Kalp Accounting Learning Articles

MUMBAI PHOTOGRAPHY (Partnership) GSTIN -  27ACKFS7411M1Z5 Address : Film City Road,  Goregaon, Mumbai - 400065, Maharashtra Financial Year : 2023-24 (April' 2023 to March' 2024) Assessment Year : 2024-25 (April' 2024 to March' 2025) Date : 01/05/2023 (Transaction No. 11) Invoice No.1 issued to Mr.Rajendra Kumar, Mumbai for  ₹1,15,404/-(Taxable Value ₹97,800/- GST 18% Value  ₹17,604/- ) on account of his daughter's marriage photography & videography services. See Invoice/Bill details below. Journal Entry Steps to enter in TallyPrime Create Ledger Name 'Mr. Rajendra Kumar, Mumbai' under group 'Sundry Debtors'. Create Ledger Name 'Wedding Photo & Video A/c' under group 'Indirect Incomes'. Create Ledger Name 'CGST' under group 'Duties & Taxes'. Create Ledger Name 'SGST' under group 'Duties & Taxes'. Go to Voucher Entry Screen Press 'F8' or click on 'F8:Sales'  Press 'F2&

MUMBAI PHOTOGRAPHY (Partnership) GSTIN -  27ACKFS7411M1Z5 Address : Film City Road,  Goregaon, Mumbai - 400065, Maharashtra Financial Year : 2023-24 (April' 2023 to March' 2024) Assessment Year : 2024-25 (April' 2024 to March' 2025) Date : 01/05/2023 (Transaction No. 10) Paid  ₹2,315/- to Raja Stationery Shop vide Cash Memo No.986 towards purchase of office stationery. Journal Entry: Let's know how to enter the above transaction in TallyPrime Steps to enter in TallyPrime. Go to Voucher Entry Screen Press 'F5' or click on 'F5:Payment'  Press 'F2' or click on 'F2:Date' to enter Date of Voucher/Date of Transaction. Create Ledger Name 'Printing & Stationery A/c' under group 'Indirect Expenses' Place Debit Ledger and Credit Ledger Accounts with amount as mentioned in the image below. Press 'Ctrl+A' to Accept/Save Voucher. Now Voucher Entry for the above transaction is Complete.

MUMBAI PHOTOGRAPHY (Partnership) GSTIN -  27ACKFS7411M1Z5 Address : Film City Road,  Goregaon, Mumbai - 400065, Maharashtra Financial Year : 2023-24 (April' 2023 to March' 2024) Assessment Year : 2024-25 (April' 2024 to March' 2025) Select Debit and Credit Ledgers involved and pass necessary Journal Entries for the below mentioned Real Life Business Transactions. In these below mentioned transactions, all the answers are in the following order Step - 1 Debit and Credit Ledgers involved with mentioning type and flow of Ledger Accounts. Step - 2 Journal Entry Step - 3 Entry in TallyPrime Date : 01/05/2023 (Transaction No. 10) Paid  ₹2,315/- to Raja Stationery Shop vide Cash Memo No.986 towards purchase of office stationery. Debit Ledger : Printing & Stationery A/c In Traditional Approach - ' Printing & Stationery A/c ' is under type Nominal Account - Expense. In Modern Approach -  ' Printing & Stationery A/c' is under type Expenses Acco

  MUMBAI PHOTOGRAPHY (Partnership) GSTIN -  27ACKFS7411M1Z5 Address : Film City Road,  Goregaon, Mumbai - 400065, Maharashtra Financial Year : 2023-24 (April' 2023 to March' 2024) Assessment Year : 2024-25 (April' 2024 to March' 2025) Date : 02/04/2023 (Transaction No. 9) Purchased a Printer for ₹1,87,270/- from Sigma Digital Store vide Cash Memo No.1915, paid vide Chq No.100303 Journal Entry: Let's know how to enter the above transaction in TallyPrime Steps to enter in TallyPrime. Go to Voucher Entry Screen Press 'F5' or click on 'F5:Payment'  Press 'F2' or click on 'F2:Date' to enter Date of Voucher/Date of Transaction. Create Ledger Name 'Printer A/c' under group 'Fixed Assets' Place Debit Ledger and Credit Ledger Accounts with amount as mentioned in the image below. Press 'Ctrl+A' to Accept/Save Voucher. Now Voucher Entry for the above transaction is Complete.  

  MUMBAI PHOTOGRAPHY (Partnership) GSTIN -  27ACKFS7411M1Z5 Address : Film City Road,  Goregaon, Mumbai - 400065, Maharashtra Financial Year : 2023-24 (April' 2023 to March' 2024) Assessment Year : 2024-25 (April' 2024 to March' 2025) Date : 02/04/2023 (Transaction No. 8) Amount paid to Mr.Arjun Sekhar vide Chq No.100302 towards Electrical Fittings for  ₹2,37,560/-. Journal Entry: Let's know how to enter the above transaction in TallyPrime Steps to enter in TallyPrime. Go to Voucher Entry Screen Press 'F5' or click on 'F5:Payment'  Press 'F2' or click on 'F2:Date' to enter Date of Voucher/Date of Transaction. Create Ledger Name 'Electrical Fittings A/c' under group 'Fixed Assets' Place Debit Ledger and Credit Ledger Accounts with amount as mentioned in the image below. Press 'Ctrl+A' to Accept/Save Voucher. Now Voucher Entry for the above transaction is Complete.  

MUMBAI PHOTOGRAPHY (Partnership) GSTIN -  27ACKFS7411M1Z5 Address : Film City Road,  Goregaon, Mumbai - 400065, Maharashtra Financial Year : 2023-24 (April' 2023 to March' 2024) Assessment Year : 2024-25 (April' 2024 to March' 2025) Date : 02/04/2023 (Transaction No. 7) Purchased Computer for ₹98,900/- from Sigma Digital Store vide Cash Memo No.1903.  Journal Entry: Let's know how to enter the above transaction in TallyPrime Steps to enter in TallyPrime. Go to Voucher Entry Screen Press 'F5' or click on 'F5:Payment'  Press 'F2' or click on 'F2:Date' to enter Date of Voucher/Date of Transaction. Create Ledger Name 'Computer A/c' under group 'Fixed Assets' Place Debit Ledger and Credit Ledger Accounts with amount as mentioned in the image below. Press 'Ctrl+A' to Accept/Save Voucher. Now Voucher Entry for the above transaction is Complete.

MUMBAI PHOTOGRAPHY (Partnership) GSTIN -  27ACKFS7411M1Z5 Address : Film City Road,  Goregaon, Mumbai - 400065, Maharashtra Financial Year : 2023-24 (April' 2023 to March' 2024) Assessment Year : 2024-25 (April' 2024 to March' 2025) Date : 02/04/2023 (Transaction No. 6) Purchased a Camera for ₹3,21,875/- from Photo World Pvt. Ltd. vide Bill/CM No.3905 and paid vide Cheque No.100301 of HDFC Bank CA No.12456. Journal Entry: Let's know how to enter the above transaction in TallyPrime Steps to enter in TallyPrime. Go to Voucher Entry Screen Press 'F5' or click on 'F5:Payment'  Press 'F2' or click on 'F2:Date' to enter Date of Voucher/Date of Transaction. Create Ledger Name 'Camera A/c' under group 'Fixed Assets' Place Debit Ledger and Credit Ledger Accounts with amount as mentioned in the image below. Press 'Ctrl+A' to Accept/Save Voucher. Now Voucher Entry for the above transaction is Complete.  

MUMBAI PHOTOGRAPHY (Partnership) GSTIN -  27ACKFS7411M1Z5 Address : Film City Road,  Goregaon, Mumbai - 400065, Maharashtra Financial Year : 2023-24 (April' 2023 to March' 2024) Assessment Year : 2024-25 (April' 2024 to March' 2025) Date : 02/04/2023 (Transaction No. 5) Cash Deposited into HDFC Bank  Current Account No.00000012456 , Goregaon, Mumbai for ₹20,00,000/-. Journal Entry: Let's know how to enter the above transaction in TallyPrime Steps to enter in TallyPrime. Go to Voucher Entry Screen Press 'F4' or click on 'F4:Contra'  Press 'F2' or click on 'F2:Date' to enter Date of Voucher/Date of Transaction. Place Debit Ledger and Credit Ledger Accounts with amount as mentioned in the image below. Press 'Ctrl+A' to Accept/Save Voucher. Now Voucher Entry for the above transaction is Complete.  

  MUMBAI PHOTOGRAPHY (Partnership) GSTIN -  27ACKFS7411M1Z5 Address : Film City Road,  Goregaon, Mumbai - 400065, Maharashtra Financial Year : 2023-24 (April' 2023 to March' 2024) Assessment Year : 2024-25 (April' 2024 to March' 2025) Date : 02/04/2023 (Transaction No. 4) ₹97,600/- paid to M/s.Diwan Furniture as per CM No.577 towards purchase of Furniture & Fixtures. Journal Entry: Let's know how to enter the above transaction in TallyPrime Steps to enter in TallyPrime. Go to Voucher Entry Screen Press 'F5' or click on 'F5:Payment'  Press 'F2' or click on 'F2:Date' to enter Date of Voucher/Date of Transaction. Create Ledger Name 'Furniture & Fixtures A/c' under group 'Fixed Assets' Place Debit Ledger and Credit Ledger Accounts with amount as mentioned in the image below. Press 'Ctrl+A' to Accept/Save Voucher. Now Voucher Entry for the above transaction is Complete.  

  MUMBAI PHOTOGRAPHY (Partnership) GSTIN -  27ACKFS7411M1Z5 Address : Film City Road,  Goregaon, Mumbai - 400065, Maharashtra Financial Year : 2023-24 (April' 2023 to March' 2024) Assessment Year : 2024-25 (April' 2024 to March' 2025) Date : 02/04/2023 (Transaction No. 3) ₹14,200/- paid to M/s.Shivam Digital Printers as per CM No.1078 towards fixing Name Board outside office. Journal Entry:   Let's know how to enter the above transaction in TallyPrime Steps to enter in TallyPrime. Go to Voucher Entry Screen Press 'F5' or click on 'F5:Payment'  Press 'F2' or click on 'F2:Date' to enter Date of Voucher/Date of Transaction. Create Ledger Name 'Advertisement Expenses A/c' under group 'Indirect Expenses' Place Debit Ledger and Credit Ledger Accounts with amount as mentioned in the image below. Press 'Ctrl+A' to Accept/Save Voucher. Now Voucher Entry for the above transaction is Complete.  

  MUMBAI PHOTOGRAPHY (Partnership) GSTIN -  27ACKFS7411M1Z5 Address : Film City Road,  Goregaon, Mumbai - 400065, Maharashtra Financial Year : 2023-24 (April' 2023 to March' 2024) Assessment Year : 2024-25 (April' 2024 to March' 2025) Date : 02/04/2023 (Transaction No. 2) Opened a Current Account in HDFC Bank Limited, Goregaon, Mumbai by Depositing ₹25,000/-. Bank allotted Current Account No.00000012456  Journal Entry: Let's know how to enter the above transaction in TallyPrime Steps to enter in TallyPrime. Go to Voucher Entry Screen Press 'F4' or click on 'F4:Contra'  Press 'F2' or click on 'F2:Date' to enter Date of Voucher/Date of Transaction. Create Ledger Name 'HDFC Bank CA No.12456' under group 'Bank Accounts' Place Debit Ledger and Credit Ledger Accounts with amount as mentioned in the image below. Press 'Ctrl+A' to Accept/Save Voucher. Now Voucher Entry for the above transaction is Complete.

  MUMBAI PHOTOGRAPHY (Partnership) GSTIN -  27ACKFS7411M1Z5 Address : Film City Road,  Goregaon, Mumbai - 400065, Maharashtra Financial Year : 2023-24 (April' 2023 to March' 2024) Assessment Year : 2024-25 (April' 2024 to March' 2025) Date : 01/04/2023 (Transaction No. 1) Mr.Akshay and Mr.Amitabh agreed to start a Photography Service Business in Mumbai with Capital Investment equally at their own premises. a)     Land valued for ₹62,00,000/- (Mr.Akshay's share ₹31,00,000/-, Mr.Amitabh's share ₹31,00,000/-) Journal Entry:  Let's enter the above transaction using TallyPrime Steps to enter in TallyPrime Open TallyPrime and select 'Create Company'  Press 'Enter Key' and fill the required field as shown below. Press 'Enter Key' or Click on 'Yes' or Press 'Ctrl+A' to save. Select "Yes' on required features If more features are required, select 'Yes' on 'Show more features'  Select 'Yes' a