CA Abhishek Singh (practice) (2105 Points)
27 May 2011ONE OF OUR CLIENT STARTED A PVT CO. HAVING SHARE CAPITAL100000/-. HE DEPOSITED100000/- INTO COMPANY BANK ACCOUNT.
HE INCURRED EXPENSES ON FURNITURE ,LAPTOP AND DEPOSIT OF SHOP TOTAL300000/- OUT OF HIS PERSONAL ACCOUNT. HE DONOT WANT IT TREAT AS LOAN. IE. HE WAIVED OFF ENTIRE300000/-.
WHAT WILL BE JOURNAL ENTRY ??
CA. Rajesh P. Ahir
(In Service @ PSU)
(687 Points)
Replied 27 May 2011
kEEPING THE GAAP IN INDIA IN MIND, THE PERSON CAN NOT BE ALLOWED TO WAIVE AS IT MAY EFFECT THE TRU AND FAIR CHARACTER OF FS.
THAN ALSO ENTRY WILL BE
LOAN A/C Dr 300000
TO P/L ACCOUNT. 300000
bEING LOAN TAKEN FROM Mr. X WAIVED
| Originally posted by : Rajesh P. Ahir | ||
 |
kEEPING THE GAAP IN INDIA IN MIND, THE PERSON CAN NOT BE ALLOWED TO WAIVE AS IT MAY EFFECT THE TRU AND FAIR CHARACTER OF FS. THAN ALSO ENTRY WILL BE LOAN A/C Dr 300000 TO P/L ACCOUNT. 300000 bEING LOAN TAKEN FROM Mr. X WAIVED |
 |
Pramod
(CA)
(25 Points)
Replied 30 May 2011
Dear All,
The following questions are for those who are working for a trading company!
1. What sort of journal entries are passed in a trading company - till finalisation!!
2. What sort of MIS reports are prepared in a trading company?
Pramod
(CA)
(25 Points)
Replied 30 May 2011
Dear All,
The following questions are for those who are working for a trading company!
1. What sort of journal entries are passed in a trading company - till finalisation!!
2. What sort of MIS reports are prepared in a trading company?
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