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)
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
Click here to know how to enter the above transactions in TallyPrime
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