The HRA is a part of salary provided by an employer to his employee for his rented accommodation, HRA exemption can be claimed only if employee is residing in a rental house HRA is exempt up to a minimum of following 1. Actual HRA received 2. Actual rent paid -10% of Basic salary+DA 3. 50% of Basic salary(For Metro and 40% in Non-metro cities) whichever is less Perquisites Perquisites mean any benefit or amenity provided to the employee, whether in cash or in-kind, in addition to the salary. As per sec 17, (2) perquisites include 1.Rent-free Accommodation 2. Concessional accommodation 3. Benefits & Amenities taxable for "specific employees" (a)Car facility (b)Domestic Servant (c) Water-gas and electricity (d) Education facility (e) Transport facility 4. Employee obligation paid by employer 5. Employee LIC or amunity premium 6. Employee stock option plan 7. contribution to supernation fund in case of excess of Rs 1 lac 8. other fringe benefits like (a) Interest-free loan (b) Traveling, tourism and accommodation (c) free food (d) gifts (e0credit cards facility (f) club membership, etc Retirement benefits Benefits given to the emploee by the employer at the time of retirement and also after retirement |
| 14-07-2020 | Balance Sheet - Finalisation Part - III | INTEREST ON FIXED DEPOSIT (accrued interest): Interest earned but not received from bank until maturity period. We need to recognize the income earned for the current year. Dr Fixed deposit Cr Interest of fixed deposit Total interst less TDS deduction = balance amount Dr interest accrued on fd dr advance income tax cr interest of fixed deposit |
| 05-07-2020 | GST : Stat Adjustment | ok |
| 30-06-2020 | GST Return : GSTR-1 - Online Mode | GSTR-1 online filling procedure, fillup procedure of b2b invoice- Intra state sale all register dealer , b2c large invoice - inter state sales to unregister dealer more that 2.5 lacs, b2c others- Unregister customer less that 2.5 lac, debit and credit note, advance payment , any wrong information amedment and filling prodecure, |
| 22-06-2020 | Journal Entry P-II | Solution of journal entries part 1st and live project discussion in this class. |
| 14-06-2020 | Concept , Meaning & Introduction | Difference between financial and inventory accounting -currency vs quantitiy -double entry vs list of in and out -sub ledgers and journals vs stock ledger Aspects to consider while creating/ writing a stock ledger: List of items/ articles -stock needs to be identified and segregated so that a proper record can be held in the company accounts -should not consolidate one type of item, best to have a stock report for each item separately eg. red marker, green marker instead of all markers under one stock report. this will ensure that management knows exactly which quantity is sold and the stock in hand. style of measurement -Decide product measurement e.g. Box, Kgs, units, pieces -Important to record purchase and selling quantity in same unit |
| 07-06-2020 | Income Tax : Steps to Calculate Tax for Individuals | Section 14 of Income tax act classifies different sources of incomes like income from salary,house property,PGBP,capital gains and other sources. |
| 01-06-2020 | Preparation of Balance Sheet | Concept cleared. |
| 15-05-2020 | Introduction to RET-1, RET-2 and RET-3 | Our New gst return applicable on 1.04.2020.Now we return our outward supply RET 1,RET2 ,RET3 RET 1: |
| 01-05-2020 | Income Tax : Steps to Calculate Tax for Individuals | How will compute individual income I learned in this class. |
| 21-04-2020 | Time of Supply | Completed class |
| 18-04-2020 | Double Entry System | DOUBLE ENTRY SYSTEM SAB SE PAHELE HUM YE JANE KE DOUBLE ENTRY SYSTEM K MEANING KEYA HAI ACCOURDING TO DOUBLE ENTRY SYSTEM EACH ACCOUNTS EFFECT AT LEAST TWO ACCOUNTS IN TERM OF EQUAL DEBIT AND EQUAL CREDIT DOUBLE ENTRY SYSTEM MEN SAB SE PAHELE JO WORD USE HONGA WO HAI TRANSACTION JO BHI FINANCIAL TRANSACTION RAHENGI WO DOUBLE ENTRY SYSTEM K THROGH RECORD KI JAYENGI AGAR KISI COMPANY KI MANLO 95000 TRANSACTION HAI TO HUM SAB SE PAHELE INKE GROUPS BANAYENGE K KONSI TRANSACTION KIS GROUPS MEN JAYENGI PHIR UN TRANSACTION K GROUPS KO EK NAAM DENGE JO BHI BETTER AUR KHUBSUART LAGE FOR EXAMPLE BUSINESS TRANSACTIONS SALES A/C PURCHASE A/C CASH A/C BANK A/C 5000 TRANSACTIONS 4000 TRANSACTIONS 2500 TRANSACTION 3000 TRANSACTIONS ISHITARHA SE HUM 95000 TRANSACTIONS 350 GROUPS TRIAL BALANCE BALANCE SHEET ISTRAHA SE HUM THOUSNADS ,LAKHS , CROR ,ETC TRANSACTION KO MAINTAIN KARTE HAI IN SAB MEN DOUBLE ENTRY SYSTEM FORMULA HI KAM KARTA HAI Q K ITNI SARI TRANSACTION HOTI HAI USKE BAD UNKE GROUPS USKE BAD TRAIL BALNCE AUR FIR BAD MEN IN SABKI EK HI BALANCE SHEET HOTI HAI JO 100% ACCURATE HOTI HAI TO YE HAI DOUBLE ENTRY SYSTEM KA KAMAL HAI ACCOUNTANCY MEN DEBIT = + AUR CREDIT = - HUM JAB BHI DOUBLE ENTRY SYSTEM KA ISTEMAL KARTE HAI TO YE DO JAGA KAAM KARTA HAI EK ACCOUNT DEBIT HOTA HAI TO DUSRA CREDIT HOTA HAI YE ACCOUNTS 2 YA 2 SE ZAIDA BHI HO SAKTE HAI AGAR EK SIDE EK HAI AUR DUSRI SIDE 3 HAI TO 1 IS EQUAL TO 3 RAHENGA TRANSACTION KO SORT KARNE K LIYE BAHUT SARE GROUPS BANANE HOTE HAI LEKIN HUM KONSI TRANSACTION MEN SE DEBIT KARNGE KONSI CREDIT KARENGE YE SAMJHNA HUMARE LIYE MUSHKIL HAI ISLIYE ISE BAHUT AASAN DOUBLE ENTRY SYTEM NE KARDIYA HAI Q K DOUBLE ENTRY SYSTEM MEN ACCOUNTS KO 3 CATEGORY MEN DEVIDE KIYA GAYA HAI 1] PERSONAL ACCOUNTS : ACCOUNTS RELATED TO PERSON, INDIVIDUAL, FIRM AND COMPANY 2] REAL ACCOUNTS : ACCOUNTS RELATED TO CASH BOOKS, GOODS ( PURCHASE & SALES A/C ) AND FIXED ASSETS 3] NOMINAL ACCOUNTS : ACCOUNT RELATED TO EXPENSES , LOSSES , INCOMES AND GAINS |
| 17-04-2020 | Roll of Work Structure | AS A ACCOUNTANT JAB HUM KISI BHI COMPANY MEN WORK KARTE HAI TO JIS TARHA EK CAMERA HAR CHEEZ RECORD KARTA HAI SAME WAISE HI HUM BUSINESS SE HONE WALI ALL financially TRANSACTION KO NOTE KARTE CHALENGE. JAB BHI HUM KISI BHI COMPANY K LIYE AS A ACCOUNTANT WORK KARTE HAI TO SAB SE PAHELE US COMPANY KA WORK STRUCTURE JANNA HUMARE LIYE BAHUT ZARURI HAI BAGAIR WORK STRUCTURE JANE HUM ACCOUNTING KA KAAM CORRECT TARIKKE SE NAHI KAR SAKTE YA KAR HI NAHI SAKTE. AS A ACCOUNTANT HUME BAHUT SARI BOOKS LIKHNI HONGI FOR EXAMPLE BOOK OF ACCOUNTS, JOURNAL, CASH BOOK, JOURNAL LEDEGER, PURCHASE BOOK, SALES BOOK, CASH BOOK, BANK BOOK, INVENTORY BOOK, PETTY CASH BOOK, PAY ROLLS ETC, AS A ACCOUNTANT ITNI SARI BOOKS LIKHNA HUMARE LIYE ITNA AASAN NAHI HAI IS LIYE ISYE ACCOUNTING MEN BAHUT SHORT MEN LIKHTE HAI COMPULSORY BOOK & OPTIONAL BOOK COMPULSORY BOOK HUME HAR HAL MEN LIKHNA HI HONGA AUR OPTIONAL BOOK AS PAR COMPONY REQUIRMENT LIKH BHI SAKTE HAI AUR NAHI BHI. BUSINESS TRANSACTION MEN HUM CASH BOOK JOURNAL LEDEGER REPORTS TRIAL BALANCE BALANCE SHEET HUMARI JO BHI CASH KI ENTRY HONGI WO CASH MEN JAYENGI AUR BAKI KI CASH KE ALAWA SABHI JOURNAL MEN JAYENGI. JIS SE HUM BANA SAKTE HAI TRIAL BALANCE REPORTS BALANCE SHEET JO ACCOUNTS HUM LIKH KAR HAND SE OPERATE KARTE HAI WO MANUALLY ACCOUNTING KHAHELATI HAI AUR JO HUM COMPUTER YA KISI SOFTWARE KI MADAD SE MAINTAIN KARTE HAI WO computerised accounting system KAHELATI HAI. CASH BOOK JOURNAL LEDGER YE WO BOOKS HAI JIS KI MADAD SE HUM KISI BHI COMPONY KI ALL TARANSACTION MAINTAIN KAR SAKTE HAI AUR IN TINO KI MADAD SE YEAR WISE ACCOUNTING REPORTS READY KARSAKTE HAI ROLE OF WORK STRUCTURE BUSINESS ORGANISATION (1) TRADING (2) MANUFACTURING (3) SERVICE HUM KISI BHI COMPANY KI ACCOUNTING KARNE SE PAHELE HUM WORK STRUCTRE KI MADAD SE DHEKEHNGE K WO COMPANY KIS LEVEL KA BUSINESS KARTI HAI WO DEKHNE K LIYE HUM COMPANY KO 3 CATEGORY MEN DEVIDE KARTE HAI 1 TRADING 2 MANUFACTURING 3 SERVICE KISI BHI COMPANY MEN ISTARHA 3 TYPES KI TRANSACTION RAHENGI CAPITAL PURCHASE / SALES / EXPENSES BALANCE SHEET LOAN PAYMENT / RECEIPTS FIXES ASSETS WORK STRCUTRE KI MADAD SE HI HUM KISI BHI COMPONY KI ACCOUNTING EASY TARIKKE SE KAR SAKTE HAI . |
| 04-04-2020 | Central Excise - Basic Concept - II | Central Excise - Basic Concept - II: Defines Understanding of Cenvat Credit: CENVAT Credit is a credit in respect of Input Purchases or Services for manufacture or duty paid. CENVAT credit is usually used to remove the Cascading Effect of Tax( Tax on Tax). Cenvat Credit is applicable on : Every Raw Material used in Manufacturing of Finished/ Final Goods and Capital Goods. We get 100 % Cenvat Credit immediately on purchase of Raw material, however on Purchase of Capital Goods we get 50 % immediately after purchase of Machinery ( Used in Production or Manufacturing of goods), and remaining 50 % in next financial Year, Except: In relation of Manufacturing of Lubricant and Diesel and Petrol . Contained in Final Product like: Lubricant Oil Grease Cutting Oil Final Goods used as Material: Like Print and Parking Material Final Goods used as Material: Like Print and Parking Material Input Services: used by Manufacturer, whether directly, indirectly or in relation to the manufacturing of final goods Assessable Value/ Valuation of Goods: Cost Incurred on Manufacture or Production of Finished goods, on which excise is paid, is known as Assessable Value. Assessable Value + Excise Duty becomes removal Value on which sales Tax is Paid. Assessable Value is calculated on the basis of: Transaction Value Method: Value at which particular Transaction takes place. Particularly when we sale the product at the time of removal only. Quantity : On the bases of cretin unit Value, like: Weight, Length and Value like: Cigarettes, Sugar, Matches etc MRP Method: Shall be the Maximum price at which exchangeable goods shall be sold to the final consumer. Products like: Biscuits, Ice creams, Wafers, Refrigerators, fans etc . Government has allowed a fixed rate of abatement for particular product. Compound Levy Scheme: Is an Optional Scheme for small Scale Industries. CENVAT scheme does not apply on such scheme. Tariff Value Method: Government fixes Fixed tariff rate on certain items which we call National value as well, Like; Pan Masalla, Ready Made Garments , irrespective of if assessable value increases or decreases |
| 01-04-2020 | GST Transactions : Tally.Erp9 - Practical | We have come across GST transaction in this video and we have to set GST setting in tally 1.Purchase of goods 2.sale of goods 3.Providing of services 4.Receiving of service under RCM 5.Advance payment against pur of goods and services6. Advance receipts against sale of goods and services. 7 Other expense and capital Goods. GST Setting against GST Transation Purely depends on Business organisation. In tally 4 set is available 1.single gst rate-with inventory 2.Multiple gst rate-with inventory 3.Single gst rate without inventory 4.Multiple gst rate with out inventory It is upto business transaction to set any one as per our business transaction. If we have different GST rate for purchase and sales. That is Intra state and inter state pur and sale of goods and services. As far sale and pur of services,we have to create different ledger in case of sale of services and purchase of services. GST Rate wise- Suppose we have with inventory Item wise tax rate can be set,but with out inventory and service case we have to create ledger individually. |
| 30-03-2020 | GST Monthly Return : GSTR 3B - Offline Mode | . |
| 20-03-2020 | VAT & CST Concept -3 | VAT & cst Calculations for difference scenarios local sales + local purchase Local sales + interstate purchase Interstate sales + local purchase Interstate sales + interstate purchase while calculating VAT AND CST only consider current period sales and purchases not stock! |
| 05-03-2020 | Liability for Registration & Basic Information | Before study of levy and collection some concept should be clear. Definition of goods section 2 subsection 52 cgst act 2017- The definition of goods under GST is summarised as below: Goods include: *every kind of movable property *actionable claim (lottery, betting and gambling) *growing crops, grass and things attached to or forming part of the land which are agreed to be severed before supply or under a contract of supply. Goods does not include: money and securities Definition of service section 2 subsection 102- services means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form currency or denomination for which a separate consideration is charged. Liability for registration under GST *every supplier shall be liable to be registered under GST if his aggregate turnover in a previous financial year exceeds -in normal state ₹ 40 lacs for supply of goods and ₹20 lacs for supply of services. -in special category states rupees 20 lakh for both supply of goods and services. *Aggregate turnover-all taxable and non taxable supplies, exempt supplies and export of goods and/or services of a person having the same PAN to be computed on all India basis but does not include all taxes, if any, charge under GST and value of supplies on which tax is levied on reverse charge basis and value of inverse supplies. *Compulsory registration under GST- 1. Person making any inter state supply. 2. Casual taxable person 3.person who are required to pay tax under reverse charge mechanism. 4. Non resident taxable person. 5. Person who required to deduct TDS under section 37 of GST act. 6. Input service distributor 7. Electronic Commerce operator. 8.person who supply goods and/or services or both on behalf of other registered taxable person whether as an agent or otherwise. 9.person who supply goods or services, other than branded services, through Electronic Commerce operator. 10. An aggregator who supplies services under his brand name for his trade name. 11. Search other person or class of person as may be notified. *Types of registration under GST- 1. Regular registration- available for all type of business organisation who deals in goods and/or services or both. 2.composition scheme-some condition and limitation are applied to opt composition scheme. A. Composition scheme for manufacturer and traders- Eligibility- whose aggregate turnover in the previous financial year is not more than rupees 1.5 crore in normal states and 75 lacs in special category state. Tax rate- 1%(0.5% CGST + 0.5% SGST) on turnover Limitations- •supplier cannot made inter state outward supply •cannot provide service more than rupees 5 lacs or 10% of the turnover (which is lower) •cannot take input tax credit •can issue only bill of supply •cannot charge GST from the customer. B. Composition scheme for restaurant/ food outlet - Eligibility-all restaurant for food outlets except star rated hotels. Tax rate - 5% ( 2.5% cgst 2.5% sgst) on taxable turnover Limitations- •cannot take input tax credit, •can issue only bill of supply, •this scheme is not available for star rated hotels. C. Composition scheme for service- Eligibility- whose aggregate turnover in the previous financial year is not more than rupees 50 lakh in normal state and rupees 25 lakh in special category state. Tax rates- 6% ( 3% cgst + 3% SGST) on outward supply. Limitations- •cannot take input tax credit •cannot made inter state supply •can issue only bill of supply •cannot charge text from the customer. *GST registration number- GSTIN (GST identification number) is PAN based 15 digit number this is assigned state wise to each taxpayer after registration under GST. Specifications- the first two digit represent the state code as per Indian census 2011. The next 10 digit will be the PAN number of the taxpayer. the thirteenth digit will be assigned based on the number of registration within a state. 14th digit will be Z by default.and the last digit will be for check code it may be an alphabet or a number. *Revenue authority- CBIC-Central Board of indirect taxes and Customs is a part of the department of revenue under the ministry of finance Government of India.it deals with the task of formulation of policy concerning levy and collection of custom central excise duty Central GST and IGST. *GST Council-The council wood consists of 2/3rd representation of the state and 1/3 rd representation of the centre.the GST Council take all decision regarding tax raid dispute resolution exemption and so on. Recommendation of the GST Council (75% vote) will be binding on the centre and state. *GST Network-it has been set up by the government as a private company. Gstn would provide three front in service nemaly registration, payment of text and return to taxpayers. *Tax rate slab under GST •5% (2.5% cgst +2.5% sgst) •12% (6% cgst + 6% sgst) •18% (9% cgst + 9% sgst ) •28% (14% cgst + 14% sgst) Cess and special rate of GST is also applicable on some goods. |
| 02-03-2020 | Roll of Work Structure | There are different types of business such as trading, manufacturing and service industries. To record a transactions we must first under stand our business structure and what business we are into based on that we will be able to record a transactions. |
| 15-02-2020 | Concept , Meaning & Requirement | Reconciliation means to tally the account between cash and pass book |
| 04-02-2020 | BS - Project Entries Instructions - III | After journal entries related to contract receipts and cheques received passed remaining journal entries related to cheque books of Bank of Punjab, Andhra bank & state Bank of patiala. Passed journal entries related to labour payment, staff salary, PF but entries for the month of March 2002 is left. Passed journal entries related to loan - SBOP car Loan a/c Dr. Interest on loan a/c Dr. To State bank of Patiala a/c. Reconcile bank accounts. |
| 25-12-2019 | Journal Entry P-II | India cement trading trading company Sco 83, Sector 38, Chandigarh Journal Entry as on 01-04-2002 1) Cash A/c ................................................... Dr. 1000000.00 To A.K. Sharma Capital A/c.............. Cr. 1000000.00 (being business started with cash by A.K. Sharma) 2) PNB Bank A/c............................................. Dr. 800000.00 To Cash A/c ............................................... Cr. 800000.00 (being cash deposited in Punjab National Bank) 3) Furniture A/c ............................................... Dr. 175000.00 To Ram Wood Works............................... Cr. 175000.00 (being office furniture purchased on credit from Ram Wood Works against the bill number 601) 4) Computer & Printer A/c............................ Dr. 65000.00 To HP Ltd. A/c................................................. Cr. 65000.00 (being computer & Printer purchased on credit from HP Ltd against the bill number 886) 5) Advertisement Exp A/c ................................. Dr. 10000.00 To Cash A/c ........................................................ Cr. 10000.00 (being advertisement expenses paid through cash against the receipt number 489) 6) Office Rent A/c .................................................... Dr. 10000.00 To Cash A/c .......................................................... Cr. 10000.00 (Being rent paid to Mr. Raj Malhotra for the month of April 2002) 7) Staff Salary A/c ....................................................Dr. 6000.00 To Cash A/c ...........................................................Cr. 6000.00 (Being salary paid to staff for the month of April 2002) 8) Ram Wood Works A/c ...................................... Dr. 125000.00 To PNB Bank A/c.................................................... Cr. 125000.00 (Being amount paid to M/s Ram Wood Works through Cheque Number 701601 against the bill number 601) 9) HP Ltd. A/c................................................................. Dr. 65000.00 To PNB Bank A/c.................................................... Cr. 65000.00 (Being amount paid to M/s HP Ltd through Cheque Number 701602 against the bill number 886) 10) Office Exp A/c....................................................... Cr.5000.00 To Cash A/c ......................................................... Cr.5000.00 (Being amount paid for tea and refreshment material for staff through cash against the memo number 993) Journal Entry as on 02-04-2002 1) Purchase Account A/c .................................................... Dr. 575000.00 To M/s ACC Ltd A/c........................................................... Cr. 575000.00 (Being Grey Cement purchased on credit from M/s ACC Ltd against the bill number 853) 2) Purchase Account A/c..................................................... Dr. 375000.00 To M/s J.K. White Cement Ltd A/c............................. Cr. 375000.00 (Being white cement purchased on credit from M/s J.K. White Cement Ltd against the bill number 909) 3) Advertisement Exp A/c.................................................. Dr. 5000.00 To Cash A/c ....................................................................... Cr. 5000.00 (Being amount paid for advertisement in news paper through cash against the memo number 2212) 4) Cash A/c ............................................................................. Dr. 15000.00 To Sales A/c....................................................................... Cr. 15000.00 (Being grey cement sold on cash against the bill number 801) 5) Deepak Kumar A/c......................................................... Dr. 25000.00 To Sales A/c ...................................................................... Cr. 25000.00 (Being White Cement sold to M/s Deepak Kumar on Credit against the bill number 802) 6) Rent A/c ............................................................................... Dr. 10000.00 To PNB Bank A/c .............................................................. Cr. 10000.00 (Being rent paid to Mr. Raj Malhotra for the month of May 2002 through Cheque Number 701603) 7) Staff Salary A/c ................................................................. Dr. 7000.00 To Cash A/c ........................................................................ Cr. 7000.00 (Being salary paid to staff for the month of May 2002 through cash) 8) Telephone Exp A/c ........................................................... Dr. 3000.00 To Cash A/c ......................................................................... Cr. 3000.00 (Being telephone exp paid through cash against the receipt number 453521) 9) Electricity Exp A/c............................................................... Dr. 3000.00 To PNB Bank A/c ................................................................ Cr. 3000.00 (Being electricity bill paid through cheque number 701604) 10) Cash A/c ............................................................................... Dr. 20000.00 To Deepak Kumar A/c .................................................... Cr.20000.00 (Being cash received from Deepak Kumar against C. R. Number 102) Journal Entry as on 03-04-2002 1) M/s Cyber City A/c ............................................................... Dr. 175000.00 To Sales A/c............................................................................... Cr. 175000.00 (Being cement sold to M/s Cyber City A/c on credit against the bill number 803) 2) PNB Bank A/c ........................................................................... Dr. 30000.00 To M/s Cyber City A/c......................................................... Cr. 30000.00 (Being amount received from M/s Cyber City by cheque number 601602) 3) Cash A/c ................................................................................... Dr. 20000.00 To M/s Cyber City A/c........................................................ Cr. 20000.00 (Being cash received from M/s Cyber City against the C.R. Number 103) 4) M/s Pandhir Agency A/c................................................... Dr. 55000.00 To Sales A/c............................................................................. Cr. 55000.00 (Being cement sold to Pandhir Agency on credit against the bill number 804) 5) Purchase A/c ........................................................................ Dr. 350000.00 To M/s ACC Ltd A/c............................................................ Cr. 350000.00 (Being cement purchased on credit from M/s ACC Ltd. against the bill number 382) 6) M/s ACC Ltd. A/c .................................................................. Dr. 400000.00 To PNB Bank A/c..................................................................... Cr. 400000.00 (Being amount paid to M/s ACC Ltd. through cheque number 701605) 7) Rent A/c ....................................................................................... Dr. 10000.00 To PNB bank A/c....................................................................... Cr. 10000.00 (Being rent paid to Mr. Raj Malhotra for the month of June 2002 through cheque number 701606) 8) Office Expenses A/c................................................................ Dr. 1000.00 To Cash A/c ............................................................................... Cr. 1000.00 (Being tea expenses paid through cash) 9) PNB Bank A/c.............................................................................. Dr. 55000.00 To Pandhir Agency A/c.......................................................... Cr. 55000.00 (Being amount received from M/s Pandhir Agency by Cheque Number 811901) 10) Laser Printer A/c ....................................................................... Dr. 4000.00 To Cash A/c ................................................................................ Cr. 4000.00 (Being Laser Printer Purchased from M/s OST through cash against the bill number 345) Journal Entry as on 04-04-2002 1) Car A/c ........................................................................................... Dr. 325000.00 To M/s Pasco India Ltd A/c.................................................. Cr. 325000.00 (Being car purchased from M/s Pasco India Ltd. on credit against the bill number 5110) 2) Cash A/c ...................................................................................... Dr. 500000.00 To A.k. Sharma Capital A/c................................................. Cr. 500000.00 (Being A.K. Sharma invest cash on business) 3) Purchase A/c .............................................................................. Dr. 350000.00 To J.K. Cement A/c ................................................................... Cr. 350000.00 (Being white cement purchased from J.K. Cement on credit against the bill number 501) 4) PNB Bank A/c............................................................................... Dr. 400000.00 To Cash A/c.................................................................................. Cr. 400000.00 (Being cash deposited at bank ) 5) M/s J.K. Cement A/c .............................................................. Dr. 200000.00 To PNB Bank A/c ....................................................................... Cr. 200000.00 (Being amount paid to M.s J.K. Cement through Cheque Number 701607) 6) Rent A/c ....................................................................................... Dr. 10000.00 To PNB Bank A/c ...................................................................... Cr. 10000.00 (Being rent paid to Mr. Raj Malhotra through Cheque Number 701608) 7) Staff Salary A/c ....................................................................... Dr. 8000.00 To Cash A/c .............................................................................. Cr. 8000.00 (Being salary paid to staff through cash) 8) Cash A/c ..................................................................................... Dr. 20000.00 To Sales A/c................................................................................ Cr. 20000.00 (Being cement sold to Mr. Ramesh Kumar against the bill number 805) 9) Deepak Kumar A/c.................................................................. Dr. 25000.00 To Sales A/c................................................................................. Cr. 25000.00 (Being cement sold to Mr. Deepak Kumar on credit against the bill number 806) 10) Cash A/c ..................................................................................... Dr. 20000.00 To Deepak Kumar ................................................................... Dr. 20000.00 (Being cash received from Deepak Kumar against the C.R. 103) Journal Entry as on 05-04-2002 1) PNB Bank A/c ................................................................................ Dr. 10000.00 To Deepak Kumar A/c............................................................... Cr. 10000.00 (Being amount received from Mr. Deepak Kumar against the cheque number 601608) 2) Cash A/c ........................................................................................ Dr. 19000.00 To Sales A/c.................................................................................. Cr. 19000.00 (Being cement sold to M/s Ravi Agency through cash against the bill number 807) 3) Cash A/c ........................................................................................ Dr. 25000.00 To PNB Bank A/c ........................................................................ Cr. 25000.00 (Being cash withdrawal from PNB Bank against the cheque number 701609) 4) Rent A/c ......................................................................................... Dr. 10000.00 To PNB Bank A/c ........................................................................ Cr. 10000.00 (Being rent paid to Mr. Raj Malhotra through cheque number 701610) 5) Office Expenses A/c ................................................................. Dr. 5000.00 To Cash A/c ................................................................................. Cr. 5000.00 (Being office expenses paid through cash against the memo number 2345) 6) Pasco India Ltd.............................................................................. Dr. 200000.00 To PNB Bank A/c .......................................................................... Cr. 200000.00 (Being amount paid to Pasco India Ltd. through cheque number 701611) 7) Drawing A/c ..................................................................................... Dr. 25000.00 To Cash A/c....................................................................................... Cr. 25000.00 (Being cash withdrawal for personal use by A.K. Sharma) 8) Electricity Expenses A/c............................................................... Dr. 6000.00 To Cash A/c...................................................................................... Cr. 6000.00 (Being electricity expenses paid through cash) 9) Carriage Expenses A/c................................................................. Dr. 9000.00 To Cash A/c........................................................................................ Cr. 9000.00 (Being amount paid to Khan transport Co. for carriage of cement for dated 01-04-2002 To 04-04-2002) 10) P.K. Gupta A/c ................................................................................. Dr. 20000.00 To Sales A/c..................................................................................... Cr. 20000.00 (Being cement sold to P.K. Gupta on credit against the bill number 808) |
| 13-11-2019 | Balance Sheet : Project Sluctions | nice |
| 02-08-2019 | GST : Input Tax Credit | ok |
| 29-03-2019 | Balance Sheet - Finalisation Part - V | In this class we learned about finalisation part like how to treat the expenses payable like salary , labour payment etc. |
| 26-03-2019 | Journal Entry | Thank you for this account information lecture. Sir making it easy for me. Submitting my report |
| 21-03-2019 | Tally ERP -9 Practical | Very Important Way,How to work with Tally,Really very Easy to use.Explain very important way.Very nice n easy method to work with Tally software.Thanks. |
| 25-02-2019 | Service Tax : Concept -1 | <- According to work structure point if view, business organisation is divided into three types. namely, a.)Manufacturer b.)Traders c.)Service Provider <-Manufacturer and traders deals with Goods and tax charged on goods is Excise+VAT(Sales Tax) and Service Provider deals with Services and tax charged on services is Service Tax. <-Excise is a Production Tax. If any excisable goods manufactured within India then excise is applicable .The standard percentage of Excise Tax is 12.5% and it is charged in manufacture if goods. <-Sales tax or VAT is charged on sales of goods and standard percentage of VAT/Sales tax is 12.5%. <-Since 1994, there was no tax on services. Service Tax was introduced in India by Chapter -V of Finance Act, 1994. The Central Board of Excise and Customs, Department of Revenue and Ministry of Finance deals with task of formulation of policy concerning levy and collection of service tax. In 01-07-1994 the rate of service tax was 5% and at present (from 01-06-2016)the rate of service tax is 15%(service tax = 14% ; Swachh Bharat Cess = 0.50% ; Krishi Kalyan Cess = 0.50%) <- Who is liable for Service Tax Registration ? Under section 68(1) of Finance Act, 1994 Every Person providing taxable services to any other person is liable to pay service tax. Exemption:- In case Aggregate taxable receipt is less than Rs.10 Lakhs in Previous Year. Ex:- If a service provider provides more than 2 services , then while calculating taxable receipts from both the services if he get less than Rs.10 Lakhs then he is not liable to pay Service Tax if more than Rs.10 Lakhs then he is liable to pay Service Tax. Under section 68(2) of Finance Act, 1994 The Central Govt. have the power to notify services in respect which even the services receiver shall be liable to pay service tax wholly or partially. This situation arises in case of Reverse Charge Mechanism. <- Services covered under Service Tax:- In 2012, the Central Govt. introduced Negative list of Services. Section 66D is been inserted in Finance Act, 1994 by Finance Act, 2012 and been notify to been effective from 01-06-2012. <- All Services which is not mentioned under Negative list of services but fall under the definition of services are liable to pay service tax. <-Negative list of service is a list of service on which service tax is not applicable. <-Exempt Services:- Exempt services are different from the Negative list of services as exempt services are although taxable but government has exempted them from service tax, while service in negative list are not taxable at all. <- Rate of Service Tax W.E.F. from 01-06-2016 Rate of Service Tax (W.e.f. 01-06-2015) =14.00% Swachh Bharat Cess (W.e.f. 15-11-2015) =0.50% Krishi Kalyan Cess (W.e.f. 01-06-2016) =0.50% (Even though it is 15% from accountants point of view we need to consider it as three different accounts because while calculating and depositing taxes it will go to three different accounts.) <-Calculation of Service Tax:- If we have provided a service worth Rs.1,00,000 then the service tax is Service Amount =Rs.1,00,000 Service Tax =Rs.14,000 Swachh Bharat Cess =Rs.500 Krishi Kalyan Cess =Rs.500 and there are few other factors to be considered while calculating service tax if will be studied in next class. |
| 11-02-2019 | VAT & CST Concept -2 | <-Value Added Tax (VAT) was first introduced in 2004, 2005. Before that we had Sales Tax. <-Similarities between VAT & Sales Tax :- i.) Both taxes are imposed by state govt. ii.)Both are charged on the sales of Taxable goods. And both are sales tax. <-Differences Between VAT & Sales Tax :- i.)In case of sales Tax , full tax on charged as mentioned in the Item. ii.)In case of VAT , tax is charged on VALUE ADDED. <-Business org:- is divided into three types acc. to Vat a.) Registered Person:- Any person who have TOT Number(TURNOVER TAX NUMBER) and whose turnover is more than Rs.5,00,000 p.a. but less than limit mentioned by the state and who purchase and sale goods within the state (Local sales) he is called a Registered Person. If a person gets TOT Number then is not eligible to purchase or sale in Inter State. b.) Taxable Person :- He is same as Registered Person but he can purchase or sale in inter state and he is eligible to VAT Number. c.) Unregistered Person:- He is a person who neither have TOT number nor VAT number. He is also a person whose turnover is less than Rs.5,00,000 and who does purchase and sales within the state and whose company is not a Manufacturing co. <-Registration No.(TIN)---VRN/TRN a.) If a person have TOT Number then he will get TRN (TOT Registration Number) b.) If a person have VAT Number then he will get VRN (VAT Registration Number). VRN is also called as TIN (Tax Identification Number). TIn is a 11 digit digital number in which first two digits represent the state and next numbers are related to Co.. So if we are registered with VAT and if we have VRN and we are called as Taxable Person. <-If a product is sold once or twice there is no dual taxation clause in India only once tax should we charged in case of sales tax. But in case of VAT if a product is sold 3,4,5 times from manufacturer to consumer then tax is also charged 3,4,5 times but there is no dual taxation clause in India. <- VAT is more transparent system and there is no Form System. <-VAT Payable = OT - ITC where OT -> Output Tax ; ITC -> Input Tax Credit <-So everybody pays tax at the time of purchase and when they sell they get back the money they pay as Tax. <-After implementation of VAT the govt. has made changes in Sales tax to convert it as VAT. <- In case of VAT the govt. has scraped Local Sales Tax and replaced it with VAT in case of Local Sales and Central sales tax in case of Inter state sales. |
| 07-02-2019 | TDS on Salary - Computation of Gross Salary | Nice class |
| 05-02-2019 | Taxation System of India (New Series 2023) | <-Goods & Services Tax is not a new tax but is a replacement of many of other Current Taxes and System. <-Current Taxation Structure 1.)Direct Tax (Income Tax) 2.)Indirect Tax(VAT/CST, Excise, Custom & Service Tax) Therefore GST is an indirect Tax and it is replacing Indirect Taxes. <-Direct Taxes:-The Liability or burden of taxes cannot be shifted from one person to another person. <-Indirect Taxes:-The Liability or burden of taxes can be shifted from one person to another person. <-Indirect Tax 1.)State Levies (VAT/CST) 2.)Central Levies(Excise, Customs, Service Taxes) <-Previously some taxes were levied by state govt. and some taxes were levied by central govt. but now both these taxes are merged and levies under a same head called GST. Therefore GST is a dual taxation structure with both state and central govt. taxation system. <-To understand GST concept we need to understand Business Structure. Business organisation 1.)Manufacturers 2.)Traders 3.)Service Providers (deals with goods) (deals with services) taxes charged are (Excise+VAT/CST) (Service Tax) <-Taxable Events (Before GST) 1.)Manufacturing of Goods (Production of Goods) --------> Excise Tax 2.)Trading of Goods (Sales, Purchase of Goods)---------->VAT/CST 3.)Providing of Services (Providing or Receiving of Service)-> Service Tax <-After the existence of GST now we have combined all these Taxable Events into a Single Event called "SUPPLY OF GOODS & SERVICES". And the Tax charged for this is Goods & Services Tax (GST). <-Along with VAT/CST, Excise, Service Tax we have some of the State tax and Central Tax included in GST. But GST does not include CUSTOMS. GST Model 1.)Central GST 2.)State GST 3.)Integrated GST (Levied by the (Levied by the (Levied by the Centre) State) Centre & State concurrently) (used during Supply of Goods & Services) |
| 04-02-2019 | Computer Accounting Concept | In this class I learnt that in any accounting software in the world only 30 to 40 compulsory features are there and 300 to 400 optional features. To operate any accounting software we need learn those 30-40 compulsory features. The main features are 1.Creation of accounts head 2. Vouchers entry /Data entry 3. Display of reports/books 4. Printing of reports/Books. |
| 09-01-2019 | Journal Entry | i really liked this |
| 07-01-2019 | Computer Accounting Concept | LEVEL – 2, CHAPTER – 2, CLASS – 2 – COMPUTER ACCOUNTING CONCEPT Expert Accountant can easily work on any accounting software in the world if his Accounting concepts are cleared and if he is having in depth knowledge of the accounting. Through computerised accounting human’s manual work is reduced to 5 to 10 % , Human have to just enter the business transactions viz. Journal Entry and rest all work is done by the software including ledger creation, trial balance, reports balance sheet and all. Almost all the Accounting software in the world are based on double entry system. Accounting software has so many features these can be classified into two types. 1. Mandatory Features 2. Optional features Normally there are 30 to 50 mandatory features and 300 to 500 optional features. With just knowing the mandatory features any expert accountant can work any type of accounting work. Optional features can be learned or not as per requirements of the particular business. Mandatory features of accounting software :- 1. Creation of Account Head a. Name of Account b. Selection of Group – Any Software professional at the time of developing and accounting software prepares groups of accounts keeping in mind sense of accounting. E.g. Sundry Debtors. 2. Voucher entry / Data Entry / Journal Entry. 3. Display of Reports / Books. 4. Printing of Reports / Books. Two primary, essential and important works to be done in the computerised accounting are. 1. Creation of master accounts heads. i. Give name to account. ii. Select group of account - software will ask to select group from predefined groups. 2. Voucher Entry / Data Entry / Journal Entry. Rest all works such as report generation and all is done by the software. |
| 12-12-2018 | Journal Entry P-II | INDIA CEMENT TRADING CO. Sco 83, Sector 38, Chandigarh JOURNAL ENTRY Date Particulars Amount amount 01.04.2002 Cash A/c Dr. 1000000 To Capital A/c 1000000 01.04.2002 P. N. Bank A/c Dr. 800000 To Cash A/c 800000 ( Being Cash Diposited into Bank) 01.04.2002 Furniture A/c Dr. 175000 To Ram Wood Works A/c 175000 (Being Bill no. 601) 01.04.2002 Computer & Printer A/c Dr. 65000 To H.P. Ltd. A/c 65000 Being bill no. 886) 01.04.2002 Advertisement Exp. A/c Dr. 10000 To Cash A/c 10000 (Being receipt no.489) 01.04.2002 Rent A/c Dr. 10000 To Cash A/c 10000 (Being cash paid to office rent) 01.04.2002 Staff Salary A/c Dr. 6000 To Cash A/c 6000 (Being cash paid to salary) 01.04.2002 Ram Wood Works A/c Dr. 125000 To P.N. Bank A/c 125000 ( Being cheque no 701601) 01.04.2002 H. P. Ltd. A/c Dr. 65000 To P. N. Bank A/c 65000 (Being cheque no. 701602) 01.04.2002 Office exp. A/c Dr. 5000 To Cash A/c 5000 (being Cash paid for tea & refresment material memo no. 993) 02.04.2002 Purchases A/c Dr. 575000 To A.C.C. Ltd. A/c 575000 (Being bill no. 853) 02.04.2002 Purchases A/c Dr. 375000 To J.K. White Cement Ltd. A/c 375000 (Being bill no. 909) 02.04.2002 Advertisement A/C Dr. 5000 To Cash A/c 5000 (Being Cash memo no. 2212) 02.04.2002 Cash A/c Dr. 15000 To Sales A/c 15000 (Being bill no. 801) 02.04.2002 Deepak Kumar A/c Dr. 25000 To Sales A/c 25000 (Being bill no. 802) 02.04.2002 Rent A/c Dr. 10000 To P.N. Bank A/c 10000 (Being cheque no. 701603) 02.04.2002 Staff Salary A/c Dr. 7000 To Cash A/c 7000 (Being Salary paid) 02.04.2002 Telephone Exp. A/c Dr 3000 To Cash A/c 3000 (Being receipt no. 453521) 02.04.2002 Electricity Bill A/c Dr. 3000 To P.N. Bank A/c 3000 (Being cheque no. 701604) 02.04.2004 Cash A/c Dr. 20000 To Deepak kumar A/c 20000 (Being cash receipt no. 102) 03.04.2002 Cyber City A/c Dr. 175000 To Sales A/c 175000 (Being bill no. 803) 03.04.2002 P. N. Bank A/c Dr. 30000 To Cyber City A/c 30000 (Being cheque no. 601602) 03.04.2002 Cash A/c Dr. 20000 To Cyber City A/c 20000 (Being Cash receipt no. 103) 03.04.2002 Pandhir Agency A/c Dr. 55000 To Sales A/c 55000 (Being bill no. 804) 03.04.2002 Purchases A/c Dr. 350000 To A.C.C. Ltd 350000 (Being bill no. 382) 03.04.2002 A.C.C. Ltd. Dr. 400000 To P.N. Bank a/c 400000 (Being cgeque no. 701605) 03.04.2002 Rent A/c Dr. 10000 To P.N. Bank A/c 10000 (Being cheque no. 701606) 03.04.2002 Tea Exp. A/c Dr. 1000 To Cash A/c 1000 (Being cash paid for tea) 03.04.2002 P.N. Bank A/c Dr. 55000 To Pandhir Agency A/c 55000 (Being cheque no. 811901) 03.04.2002 Laser Printer A/c Dr. 4000 To Cash A/c 4000 (Being bill no. 345) 04.04.2002 Car A/c Dr. 325000 To Pasco India Ltd. A/c 325000 (Being Bill no. 5110) 04.04.2002 Cash A/c Dr. 500000 To Capital A/c 500000 (Being cash from A K Sharma) 04.04.2002 Purchases A/c Dr. 350000 To J.K. White Cement Ltd. A/c 350000 (Being Bill no. 501) 04.04.2002 P.N. Bank A/c Dr. 400000 To Cash A/c 400000 (Being Cash deposited) 04.04.2002 J.K. White Cement Ltd. A/c Dr. 200000 To P.N. Bank A/c 200000 (Being cheque no. 701607) 04.04.2002 Rent A/c Dr. 10000 To P.N. Bank A/c 10000 (Being cheque no. 701607) 04.04.2002 Staff Salary A/c Dr. 8000 To Cash A/c 8000 (Being salary paid) 04.04.2002 Cash A/c Dr. 20000 To Sales A/c 20000 (Being bill no. 805) 04.04.2002 Deepak Kumar A/c Dr. 25000 To Sales A/c 25000 (Being bill no. 806) 04.04.2002 Cash A/c Dr. 20000 To Deepak Kumar A/c 20000 (Being cash receipt no. 103) 05.04.2002 P.N. Bank A/c Dr. 10000 To Deepak Kumar A/c 10000 (Being cheque no. 601608) 05.04.2002 Cash A/c Dr. 19000 To Sales A/c 19000 (Being bill no. 807) 05.04.2002 Cash A/c Dr. 25000 To P.N. Bank A/c 25000 (Being cheque no. 701609) 05.04.2002 Rent A/c Dr. 10000 To P.N. Bank A/c 10000 (Being cheque no. 701610) 05.04.2002 Office Exp. A/c Dr. 5000 To Cash A/c 5000 Being cash memo no. 2345) 05.04.2002 Pasco India Ltd. Dr. 200000 To P.N. Bank A/c 200000 (Being cheque no. 701611) 05.04.2002 Cash A/c Dr. 25000 To A K Sharma A/c 25000 05.04.2002 Electricity Exp. A/c Dr. 6000 To Cash A/c 6000 (Being electricity paid) 05.04.2002 Khan Transport co. A/c Dr. 9000 To Cash A/c 9000 Being transport carriage paid for dated-01.04.15 to 04.04.15) 05.04.2002 Cash A/c Dr. 20000 To Sales A/c 20000 (Being bill no. 808) |
| 21-11-2018 | Roll of Work Structure | In this video ROLL OF WORK STRUCTURE , I HAVE CLEARLY LEARNED ABOUT THE SCOPE , RELEVANCE, ROLE OF WORK STRUCTURE IN DIFFERENT BUSINESS ORGANISATIONS. ROLE OF WORK STRUCTURE DIFFERS FROM DIFFERENT BUSINESS ORGANISATION. FOR ACCOUNTING WORK , IN ANY BUSINESS ORGANISATION STARTS WITH i.e. the primary stage is writing accounts books then after reports and taxation and so on. the books of accounts includes JOURNAL, CASH BOOK, GENERAL LEDGER, PURCHASE , SALES, DEBTORS , CREDITORS, BANK, INVENTORY AND PAYROLL BOOKS BASED ON THE NEED AND WORK STRUCTURE THE ACCOUNTS BOOKS ARE PRIMARILY CLASSIFIED INTO 2 TYPES 1. COMPULSORY BOOKS ( CASH BOOK, JOURNAL BOOK). 2. SECONDARY BOOKS ( LEDGER , TRIAL BALANCE , REPORTS , BALANCE SHEET). IN ANY ORGANISATION THE MAIN BOOKS OF ACCOUNTS ARE JOURNAL, CASH , LEDGER. THESE BOOKS OF ACCOUNTS ARE CALLED FINANCIAL BOOKS WHICH Are recorded for the particular financial year. hand written account books are called manual accounting entry software written accounts books are called computerised accounting. these financial books are written based on double entry system . a single person cant work on double entry system. work structure is like a doctor, and double entry system is like medicine. work structure helps in identifying the types of transactions where as double entry system helps in finding the solutions to the transactions of financial nature. TYPES OF TRANSACTIONS IN DIFFERS IN DIFFERENT BUSINESS ORGANISATIONS BASED ON WORK STRUCTURE BUSINESS ORGANISATIONS HAVE BEEN DIVIDED INTO 3 TYPES NAMELY 1.TRADING 2.MANUFACTURING 3.SERVICES BASED ON PRODUCT AND COMPANY RELATION WORK CIRCLE IS DEFINED TYPES OPF TRANSACTIONS IN 3 DIFGFERENT BUSINESS ORGANISATION TRADING :MAINLY UNDER TRADING THE FOLLOWING ARE THE MAIN A) 1. PURCHASES; any thing purchase with the resale point of view 2.EXPENSES; the amount which is spent for services acquiring and which is not RECOVERED in the form of cashs. SALES; SELLING of purchased goods FOR PROFIT. 4.RECEIPTS; inflow of money 5. PAYMENTS; outflow of money B) 1. BALANCE SHEET C)1. FIXED Assets; ANY ASSET WHOOSE LIFE IS MORE THAN 1 YEAR AND NOT FOR RESAle. 2. CAPITAL;IF THE BUSINESS GET INVESTMENT FROM THE OWNER 3. LOANS ; SECURED AND AND UNSECURED LOANS . IF THE BUSINESS GETS THE INVESTMENT FROM OTHERS NAMELY RELATIVES FREINDS AND BANKS ARE CALLED LOANS. IF WE TAKE FROM BANKS THEN IT IS SECURED LOANS. IF WE TAKE FROM FRIENDS RELATIVES THEN IT IS UNSECURED LOANS in services industry there is no purchase and sales remaining and all same in manufacturing and services. more than 97 % the main things availiable in all the major business org are PURCHASES , EXPENSES, SALES, RECEIPTS, PAYMENTS. THANK YOU VERY SIR WONDERFUL CONCEPTS . CLEAR EXPLANATION |
| 19-08-2018 | Manual Book Writing - Primary Books | Cash book is a primary books of entry. It is a subsidiary books or it is also known as helping books. Cash book does not provide any information except cash. Cash is written as date wise. At the end of every date cash book is closed. Manual book keeping Journal cashbook ledger Debit. Payment. Debit Credit. Receipt. Credit Project of India cement trading co. Preparing cash book. Receipt Date particulars Amt. Total 1.4.02 A.k. sharma Capital a/c. 1000000 Being cash received as capital. 1.4.02 Ram wood Works. 175000 Bill no. 601. 1.4.02 H.p. ltd. 65000 Bill no. 886. 1.4.02 Punjab national Bank. 125000 Chq. No. 701601 1.4.02 Punjab national Bank. 65000 Chq. No. 701602. Total. 1000000 430000 Payment Date particulars Amt. Total 1.4.02 Punjab national Bank. 800000 Cash deposited. 1.4.02 Office furniture And fixture. 175000 Bill no. 601. 1.4.02 Computer and Printer accessories 65000 Bill no. 886. 1.4.02 Advertisement Receipt no. 484 10000 1.4.02 Office rent 10000 Office rent paid 1.4.02 staff salary. 6000 Salary paid to staff 1.4.02 Ram wood works. 125000 Chq. No. 701601. 1.4.02 H.p. limited. 65000 Chq. No. 701602. 1.4.02 Staff tea expenses 5000 Vide memo no. 993. Closing balance 169000 Total. 1000000 430000 Receipt Date particulars Amt. Total 2.4.02 opening Balance. 169000 2.4.02 A.c.c.Ltd. 575000 Bill no. 853. 2.4.02 J.k.white cement Bill no. 909. 375000 2.4.02 sales 15000 Bill no. 801 2.4.02 sales. 25000 Bill no. 802. 2.4.02 P.n.Bank 10000 Chq. No. 701603 2.4.02 P.n. bank. 3000 Chq. No. 701604 2.4.02 Deepak Kumar 20000 C.r. no. 102. Total. 204000 988000 Payment Date particulars Amt Total 2.4.02 Purchases. 575000 Bill no. 853 2.4.02 Purchase. 375000 Bill no. 909 2.4.02 Advertisement 5000 Cash memo 2212. 2.4.02 Deepak Kumar. 25000 Bill no. 802. 2.4.02 Rent 10000 Chq. No. 701603 2.4.02 Staff salary 7000 Salary paid to staff 2.4.02 Telephone Expenses. 3000 Receipt no. 453521 2.4.02 Electricity. 3000 Chq. No. 701604 Closing Balance 189000 Total 204000 988000 Receipt Date particulars Amt Total 3.4.02 opening Balance. 189000 3.4.02. Sales. 175000 Bill no. 803. 3.4.02 cyber city. 30000 Chq. No. 601602 3.4.02 M/s cybercity C.r. no. 103. 20000 3.4.02 sales. 55000 Bill no. 804 3.4.02 M/s A.c.c. ltd. 35000 Bill no. 382 3.4.02 P.n. bank. 400000 Chq. No. 701605 3.4.02 P.n. bank 10000 Chq. No. 701606 3.4.02 Pandhir Agency Chq. No. 811901. 55000 Total. 209000 1075000 Payment Date particulars. Amt. Total 3.4.02 cyber city. 175000 Bill no. 803. 3.4.02 P.n. bank. 30000 Chq. No. 601602 3.4.02 M/s Pandhir Agency. 55000 Bill no. 804 3.4.02 purchases. 350000 Bill no. 382 3.4.02 M/s A.c.c. ltd. 400000 Chq. No. 701605 3.4.02 Rent 10000 Chq. No. 701606 3.4.02 Tea expenses 1000 Cash paid to tea expense 3.4.02 P.n.Bank 55000 Chq. No. 811901 3.4.02 Laser printer Bill no. 345. 4000 Closing balance 204000 Total. 209000 1075000 Receipt Date particulars Amt. Total 4.4.02 opening balance 204000 4.4.02 Pasco India ltd Bill no. 5110. 325000 4.4.02 A.k. sharma capital 500000 Received cash from A.k. sharma as additional capital 4.4.02 J.k. white ltd. 350000 Bill no. 501. 4.4.02 P.n.bank. 200000 Chq. No. 701607 4.4.02. P.n. Bank 10000 Chq. No. 701608 4.4.02 sales. 20000 Bill no. 805 4.4.04 Sales. 25000 Bill no. 806. 4.4.02 Deepak Kumar Receipt no. 103. 20000 Total 744000 910000 Payment Date particulars Amt. Total 4.4.02 Car. 325000 Bill no. 5110 4.4.02 Purchase. 350000 Bill no. 501 4.4.02 P.n. Bank. 400000 Being cash deposited. 4.4.02 J.k. white cement Chq. No. 701607. 200000 4.4.02 Rent 10000 Chq no. 701608 4.4.02 Staff salary 8000 Being staff salary paid 4.4.02 Deepak Kumar Bill no. 806. 25000 Closing balance 336000 Total. 744000 910000 Receipt Date particulars Amt. Total 5.4.02 Opening balance 336000 5.4.02 Deepak Kumar Chq. No. 601608. 10000 5.4.02 Sales. 19000 Bill no. 807 5.4.02 P.n. Bank 25000 Chq. No. 701609 5.4.02 P.n.Bank. 10000 Chq. No. 701610 5.4.02 P.n Bank. 200000 Chq. No. 701611 5.4.02 Sales. 20000 Bill no. 808. Total 400000 220000 Payment Date particulars Amt Total 5.4.02 P.n.bank 10000 Chq. No. 601608 5.4.02 Rent 10000 Chq. No. 701610 5.4.02 Staff tea expenses 5000 Cash memo no. 2345 5.4.02 Pasco India ltd. Chq. No. 701611. 200000 5.4.02 A.k. sharma capital 25000 Cash drawings 5.4.02 Electricity. 6000 Electricity expense 5.4.02 Carriage 9000 Cash paid for carriage. Closing balance 355000 Total. 400000 220000 |
| 29-06-2018 | Roll of Work Structure | Work structure is... Trading.... Manufacturing... Services.. Purchase.. Sale expens receipt and payment |
| 08-04-2018 | Journal Entry P-II | 1 |
| 08-04-2018 | Roll of Work Structure | 1 |
| 08-04-2018 | Double Entry System | 1 |
| 28-11-2017 | Journal Entry | i have learn how to write jounal entry using |
| 24-11-2017 | Basic Concept of Tally Software | Basic concept of tally. How to make voucher entries in tally. Six types of voucher in tally. |
| 27-10-2017 | Double Entry System | According to double entry system each transaction effects at least two or more accounts in term of Equal Debit and Equal Credit ,is known as Double entry System. As far as transaction is concerned only Financial Transactions which have Monetary Values can be recorded through Double entry system. Non financial transactions are not recorded in double entry system. So far Account is concerned Account is a name of Head / Header / Title or we can even say Group in which related transactions are recorded,for example Cash / Bank / Sale / Purchase / Rent / xyz ltd etc. For Debit & Credit we can say in accounting we use Debit or (Dr) instead of (+) & we use Credit or (Cr) instead of (-) symbols. Now there are three types of Accounts 1) Personal A/c. 2) Real A/c. 3) Nominal A/c. All accounts related to Person / Individual / Companies & Firms comes under Personal A/c. For exp. Ram A/c , Shyam A/c, ABC ltd A/c, XYZ co. A/c etc. Rule for Personal A/c. is = Debit (Dr) the Receiver & Credit (Cr) the Giver. All Accounts related to Cash / Bank /Goods ( Sales & Purchase ) and Fixed Assets comes under Real A/c. or we can say things which are Tangible or Touchable comes under Real A/c. Rule for Real A/c. is = Debit (Dr) What Comes In & Credit (Cr) what Goes Out. All Accounts related to Expenses / Losses / Incomes and Gains such as Rent / Interest / Salary etc. comes under Nominal A/c. Rule for Nominal Account is = Debit (Dr) all Expenses & Losses and Credit (Cr) all Incomes and Gains. |
| 10-10-2017 | Journal Entry P-II | PROJECT WORK INDIA CEMENT TRADING CO. SCO. 83, SECTOR 38, CHANDIGARH IT IS A PROPRIETORY COMPANY PROPRIETOR: SHR. A.K. SHARMA [NATURE OF BUSINESS: TRADER OF CEMENT AND AUTHORISED DEALER OF ACC AND J.K. CEMENT LTD] TRANSACTIONS OF THE COMPANY: 1.4.2002 RECEIVED CASH FROM A.K. SHARMA AS CAPITAL RS. 10,00,000/- CASH ACCOUNT RS. 10,00,000/- TO AK SHARMA CAPITAL ACCOUNT RS. 10,00,000/- (BEING CAPITAL BROUGHT IN BY CASH) 1.4.2002 CASH DEPOSITED IN PUNJAB NATIONAL BANK RS. 800000/- PUNJAB NATIONAL BANK A/C RS. 8,00,000/- TO CASH ACCOUNT RS. 8,00,000/- (BEING CASH DEPOSITED IN THE BANK) 1.4.2002 PURCHASE OFFICE FURNITURE FROM RAM WOOD WORKS ON CREDIT BILL NO. 601 RS. 1,75,000/- FURNITURE ACCOUNT RS. 1,75,000/- TO RAM WOOD WORKS RS. 1,75,000/- (BEING FURNITURE PURCHASED VIDE BILL NO. 601) 1.4.2002 PURCHASE COMPUTER AND PRINTER FROM H.P.LTD ON CREDIT BILL NO. 886 RS. 65,000/- COMPUTER AND PRINTER ACCOUNT RS. 65,000/- TO H.P. LTD RS. 65,000/- (BEING COMPUTER & PRINTER PURCHASED AGAINST BILL NO: 886) 1.4.2002 CASH PAID FOR ADVERTISEMENT IN NEWS PAPER RCPT NO. 489 RS. 10,000/- ADVERTISEMENT EXPENSES ACCOUNT RS. 10,000/- TO CASH ACCOUNT RS. 10,000/- (BEING CASH PD FOR ADVERTISEMENT IN NEWSPAPER VIDE RCPT NO. 489) 1.4.2002 OFFICE RENT CASH PAID TO MR. RAJ MALHOTRA RS. 10000/- OFFICE RENT ACCOUNT RS. 10,000/- TO CASH ACCOUNT RS. 10,000/- (BEING RENT PD IN CASH TO MR. RAJ MALHOTRA) 1.4.2002 CASH PAID FOR SALARY PAYMENT TO STAFF RS. 6,000/- STAFF SALARY ACCOUNT RS. 6,000/- TO CASH ACCOUNT RS. 6,000/- (BEING STAFF SALARY PD IN CASH) 1.4.2002 CHEQUE NO. 701601 ISSUED TO RAM WOOD WORKS FROM PN BANK RS. 1,25,000/- RAM WOOD WORKS ACCOUNT RS. 1,25,000/- TO PN BANK ACCOUNT RS. 1,25,000/- (BEING CHQUE NO. 701601 ISSUED TO RAM WOOD WORKS AGAINST BILL NO.601) 1.4.2002 CHEQUE NO. 701602 ISSUED TO H.P. LTD FROM P.N. BANK RS. 65,000/- H.P. LTD ACCOUNT RS. 65,000/- TO PN BANK ACCOUNT RS. 65,000/- (BEING CHEQUE 701602 ISSUED AGAINST BILL NO. 886) 1.4.2002 CASH PAID FOR TEA AND OTHER REFRESHMENT MATERIAL FOR STAFF VIDE MEMO NO. 993 RS. 5000/- STAFF WELFARE EXPENSES A/C RS. 5000/- TO CASH ACCOUNT RS. 5,000/- (BEING PAID FOR TEA AND OTHER REFRESHMENT MATERIAL FOR STAFF IN CASH VIDE MEMO NO. 993) ---------------------------------------------------------------------------------------------------- 2.4.2002 PURCHASE GREY CEMENT FROM M/S. A.C.C. LTD BILL NO. 853 RS. 5,75,000/- PURCHASE ACCOUNT RS. 5,75,000/- TO M/S. ACC LTD ACCOUNT RS. 5,75,000/- (BEING GREY CEMENT PURCHASED AGAINST NO. 853) 2.4.2002 PURCHASE WHITE CEMENT FROM M/S. JK WHITE CEMENT LTD. BILL NO. 909 RS. 3,75,000/- PURCHASE ACCOUNT RS. 3,75,000/- TO M/S. JK WHITE CEMENT LTD RS. 3,75,000/- (BEING WHITE CEMENT PURCHASED VIDE BILL NO. 909) 2.4.2002 CASH PAID FOR ADVERTISEMENT IN NEWS PAPERS CASH MEMO NO. 2212 RS. 5000/- ADVERTISEMENT EXPENSES RS. 5, 000/- TO CASH ACCOUNT RS. 5,000/- (BEING ADVERTISEMENT IN NEWSPAPERS PAID IN CASH VIDE MEMO NO. 2212) 2.4.2002 GREY CEMENT CASH SOLD BILL NO. 801 RS. 15,000/- CASH ACCOUNT RS. 15,000/- TO SALES ACCOUNT RS. 15,000/- (BEING GREY CEMENT SOLD VIDE VILL NO. 801) 2.4.2002 WHITE CEMENT SOLD TO DEEPAK KUMAR ON CREDIT BILL NO. 802 RS. 25,000/- DEEPAK KUMAR ACCOUNT RS. 25,000/- TO SALES ACCOUNT RS. 25,000/- (BEING WHITE CEMENT SOLD VIDE BILL NO. 802) 2.4.2002 CEQUE NO. 701603 ISSUED FROM PN BANK IN FAVOUR OF MR. RAJ MALHOTRA FOR RENT RS. 10000/- RENT ACCOUNT RS. 10,000/- TO P.N. BANK ACCOUNT RS. 10,000/- (BEING CHEQUE NO. 701603 TO RAJ MALHOTRA ISSUED TOWARDS RENT) 2.4.2002 STAFF SALARY CASH PAID RS. 7000/- STAFF SALARY ACCOUNT RS. 7000/- TO CASH ACCOUNT RS. 7,000/- (BEING STAFF SALARY PAID IN CASH) 2.4.2002 TELEPHONE EXPENSES CASH PAID RECEIPT NO. 453521 RS. 3,000/- TELEPHONE EXPENSES ACCOUNT RS. 3,000/- TO CASH ACCOUNT RS. 3,000/- (BEING TELEPHONE CHARGES PAID IN CASH VIDE RCPT NO. 453521) 2.4.2002 CHEQUE NO. 701604 ISSUED FOR ELECTRICITY BILL FROM P.N. BANK RS. 3000/- ELECTRICITY CHARGES ACCOUNT RS. 3,000/- TO P.N. BANK ACCOUNT RS. 3,000/- (BEING ELECTRICITY CHARGES PAID BY CHEQUE NO. 701604) 2.4.2002 CASH RECEIVED FROM DEEPAK KUMAR CR. NO. 102 RS. 20,000/- CASH ACCOUNT RS. 20,000/- TO DEEPAK KUMAR ACCOUNT RS. 20,000/- (BEING CASH RCD VIDE RCPT NO. 102 AGAINST BILL NO. 802) ________________________________________________________________________ 3.4.2002 CEMENT SOLD TO M/S. CYBER CITY ON CREDIT BILL NO. 803 RS. 1,75,000/- M/S CYBER CITY ACCOUNT RS. 1,75,000/- TO SALES ACCOUNT RS. 1,75,000/- (BEING CEMENT SOLD AGAINST BILL NO. 803) 3.4.2002 CHEQUE NO. 601602 RECEIVED FROM CYBER CITY AND DEPOSITED IN PN BANK RS. 30000/- PN BANK ACCOUNT RS. 30,000/- TO CYBER CITY ACCOUNT RS. 30,000/- (BEING CHEQUE NO. 601602 RCD AGAINST BILL NO. 803) 3.4.2002 CASH RECEIVED FROM M/S. CYBER CITY CR. NO. 103 RS. 20,000/- CASH ACCOUNT RS. 20,000/- TO M/S. CYBER CITY ACCOUNT RS. 20,000/- (CASH RCD VIDE CR NO. 103 AGAINST BILL NO. 803) 3.4.2002 CEMENT SOLD TO M/S. PANDHIR AGENCY BILL NO. 804 RS. 55,000/- PANDHIR AGENCY ACCOUNT RS. 55,000/- TO SALES ACCOUNT RS. 55,000/- (CEMENT SOLD AGAINST BILL NO. 804) 3.4.2002 CEMENT PURCHASE FROM M/S. ACC LTD BILL NO. 382 RS. 3,50,000/- PURCHASE ACCOUNT RS. 3,50,000/- TO M/S.ACC LTD RS. 3,50,000/- (CEMENT PURCHASED AGAINST BILL NO. 382) 3.4.2002 CHEQUE NO. 701605 ISSUED IN FAVOUR OF M/S. A.C.C. LTD FROM PN BANK RS. 4,00,000/- M/S. A.C.C. LTD ACCOUNT RS. 4,00,000/- TO P.N. BANK ACCOUNT RS. 4,00,000/- (BEING CHEQUE NO. 701605 ISSSUED AGAINST BILL NO. 382) 3.4.2002 CHEQUE NO. 701606 ISSUED FROM P.N. BANK FOR RENT TO MR. RAJ MALHOTRA RS. 10,000/- RENT ACCOUNT RS. 10,000/- TO PN BANK ACCOUNT RS. 10,000/- (BEING CHEQUE NO. 701606 ISSUED TO MR. RAJ MALHOTRA TOWARDS RENT) 3.4.2002 TEA EXPENSES CASH PAID RS. 1000/- STAFF WELFARE EXPENSES A/C RS. 1,000/- TO CASH ACCOUNT RS. 1,000/- (BEING CASH PD TOWARDS TEA EXPENSES) 3.4.2002 CHEQUE NO. 811901 RECEIVED FROM PANDHIR AGENCY AND DEPOSITED IN P.N. BANK. RS. 55,000/- PN BANK ACCOUNT RS. 55,000/- TO PANDHIR AGENCY RS. 55,000/- (BEING CHEQUE NO. 811901 RCD AGAINST BILL NO. 804) 3.4.2002 PURCHASE LASER PRINTER FROM M/S. OST LTD ON CASH PAYMENT AGAINST RCPT NO. 345 RS. 4000/- PRINTER ACCOUNT RS. 4,000/- TO CASH ACCOUNT RS. 4,000/- (BEING LASER PRINTER PURCHASED FROM. M/S. OST LTD AGAINST CASH RCPT NO.345) 4.4.2002 CAR PURCHASE FOR OFFICE USE FROM PASCO INDIA LTD BILL NO. 5110 RS. 3,25,000/- CAR ACCOUNT RS. 3,25,000/- TO PASCO INDIA LTD RS. 3,25,000/- (BEING CAR PURCHASED AGAINST BILL NO. 5110) 4.4.2002 RECEIVED CASH FROM A.K. SHARMA PROPRIETOR AS ADDITIONAL CAPITAL RS. 5,00,000/- CASH ACCOUNT RS. 5,00,000/- TO A.K. SHARMA CAPITAL ACCOUNT RS. 5,00,000/- (BEING CASH BROUGHT IN AS ADDITIONAL CAPITAL) 4.4.2002 WHITE CEMENT PURCHASE FROM J.K. CEMENT LTD BILL NO. 501 RS. 3,50,000/- PURCHASE ACCOUNT RS. 3,50,000/- TO J.K. CEMENT LTD RS. 3,50,000/- (BEING WHITE CEMENT PURCHASED AGAINST BILL NO. 501) 4.4.2002 CASH DEPOSITED IN PN BANK RS. 4,00,000/- PN BANK ACCOUNT RS. 4,00,000/- TO CASH ACCOUNT RS. 4,00,000/- (BEING CASH DEPOSITED INTO BANK) 4.4.2002 CHEQUE NO. 701607 ISSUED FROM PN BANK IN FAVOR OF J.K. WHITE CEMENT LTD RS. 2,00,000/- J.K. WHITE CEMENT ACCOUNT RS, 2,00,000/- TO PN BANK ACCOUNT RS. 2,00,000/- (BEING CHEQUE NO. 701607 ISSUED AGAINST BILL NO. 909) 4.4.2002 CHEQUE NO. 701608 ISSUED FROM PN BANK FOR FOR RENT IN FAVOR OF MR. RAJ MALHOTRA RS. 10000/- RENT ACCOUNT RS. 10,000/- TO P.N. BANK ACCOUNT RS. 10,000/- (BEING RENT PD VIDE CHEQUE NO. 701608 TO MR. RAJ MALHOTRA) 4.4.2002 STAFF SALARY CASH PAID RS. 8,000/- STAFF SALARY ACCOUNT RS. 8,000/- TO CASH ACCOUNT RS. 8,000/- (BEING CASH PD TOWARDS STAFF SALARY) 4.4.2002 WHITE CEMENT CASH SOLD TO RAMESH KUMAR BILL NO. 805 RS. 20000/- SALES ACCOUNT RS. 20,000/- TO CASH ACCOUNT RS. 20,000/- (BEING WHITE CEMENT SOLD FOR CASH AGAINST BILL NO. 805) 4.4.2002 CEMENT SOLD TO DEEPAK KUMAR BILL NO. 806 RS. 25000/- DEEPAK KUMAR ACCOUNT RS. 25,000/- TO SALES ACCOUNT RS. 25,000/- (BEING CEMENT SOLD AGAINST BILL NO. 806) 4.4.2002 CASH RECEIVED FROM DEEPAK KUMAR CASH RECEIPT NO. 103 RS. 20,000/- CASH ACCOUNT RS. 20,000/- TO DEEPAK KUMAR ACCOUNT RS. 20,000/- (BEING CASH RCD AGAINST BILL NO. 802 BAL OF RS. 5000/- AND RS. 15000/- AGAINST BILL NO. 806) _________________________________________________________________________ 5.4.2002 CHEQUE NO. 601608 RECEIVED DEEPAK KUMAR AND DEPOSITED IN PN BANK RS. 10,000/- PN BANK ACCOUNT RS. 10,000/- TO DEEPAK KUMAR RS. 10,000/- (BEING CHEQUE NO. 601608 RCD FROM DEEPAK KUMAR AGAINST BILL NO: 806 DEPOSITED INTO THE BANK) 5.4.2002 CEMENT CASH SOLD TO M/S. RAVI AGENCY ON CASH PAYMENT BILL NO. 807 RS. 19,000/- CASH ACCOUNT RS. 19,000/- TO SALES ACCOUNT RS. 19,000/- (BEING CEMENT SOLD TO M/S. RAVI AGENCY VIDE RCPT NO. 807) 5.4.2002 CASH WITHDRAWN FROM P.N. BANK VIDE CHEQUE NO. 701609 RS. 25,000/- CASH ACCOUNT RS. 25,000/- TO PN BANK ACCOUNT RS. 25,000/- (BEING CASH WITHDRAWN FROM BANK VIDE CHEQUE NO. 701609) 5.4.2002 CHEQUE NO. 701610 FROM PN BANK ISSUED IN FAVOR OF MR. RAJ MALHOTRA FOR RENT RS. 10,000/- RENT ACCOUNT RS. 10,000/- TO PN BANK ACCOUNT RS. 10,000/- (BEING CHEQUE NO. 701610 ISSUED TO MR. RAJ MALHOTRA TOWARDS RENT) 5.4.2002 CASH PAID FOR TEA AND OTHER CATABLE ITEMS FOR STAFF CASH MEMO NO. 2345 RS. 5,000/- STAFF WELFARE ACCOUNT RS. 5,000/- TO CASH ACCOUNT RS. 5,000/- (BEING CASH PAID TOWARDS TEA AND EXPENSES AND CATABLE ITEMS VIDE CASH MEMO NO. 2345) 5.4.2002 CHEQUE NO. 701611 ISSUED FROM PN BANK IN FAVOR OF PASCO INDIA LTD RS. 2,00,000/- PASCO INDIA LTD RS. 2,00,000/- TO PN BANK ACCOUNT RS. 2,00,000/- (BEING CHEQUE 701611 ISSUED TO PASCO LTD AGAINST BILL NO. 5110) 5.4.2002 CASH WITHDRAWN BY A.K. SHARMA FOR PERSONAL USE RS. 25,000/- CASH ACCOUNT RS. 25,000/- TO DRAWINGS ACCOUNT RS. 25,000/- (BEING CASH WITHDRAWN BY MR. AK SHARMA FOR PERSONAL USE) 5.4.2002 ELECTRICITY EXPENSE CASH PAID RS. 6,000/- ELECTRICITY EXPENSES ACCOUNT RS. 6,000/- TO CASH PAID RS. 6,000/- (BEING ELECTRICITY EXPENSES PAID BY CASH) 5.4.2002 CASH PAID TO KHAN TRANSPORT CO. FOR CARRIAGE OF CEMENT FOR DATED 01.04.2002 TO 04.04.2002 RS. 9000/- TRANSPORTATION CHARGES ACCOUNT RS. 9,000/- TO CASH ACCOUNT RS. 9,000/- (BEING CASH PD TO KHAN TRANSPORT CO FROM 01.04.2002 TO 04.04.2002 TOWARDS TRANSPORTATION CHARGES) 5.4.2002 CEMENT CASH SOLD TO P.K. GUPTA BILL NO. 808 RS. 20000/- CASH ACCOUNT RS. 20,000/- TO SALES ACCOUNT RS. 20,000/- (BEING CASH SALES MADE TO PK GUPTA AGAINST BILL NO. 808) |
| 16-09-2017 | Journal Entry | In accountancy journal entry is a part of it. it is a simply a way of transaction into items of accounting journals. it may comprise of debit or credit which should be balanced or equal to each other else it is said as unbalanced. in accounting software of journal entry we can enter through a separate module from payable account. |
| 02-09-2017 | Monthly Return GSTR-1 : Prepare Online & Upload Invoice | According to this class we discussed about gstr 1 return of goods and service tax related to outward supplies of tax payer to preparing online we have to first log In than go to dashboard than select tax period than gstr 1 and we have to add all of sales invoice in total value of bill total taxable value than rate supplier gstn so on and HSN code summery |
| 13-08-2017 | Manual Book Writing - Final Books | ACCOUNT OF: Punjab National Bank A/c Page No.: DATE PARTICULARS FOLIO NO. DEBIT RS. CREDIT RS. DR. CR. BALANCE RS. 01-04-02 To Cash Deposited. 800,000.00 01-04-02 By Cheque No. 701601 125,000.00 01-04-02 By Cheque No. 701602 65,000.00 DR 610,000.00 02-04-02 By Cheque No. 701603 10,000.00 02-04-02 By Cheque No. 701604 3,000.00 DR 597,000.00 03-04-02 To Cheque No. 601602 30,000.00 03-04-02 To Cheque No. 811901 55,000.00 DR 682,000.00 03-04-02 By Cheque No. 701605 400,000.00 03-04-02 By Cheque No. 701606 10,000.00 DR 272,000.00 04-04-02 To Cash Deposited. 400,000.00 DR 672,000.00 04-04-02 By Cheque No. 701607 200,000.00 04-04-04 By Cheque No. 701608 10,000.00 462,000.00 05-04-02 To Cheque No. 601608 10,000.00 DR 472,000.00 05-04-02 By Cheque No. 701609 25,000.00 DR 05-04-02 By Cheque No. 701610 10,000.00 DR 05-04-02 By Cheque No. 701611 200,000.00 DR 237,000.00 ACCOUNT OF: Furniture and Fixture A/c Page No.: DATE PARTICULARS FOLIO NO. DEBIT RS. CREDIT RS. DR. CR. BALANCE RS. 01-04-02 To Bill No. 601 175,000.00 DR 175,000.00 ACCOUNT OF: Computer and Accessary A/c Page No.: DATE PARTICULARS FOLIO NO. DEBIT RS. CREDIT RS. DR. CR. BALANCE RS. 01-04-02 To Bill No. 886 65,000.00 DR 65,000.00 03-04-02 To Bill No. 345 4,000.00 DR 69,000.00 ACCOUNT OF: Advertisement Exp. A/c Page No.: DATE PARTICULARS FOLIO NO. DEBIT RS. CREDIT RS. DR. CR. BALANCE RS. 01-04-02 To C.R. No. 489 10,000.00 DR. 10,000.00 02-04-02 To C.Memo No. 2212 5,000.00 DR. 15,000.00 ACCOUNT OF: Rent A/c Page No.: DATE PARTICULARS FOLIO NO. DEBIT RS. CREDIT RS. DR. CR. BALANCE RS. 01-04-02 To Cash paid to Mr. Malhotra 10,000.00 DR. 10,000.00 02-04-02 To Cheque No. 701603 10,000.00 DR. 20,000.00 03-04-02 To Cheque No. 701606 10,000.00 DR. 30,000.00 04-04-02 To Cheque No. 701608 10,000.00 DR. 40,000.00 05-04-02 To Cheque No. 701610 10,000.00 DR. 50,000.00 ACCOUNT OF: Staff Salary A/c Page No.: DATE PARTICULARS FOLIO NO. DEBIT RS. CREDIT RS. DR. CR. BALANCE RS. 01-04-02 To Cash Paid 6,000.00 DR 6,000.00 02-04-02 To Cash Paid 7,000.00 DR 13,000.00 04-04-02 To Cash Paid 8,000.00 DR 21,000.00 ACCOUNT OF: Ram Wood Works A/c Page No.: DATE PARTICULARS FOLIO NO. DEBIT RS. CREDIT RS. DR. CR. BALANCE RS. 01-04-02 To Cheque No. 701601 125,000.00 01-04-02 By Bill No. 601 175,000.00 CR. 50,000.00 ACCOUNT OF: H.P. Limited A/c Page No.: DATE PARTICULARS FOLIO NO. DEBIT RS. CREDIT RS. DR. CR. BALANCE RS. 01-04-02 To Cheque No. 701602 65,000.00 01-04-02 By Bill No. 886 65,000.00 .. - ACCOUNT OF: Tea and Refreshment A/c Page No.: DATE PARTICULARS FOLIO NO. DEBIT RS. CREDIT RS. DR. CR. BALANCE RS. 01-04-02 To Memo No. 993 5,000.00 DR. 5,000.00 03-04-02 To Cash Paid 1,000.00 DR. 6,000.00 05-04-02 To C.Memo No. 2345 5,000.00 DR. 11,000.00 ACCOUNT OF: A.K. Sharma Capital A/c Page No.: DATE PARTICULARS FOLIO NO. DEBIT RS. CREDIT RS. DR. CR. BALANCE RS. 01-04-02 By Cash Received 1,000,000.00 CR. 1,000,000.00 04-04-02 By Cash Received 500,000.00 CR. 1,500,000.00 05-04-02 To Cash Drawings. 25,000.00 CR. 1,475,000.00 Account of: Purchase A/c Page No.: DATE PARTICULARS FOLIO NO. DEBIT RS. CREDIT RS. DR. CR. BALANCE RS. 02-04-02 To Bill No. 853 575,000.00 02-04-02 To Bill No. 909 375,000.00 DR 950,000.00 03-04-02 To Bill No. 382 350,000.00 DR 1,300,000.00 04-04-02 To Bill No. 501 350,000.00 DR 1,650,000.00 Account of: Deepak Kumar A/c Page No.: DATE PARTICULARS FOLIO NO. DEBIT RS. CREDIT RS. DR. CR. BALANCE RS. 02-04-02 To Bill No. 802 25,000.00 02-04-02 By C.R.No.102 20,000.00 DR. 5,000.00 04-04-02 To Bill No. 806 25,000.00 DR. 30,000.00 04-04-02 By C.R. No. 103 20,000.00 DR. 10,000.00 05-04-02 By Cheque No. 601608 10,000.00 DR. … Account of: Telephone Exp. A/c Page No.: DATE PARTICULARS FOLIO NO. DEBIT RS. CREDIT RS. DR. CR. BALANCE RS. 02-04-02 C.R.No. 453521 3,000.00 DR 3,000.00 Account of: Electricity Exp. A/c Page No.: DATE PARTICULARS FOLIO NO. DEBIT RS. CREDIT RS. DR. CR. BALANCE RS. 02-04-02 To Cheque No. 701604 3,000.00 DR 3,000.00 05-04-02 To Cash paid 6,000.00 DR 9,000.00 Account of: A.C.C. Limited A/c Page No.: DATE PARTICULARS FOLIO NO. DEBIT RS. CREDIT RS. DR. CR. BALANCE RS. 02-04-02 By Bill No. 853 575,000.00 CR 575,000.00 03-04-02 To Cheque No. 701605 400,000.00 CR 175,000.00 03-04-02 By Bill No. 382 350,000.00 CR 525,000.00 Account of: J.K. White Cement Limited A/c Page No.: DATE PARTICULARS FOLIO NO. DEBIT RS. CREDIT RS. DR. CR. BALANCE RS. 02-04-02 By Bill No. 909 375,000.00 CR 375,000.00 04-04-02 To Cheque No. 701607 200,000.00 CR 175,000.00 04-04-02 By Bill No. 501 350,000.00 CR 525,000.00 Account of: Sales A/c Page No.: DATE PARTICULARS FOLIO NO. DEBIT RS. CREDIT RS. DR. CR. BALANCE RS. 02-04-02 By Bill No.801 15,000.00 02-04-02 By Bill No.802 25,000.00 CR 40,000.00 03-04-02 By Bill No.803 175,000.00 03-04-02 By Bill No.804 55,000.00 CR 270,000.00 04-04-02 By Bill No.805 20,000.00 04-04-05 By Bill No.806 25,000.00 CR 315,000.00 05-04-02 By C.R.No.807 19,000.00 05-04-02 By Bill No.808 20,000.00 CR 354,000.00 Account of: Cyber City A/c Page No.: DATE PARTICULARS FOLIO NO. DEBIT RS. CREDIT RS. DR. CR. BALANCE RS. 03-04-02 To Bill No. 803 175,000.00 03-04-02 By Cheque No. 601602 30,000.00 03-04-02 By C.R. No. 103 20,000.00 DR 125,000.00 Account of: Pondhir Agency A/c Page No.: DATE PARTICULARS FOLIO NO. DEBIT RS. CREDIT RS. DR. CR. BALANCE RS. 03-04-02 To Bill No.804 55,000.00 03-04-02 By Cheque No. 811901 55,000.00 - Account of: Car A/c Page No.: DATE PARTICULARS FOLIO NO. DEBIT RS. CREDIT RS. DR. CR. BALANCE RS. 04-04-02 To Bill No. 5110 325,000.00 DR 325,000.00 Account of: Pasco India Limited A/c Page No.: DATE PARTICULARS FOLIO NO. DEBIT RS. CREDIT RS. DR. CR. BALANCE RS. 04-04-02 By Bill No. 5110 325,000.00 CR. 325,000.00 05-04-02 To Cheque No. 701611 200,000.00 CR. 125,000.00 Account of: Carriage Exp. A/c Page No.: DATE PARTICULARS FOLIO NO. DEBIT RS. CREDIT RS. DR. CR. BALANCE RS. 05-04-02 To Cash Paid for 1.1.15 to 4.4.15 9,000.00 DR 9,000.00 |
| 07-08-2017 | GST : Basic information, Concept & Registration | gst is combination of indirect taxes. central govt levies excise duty+ service tax+custom, where as state govt levies vat+ CSt+ +octtrai+entertainment tax. all these tax now became GST. in GST goods means every kind of movable property which are before supply or agree to supply. in GST services means any thing other than goods and activities relating to use of money for which separate consideration is charged. 3. organisatins are 3 types 1. manufacturing 2. trade. 3. services in GST is considering goods and services supply of goods and services 4.commodities not cved under GST are alchohal and petrolium products, stam duty property tax toll tax electricity duty 5. GST liability for registration turnover above 20 lakh. in north eastern state 10 lakhs 6.all existing VAT dealer registration granted provisional registration automatically they have submit require document with prescribed time failure to submit granted cancellation of gst number compostion scheme: whose aggregate turnover is below 75 lake composition scheme applicable to the manufacture and restarant. for manufacture 1% for traders 2% restarant 5%. RETURN quarterly GSTR 4, GSTR 9A. SLAB RATES 5%, 12% 18% 28% Cess upto 15% 7. 7. |
| 18-07-2017 | Bank Reconciliation - Manual | good explination about the reconcilation topic |
| 11-07-2017 | Computer Accounting Concept | Thanks cca |
| 09-07-2017 | VAT & CST Concept -1 | sales tax point of You business org. a) regd. dealer b) un regd dealer regd dealer is perso who get regd no from govt is regd dealer .. regestration is compusory normally above 5 to 10 lac business, manufacturing business also inter state busniness. state business below 5 lac they may be un regd dealer sales Items are two type 1 . taxable goods 2. tax free goods sales are two types 1. local sales 2. inter state sales sales tax are also two types 1. Local sales tax 2 . central Process of sales tax: Normally stock move from manufacture ---> whole sales---> dealer---> retailer--------------->consumer. sales happen 4 times but tax rule is only one time tax payble no dual tax. so manufacture will sales stock to regd or un regdwholesale dealer . state dealer or inter state dealer so depending upon if whole sales is un regd. he pay sales tax and manufactue deposit tax to govt. if wholesale dealer is regd dealer he wont pay tax he provide either c form or local form to manufactue. Like this whole sales how he paid tax dealer and retailer also do same dpending upon circumstances if the un regd. they pay tax if they regd they provide c form or local form. Ultimately retailer sales goods to consumer and consumer pay tax and retailer deposit the stock. clasififcation of sales tax 1. local sales tax 2.inter sales tax Local sales tax ---> un regd dealer full tax.. but regd dealer No tax local for he provides state tax Inter state sales tax---> regd daler 2% + C form 2. un regd dealer ---> 1% C form cental tax export no sales tax. |
| 06-07-2017 | BS - Project Entries Instructions - II | ok |
| 02-07-2017 | VAT Practical in Tally : Part - 3 | I am benefited |
| 01-07-2017 | Tally ERP 9 - Part -II | Alter company information: Company info on the side bar of screen---- select alter---if there is any mistake we can change comp. name add numbers. Can not change accounts only with accounts with inventory If there is no purchase or sales voucher entry then we can change it otherwise we have to delete the sales or purchase voucher then we can change it. We can change the date if we change our voucher date will not be change. Alter and delete accounts head: Gateway of tally----Masters----Account info----Ledger---Alter we can change account name, spellings of accounts add we alter all the information of account head . We can delete the account head if there is not voucher entry in this account Alter Transaction of journal entry: Display-----Trail Balance we can select the account head and enter it and change the voucher description if it wrong there are lots of way to alter the voucher we can alter through Day Book, though Account Book---through ledger , croup summary , group vouchers if we have to change of sales and purchase voucher it can be change through sale register if we want to change purchase from purchase register. |
| 29-06-2017 | GST - Type of Supply | Good |
| 28-06-2017 | Roll of Work Structure | Dear Sir, as i understand from your classes that i going to summarise on my words. Before decision of accounting we have understand the work structure of business organisation. So, each organisation have their own way of working structure that mean the maintaining of accounts also different according to their structure of work. business enterprises are categorise into trading, manufacturing and service industry and also their role of work structure different with each other. work structure is not a single reason but here working structure help to identity the procedure and with of that we works on double entry system. so now, defining the type of transaction on which company woks on. five important terms where the company mostly deal with i.e., purchases,sale,expenses, receipt and payment and others are capital, loans,fixed assets,current assets, balance sheet and etc. before discussion this terms , we define what is trading , manufacturing and services industry because the above the terms have different meaning according to this categorise of industry. trading means exchanges of good ,we buys from market and sell to market. i.e., buying and selling the goods. manufacturing means purchasing raw material and convert the raw material into finished good then sell to market. service industry means providing services like education,. capital amount invested by owner i.e, proprietor. fixed assets means any property or thing belong to business or business purpose and cannot convert to cash. balance sheet means to ascertain financial position of business at end of every financial year. purchases means in trading, material purchased for resale and sale means in trading selling of trading goods in which company deals. purchase means in manufacturing, purchasing of raw material and sale means in manufacturing, sales of finished goods. In service industry, purchase and sale terms are not used. expenses means spending for getting services. receipt means cash inflow in business and payment means cash outflow from business. |
| 12-06-2017 | Double Entry System | ACCORDING TO DOUBLE ENTRY SYSTEM EACH TRANSACTION EFFECT ATLEASET TWO ACCOUNTS INTERMS OF EQUAL DEBITS AND EQUAL CREDIT... |
| 12-05-2017 | Roll of Work Structure | thanks sir online class is very interesting and easily i understood |
| 28-03-2017 | Balance Sheet - Finalisation Part - III | learning balance sheet |
| 22-03-2017 | Journal Entry P-II | i solve the all entries and i understood concept. |
| 13-03-2017 | Journal Entry | No doubt. |
| 12-03-2017 | Journal Entry | No doubt. |
| 20-01-2017 | Tally Practical Class -4 ( Multiple Vat Rate ) | Excellent |
| 20-01-2017 | Tally Practical Class -5 ( Multiple Vat Rate ) | Excellent |
| 17-01-2017 | Tally Practical Class-2 ( Vat Account Setup ) | Excellent |
| 16-01-2017 | TDS on Salary - Part-1 | Excellent |
| 16-01-2017 | TDS on Salary - Part-1 | Excellent |
| 16-01-2017 | Journal Entry | To pass jounal entry, understanding of work structure of firm is very important to identify the correct head of accounts. Then need to follow rules of double entry system that each transaction effect atleast 2 accounts in terms of equal debit an credit and follow rules for different types of account like personal account, real account and nominal account. For personal account, dr the receiver and cr the giver. For real account, dr what comes in and cr what goes out. For nominal account, dr all expenses and cr all incomes. |
| 31-12-2016 | Business Reports | Thanks sir |
| 23-12-2016 | Business Reports | EXCELLENT |
| 09-12-2016 | Tally ERP -9 Practical | Ok |
| 07-12-2016 | Manual Book Writing - Primary Books | K |
| 26-11-2016 | Journal Entry P-II | Sir it was very nice classes |
| 26-10-2016 | EPF - Basic Information | Cleared |
| 19-10-2016 | Project Solutions | Note down again in manually. |
| 19-08-2016 | Roll of Work Structure | ROLL OF WORK STRUCTURE IS VERY IMPORTANS FOR BUSSINES ORGANIZATION PURPOSE. IDENTIFY ANY TRANSACTION RECORDED OF BUSSINES. FOR EXAMPLE. PURCHASE, SALE , EXPENSE ETC. TWO THINGS IS VERY IMPORTANS FOR ACCOUNTAN ONE IS A ROLL OF WORK STRUCTURE AND SECOND IS DOUBLE ENTRY SYSTEM.ALL OVER THE WORLD 3 TYPES BUSINESS 1. TRADING 2. MANUFACTURING 3.SERVICES |
| 24-07-2016 | Roll of Work Structure | Roll of Work Structure A company doing certain type of work , on the basis of that work we define work structure of that company . It is very important to identify the correct work structure of a company. If we identify the correct work structure it goes easy to us to write the correct books . On the basis of work structure we identify the process of certain accounts (i.e purchase / sales/expense/receipt/payment/capital/loan etc )working manner. For example meaning of purchase for a trading company is different to a manufacturing company and nature of transactions changes and items enlisted in different account books. Work structure is the key feature on which basis a company differentiate to another . A business organisation doing a certain type of jobs or works and on that basis we define the work structure of that particular company . For example , a company deals with electronic items and another one deals in real-state then the work structure of the companies is totally different the another one. On the basis of work structure we find mainly 3-types of business organisation- 1.Trading 2.Manufacturing 3.Servicing Then we say it is quite important to identify the correct work structure of a company to write the correct account books. |
| 11-07-2016 | Project Solutions | gud |