Abhishek Harale (20 Points)
23 September 2019hellw sir,
I m an Accountant, i m confusing in one one transaction.. one day My cash in Hand is near about 1000/- , but i was promised to on Party for payment and cheque already issued to that person...
that time i m taking money from Management this entry done in tally
cash received from management xxxxx/-
and deposited into the bank...
i cant hide this in entry from bank statement ..
so please give me any suggestion for this problem which i face...
Kumar Sushank
(General Manager - Finance)
(1040 Points)
Replied 23 September 2019
What is the exact problem:
If you received a cash from management then entry would be
Management Loan A/C ................. Cr.
Cash Dr.
Then second entry would be
Bank A/C ..............Dr.
Cash A/C ..............Cr.
Abhishek Harale
(20 Points)
Replied 24 September 2019
thanks sir,
but that time cash balance is low..
how can we received money from management..
any rules in accounting to accept money from management..
please suggest
Kumar Sushank
(General Manager - Finance)
(1040 Points)
Replied 24 September 2019
Your company cash balance was Rs. 1,000/-
But when your management gave you cash It should be shown as Loan Received from Management.
Management Loan A/C ................. Cr.
Cash ..................... Dr.
This is the process (It means that company cash will increase & Management Loan will grouped under Loans (Liability).
Company will be liable to pay or return that amount in future.
Abhishek Harale
(20 Points)
Replied 24 September 2019
THANKS a lot @ kumarShashank sir for your valuable suggestion...
sabyasachi mukherjee
(27579 Points)
Replied 04 October 2019
Kumar Sushank
(General Manager - Finance)
(1040 Points)
Replied 04 October 2019
@ Sabyasachi : When Management gave the cash in company then company cash will increase.
Management Loan A/C ................. Cr.
Cash ...........................Dr.
Then how can cash will negative...
Next entry would be :
Bank A/C ..............Dr.
Cash A/C ..............Cr.
Please correct me if I am wrong.
CAclubindia
