Accounting of personal accounts
This query is : Resolved
03 February 2012
I am running a educational trust and I have opened a Bank account in the name of the trust. But some of cheques paid to the party like rent, purchases etc had been paid thru my personal account. Pl tell me how to account this.
03 February 2012
At the time of payment in the books of educational trust.
1) rent,purchases,etc... Dr
To your personal account
In your books/personal books
1) Educational trust a/c Dr
To Bank a/c
After that transfer the payment amount from the educational trust account to your personal account trough cheque and the entry at that time is in the books of educational trust.
2) Your personal a/c Dr
To bank a/c
In your books/personal books
2) Bank a/c Dr
To Educational trust
But the narration should be clear with the facts.
OM SAI SRI SAI JAI JAI SAI
1) rent,purchases,etc... Dr
To your personal account
In your books/personal books
1) Educational trust a/c Dr
To Bank a/c
After that transfer the payment amount from the educational trust account to your personal account trough cheque and the entry at that time is in the books of educational trust.
2) Your personal a/c Dr
To bank a/c
In your books/personal books
2) Bank a/c Dr
To Educational trust
But the narration should be clear with the facts.
OM SAI SRI SAI JAI JAI SAI
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