Originally posted by : Rajesh Jivanani
	1. one of our client started a pvt ltd company having share capital Rs. 100,000/-. date of incorporation 01/06/2010.   ENTRY; 01/06/2010                           CASH A/C DR.                               100000/-                              EQUITY SHARE CAPITAL A/C DR.        RS. 100000     ( NOTE :-BANK CAN NOT DE DEBITED AS, THE BANK A/C CAN BE OPEN AFTER SOME DAYS AFTER THE DATE OF INCORPORATION)                     2. before this date he had paid for office furniture Rs. 100,000/-, laptop Rs. 50000/-, shop deposit Rs. 100000/-.     FURNITURE  A/C DR.              100000/-     LAPTOP A/C  DR.                        50000/-     SHOP DEPOSITED A/C DR.     100000/-            TO LOAN FROM DIRECTOR  ( NAME OF DIRECTOR)        250000/- (NOTE :- ABOVE ALL ASSETS ARE PURCHASE PRIOR TO THE DATE OF INCORPORATION BY THE DIRECTOR AND AFTER THE DATE OF INCORPORATION ASSETS GIVEN TO THE COMPANY HANCE THESE WILL TREATED AS UNSECURED LOAN FROM DIRECTOR ( MAY BE INTEREST FREE , QUASI EQUITY), HENCE BANK WILL NOT CREATED AS THE ASSETS WAS PURCHASED BY THE DIRECTOR NOT BY THE COMPANY).        2. on 01/08/2010 he deposited Rs. 100000/- from his personal account into company bank account. 01/08/2010    BANK A/C DR.               100000                           TO LOAN FROM DIRECTOR  ( NAME OF DIRECTOR     100000/-)   FOR ANY FURTHER CLARIFICATION PL. MAIL AT rajeshjiv @ gmail.com

Agree with this.

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?

1. one of our client started a pvt ltd company having share capital Rs. 100,000/-. date of incorporation 01/06/2010.

 

ENTRY;

01/06/2010     

                     CASH A/C DR.                               100000/-

                             EQUITY SHARE CAPITAL A/C DR.        RS. 100000

    ( NOTE :-BANK CAN NOT DE DEBITED AS, THE BANK A/C CAN BE OPEN AFTER SOME DAYS AFTER THE DATE OF INCORPORATION)                    

2. before this date he had paid for office furniture Rs. 100,000/-, laptop Rs. 50000/-, shop deposit Rs. 100000/-.

    FURNITURE  A/C DR.              100000/-

    LAPTOP A/C  DR.                        50000/-

    SHOP DEPOSITED A/C DR.     100000/-

           TO LOAN FROM DIRECTOR  ( NAME OF DIRECTOR)        250000/-

(NOTE :- ABOVE ALL ASSETS ARE PURCHASE PRIOR TO THE DATE OF INCORPORATION BY THE DIRECTOR AND AFTER THE DATE OF INCORPORATION ASSETS GIVEN TO THE COMPANY HANCE THESE WILL TREATED AS UNSECURED LOAN FROM DIRECTOR ( MAY BE INTEREST FREE , QUASI EQUITY), HENCE BANK WILL NOT CREATED AS THE ASSETS WAS PURCHASED BY THE DIRECTOR NOT BY THE COMPANY).

    

 

2. on 01/08/2010 he deposited Rs. 100000/- from his personal account into company bank account.

01/08/2010    BANK A/C DR.               100000

 

                        TO LOAN FROM DIRECTOR  ( NAME OF DIRECTOR     100000/-)

Agree With This...............

Mr. devendra 's entry is correct

BANK A/C __________________________Dr   100000

     TO EQUITY SHARE CAPITAL                                        100000

FURNITURE A/C_____________________Dr  100000

LAPTOP A/C________________________ Dr  50000

SHOP DEPOSIT A/C________________      Dr 100000

            TO PROMOTER A/C (UNSECURED LOAN)            250000

entry given by devendra ji on 1-8-10 is incorrect as company will not credit personal loan account ,it has to acknowledge an unsecured debt of 1 lakh , further more DEEMED DIVIDEND PROVISIONS WILL HAVE TO BE DEALT WITH ( 2(22)e ) 

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Originally posted by : Abhishek Singh (C.A. Final)
	one of our client started a pvt ltd company having share capital100,000/-. date of incorporation 01/06/2010. 1. before this date he had paid for office furniture100,000/-, laptop50000/-, shop deposit100000/-. 2. on 01/08/2010 he deposited100000/- from his personal account into company bank account. what entry should be passed for these transaction

In this instance we have to suppose the person you have mentioned as the director or member of the company.

It is advised to pass the entries as

1. A  Furniture A/c Dr.               100000

         Laptop A/c     Dr.                  50000

         Shop Deposti A/c  Dr.        100000

             To Pre-incorporation Exp. A/c        250000

1.B   Pre-incorporation Exp. A/c Dr.          250000

         To Loan from Director        A/c                      250000

2. bank A/c     Dr.                                        100000

           To Loan from Director        A/c                       100000

(The account head pre-incorporation is used to justify the nature of expenditure)