Accounting entries
This query is : Resolved
somasekhar gajula
(Querist)
31 August 2013
Dear All,
Please tell me how to pass the entries for chit
Ex: X started 1.00 lakh chit in june'13 and pay the monthly Rs.5000/- and chit lifted in Aug'13 for 18,800/- and recd the money 71,200/-.
how to pass the entries in books of accounts
Thanks & Regards,
sekhar
Please tell me how to pass the entries for chit
Ex: X started 1.00 lakh chit in june'13 and pay the monthly Rs.5000/- and chit lifted in Aug'13 for 18,800/- and recd the money 71,200/-.
how to pass the entries in books of accounts
Thanks & Regards,
sekhar
CMA Ramesh Krishnan
(Expert)
31 August 2013
on monthly payment
Dr: Investment-chit Rs.5000
Cr: Cash a/c Rs.5000
while lifting
Dr: Bank a/c Rs.71200
Dr: Interest paid a/c Rs.18800
Cr: Investment - Chit Rs. 100000
Dr: Investment-chit Rs.5000
Cr: Cash a/c Rs.5000
while lifting
Dr: Bank a/c Rs.71200
Dr: Interest paid a/c Rs.18800
Cr: Investment - Chit Rs. 100000
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