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Please tell me

V S L (Accountant) (54 Points)

09 May 2010

I am an accountant at proprietory firm (this firm is now under Audit). I have not slip Book of bank deposits(Misplaced). I have only a Bank statements. In that statement, bank not showed recipt clearing cheques party name they shows only clg. and bank refused to say the all details of one year. These all chques Received against Sales. still I made these entries to suspance a/c. Can I show these entries as :

Bank A/c Dr.

To Sales A/c. Cr. ( But its like as Sales made to bank)

Please tell me

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3 Replies

Sujal Chawathe (Managing Director) (34 Points)
Replied 09 May 2010

Dear Vijay,

The entry ,

Bank A/c Dr.

To Sales A/c.

is an entry for cash sales made. It is appropriate, provided the sales you have booked are not credit sales and you have not received cheques subsequently from debtors.

Originally posted by : Vijay Kulkarni
	I am an accountant at proprietory firm (this firm is now under Audit). I have not slip Book of bank deposits(Misplaced). I have only a Bank statements. In that statement, bank not showed recipt clearing cheques party name they shows only clg. and bank refused to say the all details of one year. These all chques Received against Sales. still I made these entries to suspance a/c. Can I show these entries as : Bank A/c Dr. To Sales A/c. Cr. ( But its like as Sales made to bank) Please tell me

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Manoj Kumar (Accountant) (101 Points)
Replied 15 May 2010

Vijay Ji

Lots of time i also face this problem. as some of my clients don't save deposit slips. you can do one thing if you recive cheque against one bill you can find the name of party by matching the amount with bill. If it is not possible then do other thing. Just creat a new account which you will use as a custmor account and debit them with sales account after that debit the bank and credit the account you have created for this purpose. for example normally in case of card swap what we do

Dr. Credit Card Sales

Cr. Sales Account

(Being goods sold vide Bill No 1 and payment recived by card)

and after reciving that amount after settlement

Dr. Bank Account

Dr. Bank Charges (On Card Swap)

Cr. Credit Card Sales

(Being amount recived after deducting Merchandise Fee)

But first ask custmor for account statement if it is books of stokiest of distributors.

Raj Chitroda (Accounts) (325 Points)
Replied 20 May 2010

Dear Sir

I have query about accounting entries

We have petrol pump and we are selling petroleum Product. For carry out this product, we have purchase Tanker which is engaged in IOCL transportation contract. The IOCL has paying transportation charges to us for this contract. The tanker is bringing petroleum product from IOCL Depot to our petrol pump and we are utilizing the diesel for tanker from our petrol pump. So how to treat this entry, Sales or own utilize

Do we should pay VAT for this?

If own utilize then what will be entry in tally Accounting Software

How many ledgers,

Group of ledgers

And which rate we should calculate for quantity goes out for transportation expenses

Kindly ans

Thanks