Mumbai Photography(Partnership) - May 2023 Transactions.

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 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 : 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.

Debit Ledger : Mr. Rajendra Kumar A/c

• In Traditional Approach - 'Mr. Rajendra Kumar A/c' is under type Personal Account - Receiver(Receiver of Photography and Videography Service).

• In Modern Approach - 'Mr. Rajendra Kumar A/c' is under type Asset Account - Increases.

Credit Ledgers are : 

1. Wedding Photo & Video A/c

2. CGST A/c

3. SGST A/c 

• In Traditional Approach :

  Wedding Photo & Video A/c is under type Nominal Account - Income.

  CGST A/c is under type Personal Account - Giver

  SGST A/c is under type Personal Account - Giver
  

• In Modern Approach :

  Wedding Photo & Video A/c is under type Income Account - Increases.

  CGST A/c is under type Liability Account - Increases
  

  SGST A/c is under type Liability Account - Increases

Journal Entry

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Date : 02/05/2023 (Transaction No. 12)

Invoice No.2 issued to Ms. Mohini, Mumbai for ₹1,00,300/-(Taxable Value ₹85,000/- GST 18% Value ₹15,300/-) on account of her Birthday photography & videography services.

See Invoice/Bill details below.

Debit Ledger : Ms. Mohini, Bandra A/c

• In Traditional Approach - 'Ms. Mohini, Bandra A/c' is under type Personal Account - Receiver(Receiver of Photography and Videography Service).

• In Modern Approach - 'Ms. Mohini, Bandra A/c' is under type Asset Account - Increases.

Credit Ledgers are : 

1. Birthday Photo & Video A/c

2. CGST A/c

3. SGST A/c 

• In Traditional Approach :

  Birthday Photo & Video A/c is under type Nominal Account - Income.

  CGST A/c is under type Personal Account - Giver

  SGST A/c is under type Personal Account - Giver
  

• In Modern Approach :

  Birthday Photo & Video A/c is under type Income Account - Increases.

  CGST A/c is under type Liability Account - Increases
  

  SGST A/c is under type Liability Account - Increases

Journal Entry

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Date : 02/05/2023 (Transaction No. 13)

Amount paid to TATA Power for ₹4,920/- as per Money Receipt No.TP012145789 towards electricity bill for the month of April' 2023.

Debit Ledger : Electricity Charges A/c

• In Traditional Approach - 'Electricity Charges A/c' is under type Nominal Account - Expense.

• In Modern Approach - 'Electricity Charges 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 : 02/05/2023 (Transaction No. 14)

Amount paid towards Salary for the month of April' 2023 to

Mr.Arjun Saha ₹15,500/- vide NEFT Ref No.20001542 from HDFC Bank CA No.12456

Mr.Dillip Kumar ₹17,000/- vide NEFT Ref No.32150002 from HDFC Bank CA No.12456 

Debit Ledger : Salary-Arjun Saha A/c

                          Salary-Dillip Kumar A/c 

• In Traditional Approach - 'Salary-Arjun Saha A/c' and 'Salary-Dillip Kumar A/c' is under type Nominal Account - Expense.

• In Modern Approach - 'Salary-Arjun Saha A/c' and 'Salary-Dillip Kumar A/c' is under type Expenses 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 : 31/05/2023 (Transaction No. 15)

Chq No.103502 for ₹1,15,404/- received from Mr.Rajendra Kumar, Mumbai towards outstanding due and deposited into HDFC Bank CA No.12456

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 : Mr. Rajendra Kumar A/c

• In Traditional Approach - 'Mr. Rajendra Kumar A/c' is under type Personal Account - Giver.

• In Modern Approach - 'Mr. Rajendra Kumar A/c' is under type Asset Account - Decreases.

Journal Entry :

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Date : 31/05/2023 (Transaction No. 16)

Invoice No.3 issued to Green Life Pvt. Ltd, Tumakuru, Karnatak for ₹2,01,971.16(Taxable Value ₹1,71,162/- GST 18% Value ₹30,809.16) on account of Event photography & videography services.

See Invoice/Bill details below.

Debit Ledger : Green Life Pvt. Ltd, Karnatak A/c

• In Traditional Approach - 'Green Life Pvt. Ltd, Karnatak A/c' is under type Personal Account - Receiver(Receiver of Photography and Videography Service).

• In Modern Approach - 'Green Life Pvt. Ltd, Karnatak A/c' is under type Asset Account - Increases.

Credit Ledgers are : 

1. Corporate Event Photo and Video A/c

2. IGST A/c

• In Traditional Approach :

  'Corporate Event Photo and Video A/c ' is under type Nominal Account - Income.

  'IGST A/c' is under type Personal Account - Giver

• In Modern Approach :

  'Corporate Event Photo and Video A/c' is under type Income Account - Increases.

  'IGST A/c' is under type Liability Account - Increases
  

Journal Entry

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Date : 31/05/2023 (Transaction No. 17)

Chq No.255002/BOI for ₹1,00,000/- received from Ms.Mohini, Bandra towards outstanding due and deposited into HDFC Bank CA No.12456

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 : Ms. Mohini, Bandra A/c

• In Traditional Approach - 'Ms. Mohini, Bandra A/c' is under type Personal Account - Giver.

• In Modern Approach - 'Ms. Mohini, Bandra A/c' is under type Asset Account - Decreases.

Journal Entry :