Question Paper

Company Creation

NameIntec India Pvt. Ltd.
AddressK-11, Lane No-10, Wazir Pur New Delhi 110052
CountryIndia
StateDelhi
Financial Year Begins from1-Apr-2019
Books Beginning from1-Apr-2019

GST Configuration

StateDelhiRegistration TypeRegular
GSTIN/UIN07AABCS1429B1ZWApplicable From01-Apr-2019
Periodicity of GSTR 1MonthlyE way Bill applicableYES
Set/Alter GST Details = YESHSN/ SAC8415
HSN DescriptionAir Conditioner
TaxabilityTaxable
Integrated Tax28%

Item Master Creation

Stock ItemStock GroupUnit of Measure
LED DisplayComponentsNOS
CompressorComponentsNOS
CabinetComponentsNOS
GASComponentsKG
AC-WIN 1TONFinished GoodsNOS
AC-WIN 1.5 TONFinished GoodsNOS

Bills of Material Creation

Ingredients for Per BottleAC-WIN 1TONAC-WIN 1.5 TON
BOM NameBOM 1BOM 2
LED Display1 No1 No
Compressor1 No1 No
Cabinet1 No1 No
GAS1 KG2 KG

Cost Center Creation for Departments

Department Name
Admin
Sales

Price List Creation

Price List NameStock ItemPriceDis%
Premium ClientAC-WIN 1TON15,9002%
AC-WIN 1.5 TON19,2003%

TDS Nature of Payment Creation

Nature of PaymentAdditional Details
Rent of Land, Building or FurnitureRate = 10%, Exemption Limit = 0

Account Master Creation

LedgesGroupAdditional Details
Plant & Machinery A/CFixed AssetsIs GST Applicable= YES, GST Rate = 18% Integrated Tax Nature of Transaction = Purchase  Taxable , Nature of Goods =  Capital Goods
Axis BankBank AccountAccount Number= 0034010009123
  IFS Code = IFSC , UTIB0003950 Branch = Wazir Pur Cheque Book 1 : Number Starting from 000201 having 50 leaves
Premium EnterprisesSundry CreditorsMaintain Balance Bill by Bill = YES State = Delhi GSTIN = 07AAACI1681G1ZR
Rent on Manufacturing PlantDirect ExpenseIs TDS Deductible= Applicable Nature of Payment = Rent of Land Building and Furniture
Star RefrigerationSundry DebtorsMaintain Balance Bill by Bill = YES State = Delhi Pin Code = 110075 GSTIN = 07AAACB5343E1Z3
Vijay SalesSundry DebtorsMaintain Balance Bill by Bill = YES State = Gujarat GSTIN = 24AAAFV0219J1ZH Set Price List as “ Premium Client “
Mahesh -LandlordSundry CreditorsMaintain Balance Bill by Bill = YES Is TDS Deductible = YES Deductee Type = Individual/ HUF Resident PAN = AABPM2345A
 YES Tech Co. LtdSundry CreditorsMaintain 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.

  1. On 1-Apr-2019 Capital introduced Rs. 75,00,000 and deposited into Axis Bank A/C
  2. 2-Apr-2019 Withdraw 70,000 from bank for office operating expenses.
  3. 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
  4. On 05-Apr-2019 paid Rs. 19,00,000 to Premium Enterprises Via Axis Bank Chq No-000201
  5. On 05-Apr-2019 withdrawn 25,000 cash from Axis Bank A/c via Chq no. 000202
  6. 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 ItemQuantityRateAmount
LED Display10,000 Nos$10/No$ 1,00,000
Compressor10,000 Nos$12/No$ 1,20,000
Cabinet10,000 Nos$45/No$ 4,50,000
GAS20,000 KG$10/KG$ 2,00,000
  • On 15-Apr-2019, Intec India Pvt. Ltd. Assembled finished goods as per table below.
Stock ItemQuantityBactch No.
AC-WIN 1 TON5,000Batch W-1
AC-WIN 1.5 TON4,000Batch W-2
  • On 18-Apr-2019, the company sold below materials  to Star Refrigeration.
Stock ItemQuantityBatch No.Rate (Excluding GST)
AC-WIN 1 TON900Batch W-1Rs. 32,000
AC-WIN 1.5 TON400Batch W-2Rs. 39,000
  • On 19-Apr-2019, Company sold below materials on credit to Vijay Sales
Stock ItemQuantityBatch No.Rate (Excluding GST)
AC-WIN 1 TON3,100Batch W-1As per Price List Set
AC-WIN 1.5 TON1,100Batch W-2As per Price List Set
  1. 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)
  2. 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
    1. Pass entry for unadjusted forex gain/loss
  3. 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.
  4. 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 NameAmount
Admin4,70,000
Sales2,30,000
  1. On 04-May-2019, Paid Net Payable Rent to The Landlord Mr. Mahesh from Axis Bank A/c via chq no. 000204
  2. On 05-May-2019, paid TDS amount to Income Tax Department via Axis Bank A/c via Chq no. 000205
  3. 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.
  4. 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.