a journal entry worth testing your knowledge

Forget About Journal Entry......run Away with GOLD.........Let other Person Pass Entry for you in the Book of Co as   

Profit & Loss A/c...Dr                                                                                                                                                     

          To Gold Theft (Loss) A/c....

Enjoy...........

 :D :D :D :D :D trueeeeeeeee

Dear Mr Gouse

First of all i assumed that u r honest and u have proved me wrong

secondly, the journal which the other person will be passing is also incorrect. how can u credit gold theft A/c when the gold does not belong to the company ..........?

Originally posted by : abir kumar deb
	Dear Mr Gouse First of all i assumed that u r honest and u have proved me wrong secondly, the journal which the other person will be passing is also incorrect. how can u credit gold theft A/c when the gold does not belong to the company ..........?

Gold A/c Dr
 

 To Other/Miscellaneous Income A/c

acha hai u will sure be good Honest accountant in Future best of luck.....

If gold is to be considered as company asset. then entry will be

Gold(asset) a/c Dr.

    To capital reserve a/c

Originally posted by : poonam
	If gold is to be considered as company asset. then entry will be Gold(asset) a/c Dr.     To capital reserve a/c

I think this entry justifies the case.... Moreover, the amount considered here should be Rs. 100...

Normaly, we take this amount when we get any business asset in a gift and we record that at Rs. 100 or else any charitable isntitute gets some asset as donation... like hospital getting an ambulance in donation....

But i still say, remain quite, take the gold wid u.... Kisiko pata nai chalega...

Mr Abir Kumar deb,

dont take it seriously

our company purchases gold to give it to qualified dealers as  part of sales promotion activities

so Honest Accountant would have already recorded the same in books and if found on the floor will part away with the same

We will assume that it's not a co.s asset. And record it in our own books as an abnormal gain. hi hi....

agreed with dhiraj... take up d gold .... by remaining quite....

 GOLD    A/C    Dr

        TO CAPITAL RESERVE  Cr

this is because is a capital item and cannot be treated as revenue income ....

thanks & regards to the honest accountant

sanjay

No accountant in the world would wait and think about passing a entry he would rather quickly keep it in his pocket.