Accounting entry
This query is : Resolved
RAKESH KUMAR BEHERA
(Querist)
10 September 2019
My Client Have Personal Capital Assets(Gold/Silver)
He is Now Starting a Business (Jewelry Shop)-Proprietorship
He Want to Transferred Personal Gold to Business(Converting Capital Assets to Stock in Trade)
How to pass Entry in Tally
What is The Accounting For This ??
Please Help
He is Now Starting a Business (Jewelry Shop)-Proprietorship
He Want to Transferred Personal Gold to Business(Converting Capital Assets to Stock in Trade)
How to pass Entry in Tally
What is The Accounting For This ??
Please Help
11 September 2019
Stock of gold/ silver / jewellery a/ c Dr
To Capital a/c.
Here you must show the stock of each thing separately at a fair valuation on the date of transfer.
To Capital a/c.
Here you must show the stock of each thing separately at a fair valuation on the date of transfer.
RAKESH KUMAR BEHERA
(Querist)
11 September 2019
What Effect Will Come in Profit & Loss Account
11 September 2019
You dont need to pass any separate entry for P&L a/ c . It will automatically be added in your stock like it happens in the case of purchases. Whenever you sell the stock, do entries as you do normally in any other case of sale.
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RAKESH KUMAR BEHERA
(Querist)
13 September 2019
then My Closing Stock will Increase , Then My GP will be Increased of same amount ?
Then Profit Will High ?
Then Profit Will High ?
RAKESH KUMAR BEHERA
(Querist)
13 September 2019
then My Closing Stock will Increase , Then My GP will be Increased of same amount ?
Then Profit Will High ?
Then Profit Will High ?
13 September 2019
Let me make a correction here... The journal entry should be Purchase a/c Dr
To Capital a/c
After this , you can include the introduced stock in Closing Stock. Net effect on profits Nil. And follow normal accounting when sold.
To Capital a/c
After this , you can include the introduced stock in Closing Stock. Net effect on profits Nil. And follow normal accounting when sold.
RAKESH KUMAR BEHERA
(Querist)
13 September 2019
Thank You So Much, I appreciate You Response
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