bank entry
This query is : Resolved
Gaurav Gupta
(Querist)
25 August 2010
Sir,
if "A" withdraw money of Rs. 300,000 from company account and he (A) deposited into another mean to say saving account of his account (Rs. 100,000) and Rs.41000 to other bank saving
then please tell which entry should i pass in tally
if "A" withdraw money of Rs. 300,000 from company account and he (A) deposited into another mean to say saving account of his account (Rs. 100,000) and Rs.41000 to other bank saving
then please tell which entry should i pass in tally
CMA Ramesh Krishnan
(Expert)
25 August 2010
Debit : A a/c 300000
Credit: Bank a/c 300000
Credit: Bank a/c 300000
25 August 2010
First of ALL , WHO IS MR. A IN COMPANY.
WHETHER IT IS DIRECTOR OR EMPLOYEE ?
IF HE DEPOSITED IN HIS PEROSNAL ACCOUNT I.E IT WILL BE TREATED AS LOAN & ADVANCES.
OUT OF 300000/ , HE DEPOSIT 141000 IN HIS ACCOUNT I.E IT WILL BE TREATED AS LOAN & ADVANCE GIVEN TO EMPLOYEE/DIRECTOR.
LOAN & ADVANCE DR
TO CASH
NOW AMOUNT IS IN EXCESS OF 20000 IN CASH, I.E CONTRAVENTION OF SECTION 269T HENCE PENALTY U/S 271E LEIVED.
WHETHER IT IS DIRECTOR OR EMPLOYEE ?
IF HE DEPOSITED IN HIS PEROSNAL ACCOUNT I.E IT WILL BE TREATED AS LOAN & ADVANCES.
OUT OF 300000/ , HE DEPOSIT 141000 IN HIS ACCOUNT I.E IT WILL BE TREATED AS LOAN & ADVANCE GIVEN TO EMPLOYEE/DIRECTOR.
LOAN & ADVANCE DR
TO CASH
NOW AMOUNT IS IN EXCESS OF 20000 IN CASH, I.E CONTRAVENTION OF SECTION 269T HENCE PENALTY U/S 271E LEIVED.
25 August 2010
THERE IS TWO ENTRY
1. FOR CASH WITHDRAWL FROM COMPANY BANK A/C
I.E CONTRA ENTRY
CASH DR. 300000/-
TO BANK 300000/-
SECOND ENTRY WILL BE
LOAN & ADVANCE TO A DR. 141000/-
TO CASH RS. 141000
BALANCE CASH ENTRY WILL DEPEND ON ITS UTLIZATION.
1. FOR CASH WITHDRAWL FROM COMPANY BANK A/C
I.E CONTRA ENTRY
CASH DR. 300000/-
TO BANK 300000/-
SECOND ENTRY WILL BE
LOAN & ADVANCE TO A DR. 141000/-
TO CASH RS. 141000
BALANCE CASH ENTRY WILL DEPEND ON ITS UTLIZATION.
25 August 2010
Well explained by Mr. bansal.
Gaurav Gupta
(Querist)
25 August 2010
Thanks Sir,
But Rs. 41000 was not deposited in same bank and problem is that i did not no whether he deposited in his saving account or given to another person Mr. A is director of company
But Rs. 41000 was not deposited in same bank and problem is that i did not no whether he deposited in his saving account or given to another person Mr. A is director of company
25 August 2010
EVEN IF HE IS DEPOSITED IN ANY OTHER BANK A/C OR PAID TO ANOTHER PERSON.
YOU HAVE TO DEBIT THE ACCOUNT OF MR. A, WHO WITHDREW THE AMOUNT FROM BANK AND TAKE IT.
I.E ENTRY WILL BE SAME
LOAN & ADVANCE TO A DR 141000/-
TO CASH 141000/-
YOU HAVE TO DEBIT THE ACCOUNT OF MR. A, WHO WITHDREW THE AMOUNT FROM BANK AND TAKE IT.
I.E ENTRY WILL BE SAME
LOAN & ADVANCE TO A DR 141000/-
TO CASH 141000/-
Gaurav Gupta
(Querist)
26 August 2010
Thanks Sir for your Support.
Thanks Sir for your Support.
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