Entry
This query is : Resolved
17 January 2011
In A chit business
what is entry for recoding every month
installments received from member.
How to adjust chit dividend against evry
month installment through entry
what is entry for recoding every month
installments received from member.
How to adjust chit dividend against evry
month installment through entry
17 January 2011
For instalments
Cash Debit
Commission Credit
ALL Individual Accounts Credit
Cash Debit
Commission Credit
ALL Individual Accounts Credit
Message likes :
1 times
17 January 2011
For pay out
SINGLE Individual Account Debit (auction / lottery)
Cash Credit
SINGLE Individual Account Debit (auction / lottery)
Cash Credit
Message likes :
1 times
17 January 2011
For Dividend
SINGLE Individual Account Debit
ALL Individual Accounts Credit
For Dividend
SINGLE Individual Account Debit
ALL Individual Accounts Credit
17 January 2011
Let us say 10 members Rs. 1000 each. So total Rs.10,000.
Commission Rs. 1000 (Income). So balance available is Rs.9000.
Auction happens for Rs. 7000. So Dividend is Rs. 2000. And the auctioned member gets 7000 (after commission)
Every member now has to pay 800.
Let us say 10 members Rs. 1000 each. So total Rs.10,000.
Commission Rs. 1000 (Income). So balance available is Rs.9000.
Auction happens for Rs. 7000. So Dividend is Rs. 2000. And the auctioned member gets 7000 (after commission)
Every member now has to pay 800.
17 January 2011
8000 is collection
2000 is dividend
1000 is commission
Total 10,000
2000 is dividend
1000 is commission
Total 10,000
17 January 2011
Entry for installment is
Cash debit 8000
Commission Credit 1000
ALL Individual accounts 700 each (total 7000). Pls note Pass book will show 800 (700 + 100 commission)
Cash debit 8000
Commission Credit 1000
ALL Individual accounts 700 each (total 7000). Pls note Pass book will show 800 (700 + 100 commission)
17 January 2011
For auction pay out
SINGLE Account Debit 7000
Cash Credit 7000. Note that the cash account is now zero
SINGLE Account Debit 7000
Cash Credit 7000. Note that the cash account is now zero
17 January 2011
For dividend
Debit SINGLE Individual Account Rs. 2000
Credit ALL Individual account RS. 200 each for 10 (Total 2000)
Dividend entry always knock out each other.
Some chit funds follow different type of entries. But end result is same for all.
Debit SINGLE Individual Account Rs. 2000
Credit ALL Individual account RS. 200 each for 10 (Total 2000)
Dividend entry always knock out each other.
Some chit funds follow different type of entries. But end result is same for all.
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