Accounting entry

The accounting entry can be paased by direct debit to expenditure and credit to bank. This method is adopted when you want limited entries in the books and limited transactions. Alternatively, you can book the bill and Dr. expense and credit the party. On payment of the bill, Dr. the party and credit the bank. This method shall be used when you have volumenous transactions and larger payments. Both options are correct and can be enetred in Tally....

Thanks to all 

We are paid full and final payment of standard chartered home loan of personal account before tenure complete. And every month i was posted entry every month is  

Standard chartered home loan A/c.......Dr   2781.24

Housing Loan interest A/c............Dr   21535.76

To Bank A/c....24317.00

Please suggested to final entry.............

In both case the seller is bear the freight amount.

in 1st case the freight amount paid on the spot.

in 2nd case the freight amount is paid on another time.. so that it tranfer to provisional account......

Telephone Expenses Dr   5000

To Bank                                      5000