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basic accounting entries upto finalisation

milind shrikant deoghare (service/ student ) (1299 Points)

24 May 2010

dear friend

pls send me basic accounting entries upto finalisation

regards

milind deoghare

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9 Replies

deo prakash srivastava (auditor) (63 Points)
Replied 21 June 2010

For start business ,cash /goods a/c debited & credit capital a/c.For purchase ,debit purchase a/c & credit cash/party a/c.For sales,cash/party do debit & credit sale a/c.In case of return ,do reverse entry of sale & purchase a/c.Use the golden principle of a/c for entries of journal,cash & bank.Then prepare ledger and after trial balance.On the basis of trial make p& l a/c and balance sheet. ......u wil understand all entries on the basis of it.

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Originally posted by : deo prakash srivastava
	For start business ,cash /goods a/c debited & credit capital a/c.For purchase ,debit purchase a/c & credit cash/party a/c.For sales,cash/party do debit & credit sale a/c.In case of return ,do reverse entry of sale & purchase a/c.Use the golden principle of a/c for entries of journal,cash & bank.Then prepare ledger and after trial balance.On the basis of trial make p& l a/c and balance sheet. ......u wil understand all entries on the basis of it.

Linta (Student) (21 Points)
Replied 28 June 2010

HI FRIEND, COULD YOU PLZ HELP ME OUT TO PREPARE ENTRIES FOR THE FOLLOWING TRANSACTION IN TALLY:

A Co HAS PURCHASED CAR AS LOAN.

COST OF VEHICLE IS DHS 37900/-.

DOWN PAYMENT DHS 9475/-

TOTAL FINANCE AMOUNT:.DHS 28,425/-

LOAM AMOUNT WITH INTEREST TO BE PAID - 34,508/-

MONTHLY INSTALLMENT AMOUNT - DHS 719/-

INTEREST RATE 5.2% P.A

PLEASE LET ME KNOW HW TO RECORD THIS TRANSANCTION IN TALLY AND THE CALCULATION OF INTEREST.

THANKS & REGARDS

jerry (other) (28 Points)
Replied 29 June 2010

Originally posted by : deo prakash srivastava
	For start business ,cash /goods a/c debited & credit capital a/c.For purchase ,debit purchase a/c & credit cash/party a/c.For sales,cash/party do debit & credit sale a/c.In case of return ,do reverse entry of sale & purchase a/c.Use the golden principle of a/c for entries of journal,cash & bank.Then prepare ledger and after trial balance.On the basis of trial make p& l a/c and balance sheet. ......u wil understand all entries on the basis of it.

Hi, I do not agreed with you. Any way, your ideal make me thinking about some thing for my project. Please try to keep posting. Tks and best regards

Nilesh (Accountant) (24 Points)
Replied 30 November 2010

Originally posted by : deo prakash srivastava
	For start business ,cash /goods a/c debited & credit capital a/c.For purchase ,debit purchase a/c & credit cash/party a/c.For sales,cash/party do debit & credit sale a/c.In case of return ,do reverse entry of sale & purchase a/c.Use the golden principle of a/c for entries of journal,cash & bank.Then prepare ledger and after trial balance.On the basis of trial make p& l a/c and balance sheet. ......u wil understand all entries on the basis of it.

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Nilesh (Accountant) (24 Points)
Replied 30 November 2010

Originally posted by : deo prakash srivastava
	For start business ,cash /goods a/c debited & credit capital a/c.For purchase ,debit purchase a/c & credit cash/party a/c.For sales,cash/party do debit & credit sale a/c.In case of return ,do reverse entry of sale & purchase a/c.Use the golden principle of a/c for entries of journal,cash & bank.Then prepare ledger and after trial balance.On the basis of trial make p& l a/c and balance sheet. ......u wil understand all entries on the basis of it.

Nilesh (Accountant) (24 Points)
Replied 30 November 2010

Originally posted by : deo prakash srivastava
	For start business ,cash /goods a/c debited & credit capital a/c.For purchase ,debit purchase a/c & credit cash/party a/c.For sales,cash/party do debit & credit sale a/c.In case of return ,do reverse entry of sale & purchase a/c.Use the golden principle of a/c for entries of journal,cash & bank.Then prepare ledger and after trial balance.On the basis of trial make p& l a/c and balance sheet. ......u wil understand all entries on the basis of it.

vivek (Accountant / IPCC Student) (32 Points)
Replied 11 December 2010

For start of Business always Debit the Items which comes into the Business and credit Capital Account to make the balance in Assets and Liabilities. For example Ram started Business and he brought Car, Fixes Assets, Cash, Bank then we have to pass the Journal entry.