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This query is : Resolved

Purna Chandra Patra (Querist)

27 December 2010 Dear Sir,

Thanks for the respond, really it is a quite good site to gain knowlege, Thanks once again.

Here one more,

How do we differentiate Company, Firms, Co-op society, local authority, HUF, Individual. All are self explanetory, but how do we identify the category - FIRM & HUF.

Is there any code to identify these from PAN Card Number ?

Is there any difference between journal entry and purchase entry ? What is the basic & fundamental difference between the two.

Thanks & Regards,

PC Patra

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

27 December 2010 An Entity is register under which act need to be checked, A partnership firm need to be covered under Partnership act, likr society covered under society act

In the PAN the 4th Alphabet is the identification of the entity nature , if PAN belongs to company the letter will be C if the PAN belongs to person letter will be the .so you can identify the same

Purchase entry will be passed for only purchase transations& Jornal entry will be passed were the Payment, receipt, Sales & purchase will not come like transfer entry from one ledger to another ledger. also Purchase entry can be passed through Journal also

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