Trading and Profit and Loss account - Incometaxguides.in

Trading and Profit and Loss account
you are learn a trading and profit and loss account in income tax return prepared of income from business and profession. Taxpayer carrying a Business in any sector of Small or Micro Business. In year of end, Prepared trading and profit and loss account to understand and provide a report of Income tax India when e filing Income tax return ITR-4.you are learn step by step Trading and profit and loss account. first we are learn prepare trading account.

If you are Maintained a Books of Account :- If taxpayer Maintained Purchase and Sales Register and write a books of account in every day. In End of year, Generated Yearly report of Trading Account. but, some time small business men not maintained a Books of Account. This type of taxpayer learn How to Prepared Trading Account.

Cash Entry of Sales:- [In Tally Press F6 [Receipt Voucher]]

Cr/To Sales Account  [sub Account is Sales Account]
Dr./By Cash/Bank Account [ Sub Account is Cash Account or Bank Accounts]

In case of Sales of Remaining Payment. Seen the As under Entry of Credit Sales.

Cr./To Products A/c [Sub Account is Sales Account]
Dr./By Party Name [ Sub Account is Sundry Debtors]

For Example :-
Mr. A is Regular Customer. He is coming to Purchase of Goods in Our Shop. he is lost your Pocket. He is called to Give me Goods. after a days, he is come and pay to payment. He is Buy Rs.15000/-.

Cr./To Sales Account      Rs.15000/-
Dr./By Mr.A A/c [ Sub Account is Sundry Debtors] Rs.15000/-

Note :- If you are Sales of Products or Received Income in Bank Account then Select Bank Account otherwise Select Cash Account. as above entry is Passed in Miracle Software. Lean In Image with How to Passed Sales Account Entry.

In Case of any Person Get Payment against Sales by Credit Card or Debit Card.
Cr./To. Sales Account
Dr./By Bank Account.

Cash Entry of Purchase :- [In Tally F5[ Payment Voucher]]
Dr/By Purchase Account [ Sub Account is Purchase Account]
Cr/To Cash/Bank Account [ Sub Account is Cash Account or Bank Accounts]

If you are Purchase of Products or Received Income in Bank Account then Select Bank Account otherwise Select Cash Account. As above entry is passed in Miracle Software. Learn in Image with How to Passed Purchase Account Entry.

Purchase Debit Bill is Called Tax /Retail Invoice Means First Purchase of Product and after 15 Days to payment Limit. Mostly Wholesaler Credit Limit Give to Retails Business in 15 days.

Dr./By. Purchase Account
Cr./To. party Account [ Sub Account is Sundry Creditors]

For Example :-
Purchase of Products in Mahihomeshp14 Company in Debit Bill and Payment in after 15 Days. as under seen the Pass Debit Purchase Entry.

Debit Purchase Entry [ In Tally Press F9 [ Purchase Voucher]]

Dr./By Products A/c [ Sub Account is Purchase A/c]
Cr./To. Mahihomeshp14 A/c [ Sub Account is Sundry Creditors]


3. Cash Entry of Direct Income :-
Cr./To Discount Income [ Sub Account is Direct Income]
Dr./By Cash/Bank Account  [ Sub Account is Cash Account or Bank Accounts]

If you are Purchase of Products and Get Invoice. after pay to Purchase Bill amount in Get Discount 2% to 5%. This is Called Direct Income. 

4.  Cash Entry of Direct Expenses :-
Dr./By Freight / Transport Exp. [Sub Account is Direct Expenses]
Cr./To Cash/Bank Account [ Sub Account is Cash Account or Bank Accounts]

5. Cash Entry or Indirect Income. [ In Tally Press F6 [Receipt Voucher]]
Cr. Fixed Deposit Interest Income [ Sub Account is Indirect Income]
Cr. Kasar Income [ Sub Account is Indirect Income]
Cr. Other Interest Income [ Sub Account is Indirect Income]
Cr.Bank Interest Income [ Sub Account is Indirect Income]
Cr.Scrap Sales Income [ Sub Account is Indirect Income]
Cr.Other Income [ Sub Account is Indirect Income]
Dr.Cash A/c/Bank Account. [ Sub Account is Cash Account or Bank Accounts]

any small shop and Business earn Other Income is Called Indirect Income. Indirect Income is other sources Income.

6. Cash Entry or Indirect Expenses [In Tally Press F5 [Payment]]
Dr. Salary Expenses [ Sub Account is Indirect expenses]
Dr. Accounting Fees
Dr. Traveling Expenses
Dr. Stationary & Printing Expenses
Dr.Shop Rent Expenses
Dr.Electricity Expenses
Dr.Petrol Expenses
Dr. Godown Rent Expenses
Dr.Telephone & Mobile Recharge & Mobile Bill Expenses
Dr. Tea & Coffee Expenses
Dr. Staff Refreshment Expenses
Dr.Computer Repairing Expenses
Dr.Machinery Repairing Expenses
Dr. Vakil Fees
Dr.Vat Expenses
Dr.Income tax Expenses.
Dr. Bank Interest Loan Expenses
Dr.Vehicle Insurance Expenses
Dr.Vehicle loan Interest Expenses
Dr.Other Expenses
Dr.Misc. Expenses
Dr.any Kind of Expenses
Cr. Cash A/c or Bank Account.

Note :- Cash Paid Expenses Debited in Cash A/c and Bank Expenses Debited to Bank Account.
For Example :- Bank Charges , Bank Loan Interest, Vehicle Loan Interest etc.. this type of expenses called Bank Expenses. as under seen the Entry of Expenses.
Dr. Bank Charges [Sub Account is Indirect Expenses]
Dr. Bank Loan Interest Expenses
Dr.Vehicle Loan Interest Expenses
Cr. Bank Account.

After Finalization of Account.

Entry of Capital Account : [ In tally Press F7 [Journal Entry]]
Dr. Profit and Loss A/c 
Cr. Owner of Shop Name [Sub Account is Capital A/c]

Entry of Withdrawal Account : [ In tally Press F5 [ Payment Voucher]]
Dr/By Capital A/c 
Cr./To Cash Account/ Bank Account.

As under see the Withdrawal Account  it means If owner of Shop Paid Cash and Cheque is For Personal Expenses is Called Withdrawal in Business. 
For Example :- 
Payment of Personal Life Insurance- LIC Premium.
Payment of Tuition Fee - Expenses of Children.
Payment of Mediclaim - Personal Expenses

You are seen the How to Install Miracle Accounting Software without Registration of use your Personal Accounting. This Software use in Offline when you are Passed less then 500 entry in Miracle Accounting Software. As under Button on Click to Know Miracle Accounting Software.

 Download Miracle Accounting Software.


BANK PAYMENT VOUCHER 
BANK RECEIPT VOUCHER
CASH PAYMENT VOUCHER
CASH RECEIPT VOUCHER
CREDIT NOTE VOUCHER
DEBIT NOTE VOUCHER
JOURNAL VOUCHER
PURCHASE ACCOUNTING VOUCHER
SALES ACCOUNTING VOUCHER











1 comment:

  1. Real estae is still not part of the GST framework. Real estae refers to the value of the land and not the construction activities in the building of house. As per the recommendations of the GST Council, for the housing sector, there will be less incidencce of GST for homes purchased. It may be recalled all inputs used in and captial goods deployed for construction of houses attract GST of 18% or 28%. As against this, most of the housing projetcs in the affordable segment in the country attract GST of 8%. It is expected that builders will be incentivised enough not to dodge the system and effectively lower the tax incidence on the buyer.

    ReplyDelete

हमारी वेबसाइट पर आने के लिए धन्यवाद|
Tax देना भारतीय नागरीक का फर्ज है |

आप यहाँ पर आपके Question पूछ सकते है| उसके लिए Ask Question पेज बनाया है वह पर आप Question Comment कर सकते है|
हमारे Assistant आपके Question का उत्तर देने के लिए प्रतिबद्ध है |