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:

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

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

Fill 'GST Details' 

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

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

 

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.

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'

Press 'F7' to activate 'Journal Voucher'

Press 'F2' to enter Date of Voucher.

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.

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

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

Journal Entry:

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.

Press 'Alt+C' to create 'Building 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.

c)    Cash for ₹28,00,000/-

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

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

Journal Entry:

Let's enter the above transaction using TallyPrime.

Go to Voucher Entry Screen

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

If shows like this(single entry mode), press 'Ctrl+H' to change mode

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

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.

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

Now Voucher Entry for the above transaction is Complete.