Saving bank

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This discussion addresses how to account for transactions in a proprietorship firm where purchases are made using a savings account and paid via UPI. The advice given is to debit the purchase account and credit the proprietor's capital account, ensuring the savings account transaction is properly reflected in the firm's accounts. For non-GST purchases under £5000 without individual bills, creating a payment voucher is recommended for accurate bookkeeping.

krishna jethe

krishna jethe (Querist)

14 March 2024 Sir,
Purchase is made through Saving & Payment is done by UPI & total of debit side saving a/c-16 lacs
Now how can treat this transaction in account books of Proprietorship firm.
Thanks..

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

14 March 2024 Debit purchase account and credit prop capital account.

RAJA P M

RAJA P M (Expert)

15 March 2024 Account the SB account transaction in firm account.

krishna jethe

krishna jethe (Querist)

18 March 2024 Sir, As your answer Purchase Made dr but this transaction is non GST.Each transaction under 5000/- No any bill received from seller then how can disclose in books of accounts.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

18 March 2024 Such a small payment prepare your voucher and account it bill not required if not available.

krishna jethe

krishna jethe (Querist)

18 March 2024 Clear Thank you....................

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

18 March 2024 You are welcome..
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