Practical Accounting Project on Proprietorship Trading Business (PRO : T1 PURV1)
In this Practical Accounting Project, We are learning Journal Entry in all type of Digital Accounting Software, but as the Time constrain and Indian Scenario, we have taken the example of TallyPrime entry with screenshot and references here.
So, anyone can do the same transactions, as refer in this page with TallyPrime, which is also similar or little bit different in screen look only, if you choose any other Accounting Software like Zoho books, QuickBooks, BUSY, Vyapar , Marg etc and many others.
The Transaction Process, that are given step by step is almost same and perfect for Digital Accounting ecosystem.
Digital Books of Account using TallyPrime
KA DIGITAL WORLD (KADG)
Transaction No.PRO:1(T1), Purchase Voucher No.1(PURV1) Entry in TallyPrime
Learning Objective from this Post :
Journal Entry for credit purchase of Trading Goods (Inter-State Transaction)
Purchase Invoice Entry(Inventory) using TallyPrime.
Input Tax Credit
Business Details with Address
Trade Name : KA DIGITAL WORLD
Tax Year 2026-27
Address : Bhubaneswar, Khurda, Odisha, India, PIN - 751001
Constitution/Style of Business : Proprietorship
Nature of Business : Retail and Wholesale Trading of Computer, parts and accessories.
GSTIN - 21xxxxxxxxxxxxx (Enter a valid GSTIN to generate/view correct tax reports like GSTR1, GSTR3B etc.)
Transaction No. PRO: 1
Date : 01/04/2026
Goods purchased from M/s.Taj Computer, Mumbai as per Invoice No.074 for ₹.35,94,398/-(Taxable Value ₹30,46,100/-, IGST ₹5,48,298/-).
Journal Entry :
GSTR 3B
View GST Ledger in Account head Duties & Taxes of Balance Sheet.
Total IGST ITC(Input Tax Credit) available for claim = ₹6,07,851.45
i.e
Opening Balance ₹59,553.45 + ITC April' 2026 ₹5,48,298 = ₹6,07,851.45
Comments
Post a Comment