how to enter in tally

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CA Anita Jaiswal (Querist)
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22 December 2010 pls help i m confused
'x' n co. is a ca firm
if the co. recev cheque then in 'x' n co.entry will be
by bank a/c dr
to client a/c
so client will be created under ledger s/debtor but my doubt is that as client is created under s/dr. so my s/dr. will have credit/negative balance.....pls explain

where i shuld make entry in single/double entry
and if the s/dr. is having cr. balance then what about my b/s is it right to have cr. balance of s/dr.
thanx

Karan Thacker

Karan Thacker (Expert)
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22 December 2010 If the customer of X & Co. has make some payment it would be relating to some credit sales made to the party, if the amount refers to advance received from some party, then it is better to open another A/c-"Debtor's Advacnce A/c".

There is no problem if the debtor's have credit balance, but it order to have a better presentation of the Financials you should open an Debtor's Advance A/c.

Ugra Sen Singh

Ugra Sen Singh (Expert)
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23 December 2010 Hey You Must raised bill before passing Receiv Entry. If you are want alternate then make Entry Professional Fees undert income in Cr and Bank A/c is Dr

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