MUMBAI PHOTOGRAPHY
(Partnership)
GSTIN - 27ACKFS7411M1Z5
Address : Film City Road, Goregaon, Mumbai - 400065, Maharashtra
Financial Year : 2023-24 (April' 2023 to March' 2024)
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 : 01/04/2023 (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/-)
b) Building valued for ₹74,00,000/-(Mr.Akshay's share ₹37,00,000/-, Mr.Amitabh's share ₹37,00,000/-)
c) Cash for ₹28,00,000/-Mr.Akshay Invested ₹14,00,000/- by Cash.
Mr.Amitabh invested ₹14,00,000/- by Cash.
Major points mentioned in 'Partnership Deed'.
Share of Profit
Mr.Akshay : 50%
Mr.Amitabh : 50%
Interest on Capital : 12% p.a
a) Land valued for ₹62,00,000/-
Debit Ledger : Land A/c
In Traditional Approach - Land A/c is under type Real Account - Comes in.
In Modern Approach - Land A/c is under type Asset Account - Increases.
Credit Ledger :
Akshay Capital A/c
In Traditional Approach - Akshay Capital A/c is under Personal Account - Giver.
In Modern Approach - Akshay Capital A/c is under Capital Account - Increases.
Amitabh Capital A/c
In Traditional Approach - Amitabh Capital A/c is under Personal Account - Giver.
In Modern Approach - Amitabh Capital A/c is under Capital Account - Increases.
Journal Entry:
b) Building valued for ₹74,00,000/-
Debit Ledger : Building A/c
In Traditional Approach - Building A/c is under type Real Account - Comes in.
In Modern Approach - Building A/c is under type Asset Account - Increases.
Credit Ledger :
Akshay Capital A/c
In Traditional Approach - Akshay Capital A/c is under Personal Account - Giver.
In Modern Approach - Akshay Capital A/c is under Capital Account - Increases.
Amitabh Capital A/c
In Traditional Approach - Amitabh Capital A/c is under Personal Account - Giver.
In Modern Approach - Amitabh Capital A/c is under Capital Account - Increases.
Journal Entry:
c) Cash for ₹28,00,000/-
Debit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under type Real Account - Comes in.
In Modern Approach - Cash A/c is under type Asset Account - Increases.
Credit Ledger :
Akshay Capital A/c
In Traditional Approach - Akshay Capital A/c is under Personal Account - Giver.
In Modern Approach - Akshay Capital A/c is under Capital Account - Increases.
Amitabh Capital A/c
In Traditional Approach - Amitabh Capital A/c is under Personal Account - Giver.
In Modern Approach - Amitabh Capital A/c is under Capital Account - Increases.
Journal Entry:
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
Debit Ledger : HDFC Bank CA No.12456
In Traditional Approach - 'HDFC Bank CA No.12456' is under type Real Account - Comes in.
In Modern Approach - 'HDFC Bank CA No.12456' is under type Asset Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under type Real Account - Goes Out.
In Modern Approach - Cash A/c is under type Asset Account - Decreases.
Journal Entry:
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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.
Debit Ledger : Advertisement Expenses A/c
In Traditional Approach - 'Advertisement Expenses A/c' is under type Nominal Account - Expenses.
In Modern Approach - 'Advertisement Expenses A/c' is under type Expenses Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under type Real Account - Goes Out.
In Modern Approach - Cash A/c is under type Asset Account - Decreases.
Journal Entry:
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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.
Debit Ledger : Furniture & Fixtures A/c
In Traditional Approach - 'Furniture & Fixtures A/c' is under type Real Account - Comes In.
In Modern Approach - 'Furniture & Fixtures A/c' is under type Asset Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under type Real Account - Goes Out.
In Modern Approach - Cash A/c is under type Asset Account - Decreases.
Journal Entry:
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Date : 02/04/2023 (Transaction No. 5)
Cash Deposited into HDFC Bank Current Account No.00000012456 , Goregaon, Mumbai for ₹20,00,000/-.
Debit Ledger : HDFC Bank CA No.12456
In Traditional Approach - 'HDFC Bank CA No.12456' is under type Real Account - Comes in.
In Modern Approach - 'HDFC Bank CA No.12456' is under type Asset Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - Cash A/c is under type Real Account - Goes Out.
In Modern Approach - Cash A/c is under type Asset Account - Decreases.
Journal Entry:
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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.
Debit Ledger : Camera A/c
In Traditional Approach - 'Camera A/c' is under type Real Account - Comes in.
In Modern Approach - 'Camera A/c' is under type Asset Account - Increases.
Credit Ledger : HDFC Bank CA No.12456
In Traditional Approach - 'HDFC Bank CA No.12456' is under type Real Account - Goes Out.
In Modern Approach - 'HDFC Bank CA No.12456' is under type Asset Account - Decreases.
Journal Entry:
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Date : 02/04/2023 (Transaction No. 7)
Purchased Computer for ₹98,900/- from Sigma Digital Store vide Cash Memo No.1903.
Debit Ledger : Computer A/c
In Traditional Approach - 'Computer A/c' is under type Real Account - Comes in.
In Modern Approach - 'Computer A/c' is under type Asset Account - Increases.
Credit Ledger : Cash A/c
In Traditional Approach - 'Cash A/c' is under type Real Account - Goes Out.
In Modern Approach - 'Cash A/c' is under type Asset Account - Decreases.
Journal Entry:
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Date : 02/04/2023 (Transaction No. 8)
Amount paid to Mr.Arjun Sekhar vide Chq No.100302 towards Electrical Fittings for ₹2,37,560/-.
Debit Ledger : Electrical Fittings A/c
In Traditional Approach - 'Electrical Fittings A/c' is under type Real Account - Comes in.
In Modern Approach - 'Electrical Fittings A/c' is under type Asset Account - Increases.
Credit Ledger : HDFC Bank CA No.12456
In Traditional Approach - 'HDFC Bank CA No.12456' is under type Real Account - Goes Out.
In Modern Approach - 'HDFC Bank CA No.12456' is under type Asset Account - Decreases.
Journal Entry:
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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
Debit Ledger : Printer A/c
In Traditional Approach - 'Printer A/c' is under type Real Account - Comes in.
In Modern Approach - 'Printer A/c' is under type Asset Account - Increases.
Credit Ledger : HDFC Bank CA No.12456
In Traditional Approach - 'HDFC Bank CA No.12456' is under type Real Account - Goes Out.
In Modern Approach - 'HDFC Bank CA No.12456' is under type Asset Account - Decreases.
Journal Entry:
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