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Discussion > Accounts > A/c entries >

discount entries in tally

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employee

[ Scorecard : 30]
Posted On 23 November 2010 at 11:02 Report Abuse

 

assume that i have a coaching institute.

i created an account named "student acc" under sundry creditors

at the time of admission the "student acc" is debited with the fees the student as to pay.

but in some cases i have to give a discount to the student later on. 

i dont want to edit my fees from say 10000 to 8000 to give 2000 as discount

i want to maintain my original fees and also the amount of discount i have given over a period

so can i do that by creating a dicsount ledger under indirect expenses?

if so how will the account entries be??

please help.


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Suresh Prasad
www.aubsp.com

[ Scorecard : 15235]
Posted On 23 November 2010 at 13:36

Dear Aditya,

This May Help You....





CA Riswa Parekh
Practicing

[ Scorecard : 1526]
Posted On 29 November 2010 at 20:23

Accounting Entry will be: At the time of admiision you will debit the student A/c.

And at the time of Receipt : Cash/Bank A/c.        Dr.  8,000

                                                  Discount A/c.            Dr  2,000

                                                  Student A/c.               Cr.10,000

Open Discount A/c. under the head Direct Expense




aditya
employee

[ Scorecard : 30]
Posted On 30 November 2010 at 13:45

thanks for the reply.

but suppose i want to give discount after receipt has been done

my original fees will have service tax calculated on it

eg. original fees is rs 100 with 10.3% STAX = Rs. 103

then in that case how will the entries be if i want to give discount after receipt?




V P Narasimhan
Accounts Manager

[ Scorecard : 386]
Posted On 05 December 2010 at 14:52

Dear

I suggest you better open an account as discount undr indirect expenses so that a journal entry can be passed as and when a discount has been extended. The main advantage is you can ascertain the actual discount extended at the end of the aprticular period. I fyou have more than one account in income area you can allot cost centrer to drive how much discount extended to each dept.




vinod bhandari
PRACTICE

[ Scorecard : 131]
Posted On 05 December 2010 at 16:09

Opening Entry

Cash/bank A/c        Rs 10000

 To Student A/c                          Rs 10000

Discount Entry

Discount A/c Dr        Rs2000

To Cash/Bank A/c                      Rs 2000




Mitali Agarwal
Company Secretary

[ Scorecard : 638]
Posted On 06 December 2010 at 10:11

 

Originally posted by : vinod bhandari

Opening Entry

Cash/bank A/c        Rs 10000

 To Student A/c                          Rs 10000

Discount Entry

Discount A/c Dr        Rs2000

To Cash/Bank A/c                      Rs 2000

Since discount is a non-cash expense, this entry is not correct.

 

I agree with Mr. Narasimhan that Discount Account should be opened under the head "Indirect Expense" and then through a Journal Voucher an entry of discount may be passed as and when discount is given to the student (standing as creditor in the books).

 

 

 




Member (Account Deleted)
MBA/M.Com. & GNIIT -F & A- Executive

[ Scorecard : 2823]
Posted On 07 December 2010 at 20:35

Originally posted by : V P Narasimhan

Dear

I suggest you better open an account as discount undr indirect expenses so that a journal entry can be passed as and when a discount has been extended. The main advantage is you can ascertain the actual discount extended at the end of the aprticular period. I fyou have more than one account in income area you can allot cost centrer to drive how much discount extended to each dept.

Hows it possible sir many student are prepare ca and he/she are reply are to different answer

this post is allready see on dec-1 but i not agree with riswa

 




U S Sharma
glidor@gmail.com

[ Scorecard : 19371]
Posted On 07 December 2010 at 21:55

Originally posted by : aditya

 


assume that i have a coaching institute.

i created an account named "student acc" under sundry creditors

at the time of admission the "student acc" is debited with the fees the student as to pay.

but in some cases i have to give a discount to the student later on. 

i dont want to edit my fees from say 10000 to 8000 to give 2000 as discount

i want to maintain my original fees and also the amount of discount i have given over a period

so can i do that by creating a dicsount ledger under indirect expenses?

if so how will the account entries be??

please help.
 

leave the account as it goes on and on close of year or actual payment day , debit the diff to discount or incentive account to close the "student ledger"




Ragupathy
student

[ Scorecard : 42]
Posted On 30 August 2011 at 18:21

guys, i got a situation here, tat when the discount is given in percentage how to post entry based on only percentage and not the amount... is there any way to do tat in tally by giving only the rate of percentage...........



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