Tally Entry
This query is : Resolved
11 March 2009
A reastaurant purchases cold drinks and is given incentive/discount by the supplier for 2 years. According to the deal a sum of amount 12,000 will be released in the first year and the othere sum of amount 12,000 will be released in the second year once the target is achieved. Please suggest entry for this transaction.
1.What would be the tally entry in the first year and 2nd year.
2.Is incentive/discount given by supplier considered as indirect income if not, then what it should be considered under.
3. Should it be considered as incentive received or discount received,while opening an ledger a/c.
1.What would be the tally entry in the first year and 2nd year.
2.Is incentive/discount given by supplier considered as indirect income if not, then what it should be considered under.
3. Should it be considered as incentive received or discount received,while opening an ledger a/c.
11 March 2009
1.Supplier A/c..........Dr (Incentive Amt)
To Incentive Received A/c.
To Incentive Received A/c.
13 March 2009
Please sir if u could clarify the above entry.
Supplier comes under personal a/c.
according to the rule: debit the receiver and credit the giver.In this case how can the supplier be debited.He is the person who is giving the incentive
and please let me know if this entry is a right one once an amount in cheque is received from the supplier incentive received.
To Incentive received.....
By bank a/c .........
Supplier comes under personal a/c.
according to the rule: debit the receiver and credit the giver.In this case how can the supplier be debited.He is the person who is giving the incentive
and please let me know if this entry is a right one once an amount in cheque is received from the supplier incentive received.
To Incentive received.....
By bank a/c .........
13 March 2009
Please sir if u could clarify the above entry.
Supplier comes under personal a/c.
according to the rule: debit the receiver and credit the giver.In this case how can the supplier be debited.The supplier is givng incentive so he is the giver.
and please let me know if this entry is a right one once an amount in cheque is received from the supplier(incentive received).
To Incentive received.....
By Bank a/c .........
Supplier comes under personal a/c.
according to the rule: debit the receiver and credit the giver.In this case how can the supplier be debited.The supplier is givng incentive so he is the giver.
and please let me know if this entry is a right one once an amount in cheque is received from the supplier(incentive received).
To Incentive received.....
By Bank a/c .........
13 March 2009
If the amt is received by cheque then your entry is correcy, however if the supplier has adjusted it in your account statement then pass that entry.
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