Is GST Applicable= YES, GST Rate = 18% Integrated Tax Nature of Transaction = Purchase Taxable , Nature of Goods = Capital Goods
Axis Bank
Bank Account
Account Number= 0034010009123
IFS Code = IFSC , UTIB0003950 Branch = Wazir Pur Cheque Book 1 : Number Starting from 000201 having 50 leaves
Premium Enterprises
Sundry Creditors
Maintain Balance Bill by Bill = YES State = Delhi GSTIN = 07AAACI1681G1ZR
Rent on Manufacturing Plant
Direct Expense
Is TDS Deductible= Applicable Nature of Payment = Rent of Land Building and Furniture
Star Refrigeration
Sundry Debtors
Maintain Balance Bill by Bill = YES State = Delhi Pin Code = 110075 GSTIN = 07AAACB5343E1Z3
Vijay Sales
Sundry Debtors
Maintain Balance Bill by Bill = YES State = Gujarat GSTIN = 24AAAFV0219J1ZH Set Price List as “ Premium Client “
Mahesh -Landlord
Sundry Creditors
Maintain Balance Bill by Bill = YES Is TDS Deductible = YES Deductee Type = Individual/ HUF Resident PAN = AABPM2345A
YES Tech Co. Ltd
Sundry Creditors
Maintain Balance Bill by Bill = YES Country = China
Budget for Indirect Expenses
Set an “Expense Budget” on group “Indirect Expenses” for the financial year as 76,00,000 on Nett Balance for 1-4-19 to 31-3-2019
Record the Transactions for Intec India Pvt. Ltd.
On 1-Apr-2019 Capital introduced Rs. 75,00,000 and deposited into Axis Bank A/C
2-Apr-2019 Withdraw 70,000 from bank for office operating expenses.
On 3-Apr-2019 Company purchased Machinery and Tools for Air Conditioner assembling unit from “Premium Enterprises” For Rs. 22,00,000 plus 18% GST Bill No. 216
On 05-Apr-2019 paid Rs. 19,00,000 to Premium Enterprises Via Axis Bank Chq No-000201
On 05-Apr-2019 withdrawn 25,000 cash from Axis Bank A/c via Chq no. 000202
On 07-Apr-2019 Company has imported the following components from M/S YES Tech Co. Ltd Via Invoice No- 243. The exchange rate is 69/$
Stock Item
Quantity
Rate
Amount
LED Display
10,000 Nos
$10/No
$ 1,00,000
Compressor
10,000 Nos
$12/No
$ 1,20,000
Cabinet
10,000 Nos
$45/No
$ 4,50,000
GAS
20,000 KG
$10/KG
$ 2,00,000
On 15-Apr-2019, Intec India Pvt. Ltd. Assembled finished goods as per table below.
Stock Item
Quantity
Bactch No.
AC-WIN 1 TON
5,000
Batch W-1
AC-WIN 1.5 TON
4,000
Batch W-2
On 18-Apr-2019, the company sold below materials to Star Refrigeration.
Stock Item
Quantity
Batch No.
Rate (Excluding GST)
AC-WIN 1 TON
900
Batch W-1
Rs. 32,000
AC-WIN 1.5 TON
400
Batch W-2
Rs. 39,000
On 19-Apr-2019, Company sold below materials on credit to Vijay Sales
Stock Item
Quantity
Batch No.
Rate (Excluding GST)
AC-WIN 1 TON
3,100
Batch W-1
As per Price List Set
AC-WIN 1.5 TON
1,100
Batch W-2
As per Price List Set
On 20-Apr-2019, company took a secured loan of Rs. 7,25,00,000 from Axis Bank at 12% interest per annum (Calendar Year)
On 25-Apr-2019, the Company paid $8,70,000 @68/$ to M/s YES Tech Co. Ltd against Invoice No. 243 from Axis Bank A/c via Chq No. 000203
Pass entry for unadjusted forex gain/loss
On 30-Apr-2019, booked rent of 4,10,000 for rent on manufacturing plant and warehouse against landlord Mr. Mahesh Landlord deducted 10% TDS too.
On 30-Apr-2019, Paid Salaries of Rs. 7,00,000 from Axis Bank A/c via Online Transfer. Salaries are allocated to different departments as below.
Department Name
Amount
Admin
4,70,000
Sales
2,30,000
On 04-May-2019, Paid Net Payable Rent to The Landlord Mr. Mahesh from Axis Bank A/c via chq no. 000204
On 05-May-2019, paid TDS amount to Income Tax Department via Axis Bank A/c via Chq no. 000205
On 10-May-2019, received Rs. 92,00,000 from Star Refrigeration via Chq no. 340076 drawn on Canara Bank against 18th April 2019 Invoice and the same was deposited in Axis Bank on the same day.
On 20-May-2019, received Rs. 78,00,000 from Vijay Sales via Chq no. 290076 drawn on Dena Bank against 19-April-2019 Invoice.
