Mumbai Photography(Partnership) - April 2023 Transaction No.1 - Entry in TallyPrime

 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:

Journal Entry for Capital Investment by Partners in kind

 Let's enter the above transaction using TallyPrime

Steps to enter in TallyPrime

Open TallyPrime and select 'Create Company' 

Company Creation in TallyPrime

Press 'Enter Key'

and fill the required field as shown below.

Company Creation in TallyPrime

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' and press 'Enter Key' on 'Show all features'

Feature setting at Company Creation in TallyPrime

Company feature setting in TallyPrime

Select 'Yes' and press 'Enter Key' on 'Enable Goods and Services Tax(GST)

GST setup on Company Creation in TallyPrime

Fill 'GST Details' 

GST Details Entry in TallyPrime on Company Creation

On 'Gateway of Tally' Screen

Press 'C' or select and press 'Enter Key' on 'Create' 

Ledger Account Creation in TallyPrime

Select and press 'Enter Key' on 'Ledger'

Ledger Account Creation in TallyPrime

Fill Ledger Name 'Land A/c' under Group 'Fixed Assets' and fill other required fields.

Create Fixed Assets Account in TallyPrime

On 'Gateway of Tally' Screen

Press 'C' or select and press 'Enter Key' on 'Create' 

Select and press 'Enter Key' on 'Ledger'

Ledger Account Creation in TallyPrime

Fill Ledger Name 'Akshay Capital A/c' under Group 'Capital Account' and fill other required fields.

Partner's Capital Account Ledger Creation in TallyPrime 
Press 'Y'/'Enter Key' or click on 'Yes' to Accept/Save.

 

On 'Gateway of Tally' Screen

Press 'C' or select and press 'Enter Key' on 'Create' 

Select and press 'Enter Key' on 'Ledger'

Fill Ledger Name 'Amitabh Capital A/c' under Group 'Capital Account' and fill other required fields.

Partner's Capital Ledger Account Creation in TallyPrime

Press 'Y'/'Enter Key' or click on 'Yes' to Accept/Save.

Press 'Esc Key' to return to previous screen.

On 'Gateway of Tally' Screen 

Press 'V' or select and press 'Enter Key' on 'Vouchers'

Voucher Entry in TallyPrime

Press 'F7' to activate 'Journal Voucher'

Journal Voucher Entry in TallyPrime

Press 'F2' to enter Date of Voucher.

Date of Voucher - Entry in TallyPrime

Place Debit Ledger and Credit Ledger Accounts with amount as mentioned in the image below.

Journal Voucher Entry in TallyPrime

Press 'Ctrl+A' to Accept/Save Voucher.

Now Voucher Entry for the above transaction is complete.

b)    Building valued for ₹74,00,000/-

(Mr.Akshay's share ₹37,00,000/-, Mr.Amitabh's share ₹37,00,000/-)

Journal Entry:

Journal Entry for Capital Investment by partners in kind

Let's enter the above transaction using TallyPrime.

Go to Voucher Entry Screen

Press 'F7' or click on 'F7:Journal'

Press 'F2' or click on 'F2:Date' to enter Date of Voucher/Date of Transaction.

Journal Voucher Entry in TallyPrime

Press 'Alt+C' to create 'Building A/c' under Group 'Fixed Assets'

Ledger Account Creation under Fixed Assets in TallyPrime

Place Debit Ledger and Credit Ledger Accounts with amount as mentioned in the image below.

Capital Investment in kind - Journal Entry using TallyPrime

Press 'Ctrl+A' to Accept/Save Voucher.

Now Voucher Entry for the above transaction is Complete.

c)    Cash for ₹28,00,000/-

Mr.Akshay Invested ₹14,00,000/- by Cash.

Mr.Amitabh invested ₹14,00,000/- by Cash.

Journal Entry:

Journal Entry for Capital Investment by Partners in Cash

Let's enter the above transaction using TallyPrime.

Go to Voucher Entry Screen

Press 'F6' or click on 'F6:Receipt'

Receipt Voucher Entry in TallyPrime
If shows like this(single entry mode), press 'Ctrl+H' to change mode

Select and press 'Enter Key' on 'Double Entry'

Change Voucher Entry Mode in TallyPrime

Press 'F2' or click on 'F2:Date' to enter Date of Voucher/Date of Transaction.

No need to create 'Cash A/c' because 'Cash A/c' is an existing Ledger in TallyPrime.

Place Debit Ledger and Credit Ledger Accounts with amount as mentioned in the image below.

Receipt Voucher Entry in TallyPrime

Press 'Ctrl+A' to Accept/Save Voucher.

Now Voucher Entry for the above transaction is Complete.

 

Location: Mumbai, Maharashtra, India

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