chit fund investment entry
This query is : Resolved
03 August 2008
Tell me the accounting entry required for invetsment in a chit fund company like SRi ram chits fund ,from the company point of view?
company name = X ltd.
Nature of deposit/advance = in cash/bank
Tell me the accounting entry required for invetsment in a chit fund company like SRi ram chits fund ,from the company point of view?
company name = X ltd.
Nature of deposit/advance = in cash/bank
04 August 2008
Chit Fund with Sri Ram Chits Fund Dr.
To Bank/Cash
To Dividend on Chit(In case payment is
net of Dividend)
In case no dividend is available then the entry for dividend may be ignored.
To Bank/Cash
To Dividend on Chit(In case payment is
net of Dividend)
In case no dividend is available then the entry for dividend may be ignored.
Message likes :
2 times
04 August 2008
Thanks for the information.
Apart from this investment that company may receive some advance money from that sri ram chits . for that advance x ltd may need to pay EMI's on the basis of that advance/loan
Waiting for the solution
Thanks,
Ravi
Apart from this investment that company may receive some advance money from that sri ram chits . for that advance x ltd may need to pay EMI's on the basis of that advance/loan
Waiting for the solution
Thanks,
Ravi
04 August 2008
Amount received against Chit auctioned in ur favour may be credited to the chit fund company. Entries in this regard will be as per under;
Entry for auction money after the discount and Foreman Commission:
Bank Dr
Loss on chit fund
To Sri Ram Chit Fund
Subsequent Monthly payment:
Sri Ram Chit Fund
To Bank
To Dividend
Entry for auction money after the discount and Foreman Commission:
Bank Dr
Loss on chit fund
To Sri Ram Chit Fund
Subsequent Monthly payment:
Sri Ram Chit Fund
To Bank
To Dividend
04 August 2008
Thanks for the information.
can you explain whats this dividend. is it like apportion of loss on chit fund among the remaining period of time?
Thanks,
Ravi
can you explain whats this dividend. is it like apportion of loss on chit fund among the remaining period of time?
Thanks,
Ravi
05 August 2008
It is the profit which will accrue to you on month to month basis on the auction of a chit.
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