Mumbai Photography(Partnership) - June 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 : 01/06/2023 (Transaction No. 18)

Invoice No.4 issued to Sushant Sen, Mumbai for ₹83,662/-(Taxable Value ₹70,900/-, CGST 9% Value ₹6,381/-, SGST 9% Value ₹6,381/-) on account of his Wedding photography & videography services.

See Invoice/Bill details below.

Debit Ledger : Sushant Sen, Mumbai A/c

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

• In Modern Approach - 'Sushant Sen, Mumbai 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 : 01/06/2023 (Transaction No. 19)

Amount paid to Mr.Arjun Saha towards tour and travelling expenses for ₹5,690/-.

Debit Ledger : Travelling Expenses A/c

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

• In Modern Approach - 'Travelling 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 : 02/06/2023 (Transaction No. 20)

Purchased 2 nos. of Motor Cycle from M/s.Akhil Motors vide CM No.13007 for ₹2,15,690/- including GST and other charges, paid vide Chq No.100304 of HDFC Bank CA No.12456.

Debit Ledger : Motor Cycle A/c

• In Traditional Approach - 'Motor Cycle A/c' is under type Real Account - Comes in.

• In Modern Approach - 'Motor Cycle 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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