Please solve my problem (entry)

and i forgot to say " one more entry :D , """""" Drew cheque for petty cash 100"""""""" is it a contra entry ???????????  one more entry please " 18 withdrew rs.5000 from s.b.i  rs.3000 for office use and rs.2000 for personal use """why we are not including office use amount 3000""""""" last " transferred rs.5,0000 from s.b.i to b.o.i "is it a contra entry ??? "i am waiting for you help

i think on 20 th cheque  full amount including bank charges meance Rs.1350+10 &20 th the entry gos to cash column only becouse the same was not deposited in same day .

	and i forgot to say " one more entry :D , """""" Drew cheque for petty cash 100"""""""" is it a contra entry ???????????  one more entry please " 18 withdrew 5000 from s.b.i  3000 for office use and 2000 for personal use """why we are not including office use amount 3000""""""" last " transferred 5,0000 from s.b.i to b.o.i "is it a contra entry ??? "i am waiting for you help

yes

Yes, cash withdrew for PETTY CASH is contra entry coz ultimately cash is being withrawn frm bank (which is a contra entry) & after dat if cash is being used for petty cash purpose or other purpose, den its d matter of ur choice i.e. its upto the person withdrawing cash to use it for any purpose.Entry for withdrawing cash will b a CONTRA ENTRY in any case.

 Entry for 18

Cash A/c Dr.        3000/-

Drawings A/c Dr.    2000/-

           To SBI A/c           5000/-

Entry for 20

Entry will be for the full settlement amt ( coz its been already decided to pay such amt i.e. 1350)

Hence the amount of entry will be Rs. 1350 plus Rs. 10 (bank chgs)...

In first one, it will be 1410, its Total amount i.e. total amount to be recd. .

Logic : Discount is given for early payment but here early payment cheque was dishonoured.

Otherwise you can take an assumption.

second one,

1. drwaing cash for petty is a contra entry.

2. withdrawl from SBI

    Cash a/c            3000

    Drawings a/c     2000

            To SBI a/c                  5000

3. it will be contra

         BOI a/c           50000

              To SBI a/c                  50000

Originally posted by : APOORV SAXENA
	In first one, it will be 1410, its Total amount i.e. total amount to be recd. . Logic : Discount is given for early payment but here early payment cheque was dishonoured. Otherwise you can take an assumption.

I too agree with apoorv bhaiya as discount is just a matter of time in various cases and once time's passed, it can not be availed. Thus the full amount will be 1410. Else it should have said that the cheque was issued on the discounted value + bank charges or something.

I Think followig entries should be done:

1) Bank A/C                                   Dr.               1350

    Discount Allowed A/c               Dr.                   50

                To Ajit A/c                                                                   1400

2) Ajit                                                Dr.               1410

             To Bank A/C                                                             1360

              To Discount Allowed A/c                                            50

3) Bank A/c                                        Dr.               1410

              To Ajit                                                                       1410

4)        Petty Cash A/C                         Dr.                  100

                        To Bank A/c                                                           100

5)  Cash A/C                                           Dr.                     3000

      Drawing A/C                                      Dr.                    2000

                        To SBI Bank A/c                                                           5000

Originally posted by : APOORV SAXENA
	In first one, it will be 1410, its Total amount i.e. total amount to be recd. . Logic : Discount is given for early payment but here early payment cheque was dishonoured. Otherwise you can take an assumption.

i am also agree with Mr. Apoorv

Respected all

* Explain Difference in following ledger / A/c

1.  Diff Rs 10.00/- how to nil  Ajit A/c ?

2.Bank statement show bank charges Rs 10.00/- where how to passing this entry ?

Ans is

1st think , when cheque is dishonoured bank will be charge Rs 10.00/- so passing Payment entry :-

A) Bank charges A/c   Dr.       10.00

        To Bank  A/c                                          10.00

B) and 2nd passing J.V entry buz this charges will be recover form Ajit & Discount cancelled

Ajit A/c   Dr.                               60.00

        To Bank charges  A/c                          10.00

         To Discount Allowed A/c                     50.00

2nd Think Ajit sending Rs 1350 + 50 + 10 = 1410.00 so passing Receipt entry :-

Bank A/c             Dr.               1410.00

              To Ajit                                                 1410.00

Thank You,

Kadam

+91 92 7000 8326

balance Rs.50 should be treated as discount

and your petty cash and Rs.5000 entries are petty cash.