Entry in tally - Owners Capital & Profit

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Clement Fernandes (Querist)
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18 July 2022 Dear Respected members,

At the moment we paid the owner his portion of the capital amount through cheque and also paid a portion of the company profit through cheque.

Could you please tell us the entry in the tally prime as I am not able to find the ledger of the P& L account?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 July 2022 The ledger is of balance sheet.
See capital account and accumulated profit.

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Clement Fernandes

Clement Fernandes (Querist)
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04 September 2022 Our company just started in the financial year 2021, and this year we paid a portion of the profit to the owner.
could you please tell me the journal entry in the tally? which ledger is to be credited?
weather I need to transfer all profit to retained earnings first?

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 September 2022 No, only transfer retained earnings after payment of profit to the owner.

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Clement Fernandes

Clement Fernandes (Querist)
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05 September 2022 Dear Sir,

Could you please tell me the tally entry for payment of profit to the owner

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 September 2022 Profit and loss account Dr
To bank account Cr.

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