Dear all,
Can some body give the solutions of these Questions....?
1.My companys V.P paid his house rent and electricity bill from the Company's bank A/C
so how can i treat these entries in tally.
2.what would be the accounting treatment of these item in tally 9.0 ?
Gifts purchased from ABC Co.( but I don't want to maintain that ABC Co's ledger)
12 Replies
shiji.b.s
(studying)
(40 Points)
Replied 02 January 2008
1. i think the jouranal will be like this,
rent account dr.xx
electricity bill account dr.xx
company's bank account xxx
2.u just treat it as a cash purchase.
if this is not right answer please forgive me and inform me the right answer.
P.R.VITTAL RAO
( Professiob)
(32 Points)
Replied 03 January 2008
For the point No 2, the entry will be
Entertainment A/c Dr
to Cash/Bank A/c
This will avoid the name of the receiver kin the books.
P.R.VITTAL RAO
( Professiob)
(32 Points)
Replied 03 January 2008
For point No.1., if the V.P. is returning the amount back to the company, the entry will be
V.P. (personal name-Debtors)a/c Dr
to Ele.charges A.c
to Rent A/c.
Ele, Charges A/c dr
Rent A/c Dr to
Cash/Bank A/c.
When amount received from V.P
Give credit to personal account of V.P thourgh Cash/Bank book
P.R.VITTAL RAO
( Professiob)
(32 Points)
Replied 03 January 2008
For the point No 2, the entry will be
Entertainment A/c Dr
to Cash/Bank A/c
This will avoid the name of the receiver kin the books.
Saroj Rana
(MBA Finance)
(417 Points)
Replied 03 January 2008
Mr.Rao
I think this is not the right entry because these expxnses are personal in nature
I think this is not the right entry because these expxnses are personal in nature
CA. Aryendra
(Chartered Accountants)
(1233 Points)
Replied 04 January 2008
For point No.1.,
This expenses of personal nature so it will not be allowed in the name of company therefor there is no need to post in expense head entry will be
V. P. Dr.
To Bank Account
(Being expenses of V. P. Paid by company)
Second entry for when amount received from V.P.
Bank/ Cash DR.
To V. P.
2. If payment in cash or Bank then you can avoid entry otherwise you can not avoide you have have make entry
Saroj Rana
(MBA Finance)
(417 Points)
Replied 07 January 2008
If V.P provides capital to the business then what will be the treatment for the same two points which i have stated earlier.
ramu
(accountant)
(59 Points)
Replied 08 January 2008
hi
1 is same as shiji
2 is cash purchase or credit purchase?
ramu
(accountant)
(59 Points)
Replied 08 January 2008
2 nd is
if cash purchase is
expenditure a/c dr
to cash
if credit purchase
gifts or promotion ex a/c dr
to supplier name
Saroj Rana
(MBA Finance)
(417 Points)
Replied 21 January 2008
What rubish
The entries which are provided by shiji is absolutily wrong.
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