Transaction treatment .....

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Sathish kumar (Querist)
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10 February 2014 we purchases a machinery on credit Base how will treat this as in P&L A/C and Balance sheet.......?,
(1) would I treats as nominal A/c and by transferring to P&L A/C......?
(2) commonly in Tally we are booked these transaction in Journal Voucher so Journal Voucher booked only Expenses how can i understand this transaction please advise me .............?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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11 February 2014 well the machinery is to be included in the assets..depreciation will be charged to p &l a/c. please note that asset is never a nominal account. it is a real account.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 February 2014 1.it is a real account
2.Journal voucher is not for booking exp because fr exp there is payment voucher

Journal voucher is for booking entries in those transaction where there is no cash or bank involved eg depreciation.

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