Accounting entries

This query is : Resolved

somasekhar gajula (Querist)
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31 August 2013 Dear All,

Please tell me how to pass the entries for chit

Ex: X started 1.00 lakh chit in june'13 and pay the monthly Rs.5000/- and chit lifted in Aug'13 for 18,800/- and recd the money 71,200/-.

how to pass the entries in books of accounts

Thanks & Regards,

sekhar

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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31 August 2013 on monthly payment

Dr: Investment-chit Rs.5000
Cr: Cash a/c Rs.5000

while lifting

Dr: Bank a/c Rs.71200
Dr: Interest paid a/c Rs.18800
Cr: Investment - Chit Rs. 100000