sushant (jr.accountant) (59 Points)
23 August 2013Dear Sir/Madam,
Please tell me what is the journal entry for .1) School fees paid by Proprietors Business Bank A/c
2) Cheque issued to any individual from Business bank A/C, who is not our creditor
3) Cheque issued to LICI, GIC, from Business A/C
4)
Mihir
(Wealth Manager)
(5293 Points)
Replied 23 August 2013
It is better to use personal bank account when the expenses incurred is of a personal nature and nothing to do with the business. So yoy may use drawing account and then repay the same to the business from personal account.
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 23 August 2013
as said by mr. mihir, these personal expenses would be routed through proprietor's drawings A/c... so, you should try to maintain such payments through your personal savings bank a/c...
veeru sagar
(BBE,M.com,CA Final )
(468 Points)
Replied 23 August 2013
Dear Sushant
As you have asked in your query........these entry are give below
(1) Drawing A\c (dr) .........
To Bank A\c................
Being:- child school fee charge in capital account
(2) Capital A/c ...........(dr)
To Bank A/c..........(cr)
(3). Drawing A/c .........Dr
To Bank.........(cr)
Assumption Drawing ledger created under the head of capital a/c
Karthik Mehta
(Student)
(46 Points)
Replied 24 August 2013
Valerian Dsouza
(Manager Audit & Taxation)
(413 Points)
Replied 25 August 2013
Sole Proprietorship - Accounting of business Expenses - Accounting of personal expenses and withdrawals
Recommendations:-
Business Balance Sheet and Personal Balance Sheet should be drawn separately and then should be CONSOLIDATED.
Business Profit & Loss account and Personal Capital account should be drawn separately.
Santosh
(Senior manager)
(26 Points)
Replied 11 January 2016
I want to start Futures & Options trading through my personal ICICIdirect account. However, my father & father-in-law wants to participate in my business in equal ratio i.e. 33% each. Can I hold a proprietory business account & share the profits generated with my father & father-in-law?
Srinivas Ch
(Sr.Accountant)
(365 Points)
Replied 11 January 2016
In the construction sector, contract ledger (for each contract) created under which head of account. Direct expenses or Indirect Expenses? pls tell me
chandra sekar
(Manager-Accounts)
(387 Points)
Replied 14 January 2016
beautifuly presentation mr Dsouza. thanks lot.
Srinivas Ch
(Sr.Accountant)
(365 Points)
Replied 28 January 2016
Take under BRANCH/DIVISION HEAD just like you think that BRANCH ACCOUNTS OR CONSIGNEMT ACCOUNTS.
Mohit Verma
(-)
(59 Points)
Replied 13 November 2016
Sir personal expenses of 100-200 Rs. if we paid through firm or businees cash in hand a/c what will be the voucher should be used in tally soft. I know that first it will be treated as Drawing A/c used for personal nature, but I am confused with the voucher that which will be used - Payment or Journal? I had done the entries through Payment voucher till now.
mukesh
(accountant)
(25 Points)
Replied 19 August 2019
Dear Sir/Madam,
Please tell me what is the journal entry for .
1) money transfer from proprietor personal account to Proprietors Business Bank A/c
2) rd investment in 2017 and mature of rd in 2019 and RD mature in 2019 and Proprietors Business started also from 2019
3) Cheque issued to LICI, GIC, from Personal A/C
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 19 August 2019
| Originally posted by : mukesh | ||
 |
Dear Sir/Madam, Please tell me what is the journal entry for . 1) money transfer from proprietor personal account to Proprietors Business Bank A/c 2) rd investment in 2017 and mature of rd in 2019 and RD mature in 2019 and Proprietors Business started also from 2019 3) Cheque issued to LICI, GIC, from Personal A/C |
 |
1) money transfer from proprietor personal account to Proprietors Business Bank A/c
- Account it in Prop Capital Account
3) Cheque issued to LICI, GIC, from Personal A/C
- Then no need any entries if paid through Personal Account
2) rd investment in 2017 and mature of rd in 2019 and RD mature in 2019 and Proprietors Business started also from 2019
- Explain with details of receipts into Business account or personal account
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