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Business profit

Shahan (accountant) (185 Points)

04 January 2023

1.5 lack itr mein profit show kar sakte hai

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12 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (170950 Points)
Replied 04 January 2023

Yes, why not?

But what is the turnover?

1 Like

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Shahan (accountant) (185 Points)
Replied 04 January 2023

16 lack

1 Like

MPR Sanjay Kumar (3105 Points)
Replied 04 January 2023

@ honourable Dhirajlal sir

while making ledger account in accounting manually a generally the terms " To and " By" is posting , my doubt is whether I should have to know the transactions nature and then posted into to and by,

or

in trial balance debit side items to go credit side

and credit side items are to go debit side

too much of confused this To and By in ledger accounts pls clarify me

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (170950 Points)
Replied 04 January 2023

Transaction nature is most important in posting...

You can also remember the thumb rules of accounting ... which helps initially...

Debit the receiver and credit the giver. ...
Debit what comes in and credit what goes out. ...
Debit expenses and losses, credit income and gains.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (170950 Points)
Replied 04 January 2023

For 16 lakhs turnover Rs. 1.50 lakhs profit i.e. around 9.4% is quite acceptable, but follow books for actual data.

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MPR Sanjay Kumar (3105 Points)
Replied 04 January 2023

@ Honourable Dhirajlal sir , for an example Mr Sanjay is a customer of me ,he owes from me RS 5 lakh ...so here Sanjay is a sundry debtor ,IAM sundry creditor

Sundry creditor ledger account

Dr. Cr.

To cash /sales xxx By sundry debtor 5L

Iam I right???

MPR Sanjay Kumar (3105 Points)
Replied 04 January 2023

@ Honourable Dhirajlal sir , for an example Mr Sanjay is a customer of me ,he owes from me RS 5 lakh ...so here Sanjay is a sundry debtor ,IAM sundry creditor

Sundry creditor ledger account

Dr. Cr.

To cash /sales xxx By sundry debtor 5L

Iam I right???

personal account : debit the receiver and credit the giver

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (170950 Points)
Replied 04 January 2023

Don't confuse your self by trying to read his books..

Just read your books...

He is your customer, you supplied some goods/service for 5 lakhs..

So for you he is just DEBTOR....

Now post your entries whenever you get his payment.. For you its receipt...

In Tally if you fill receipt entry................ it will actually post it as...

Cr. Debtor...

Dr. cash/bank..

sabyasachi mukherjee (27278 Points)
Replied 04 January 2023

Yes what's the problem in showing profit to the extent of Rs.1.5 lac.

Shahan (accountant) (185 Points)
Replied 04 January 2023

Dhiraj ji ye actually data hai iski books bani hai kyun ki sir indirect exp bahut hote hai isiliye g.p jyada dikhake n.p set kiya hai g.p se kya to exp hai loss hojayega loss dikha nahi sakte aur g.p badhhake ye n.p set kiya hai 8 % above 44ad