Accounting entry

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Discount received or Discount given 

whether on sale or purchase 

which key in tally 

whether F7 or F8 F9 

WHICH KEY ?

Replies (9)

Tally show the only tally function which are mention in tally but accounting treatment by the Journal Entries i.e. If you purchase/sale any goods Rs. 1000 and recd. the cash discount Rs. 100. We have passed the said entry

Purchase a/c Dr. 1000

To discount a/c 100

To Cash/Bank 900

Being chq. Paid incl. cash dis.  

Same in case sale

 

XYZ A/c Dr. 900

Discount a/c 100

To sale a/c   1000

Being chq. Recd incl. cash dis.

Further any quiery plz intimate the same

which key F7 and f9 or f8

This is my guess that is Journal, sale & purchase but actual when you open the tally software. It shows at right side uses of keys. Tally software is simple use for accounting.  

Dear,

generally cash discount is allowable. so only journal voucher should be passed(F7).Entries (for accrual basis a/cing)

1.if dis allowed then dis aallowed (indirect exps head) A/c dr To debtors A/c.

2. if Dis recd from crditors then credi A/c dr to dis recd A/c (head- Indirect income)

logic- here we see no direct recept or no direct payment involved hence journal voucher to be used. (becs indirect exps/ income).

if cash basis a/cing then at the time of payment to creditotr (for discount recd) combine entried would be done 

so use payment voucher (F5)

entry creditor a/c dr To disc recd a/c , To cash/bank A/c.

while at time of recpt frm dbtrs use recpt voucher (F6) .cash/bank dr ,disc allow dr TO debt A/c.

 

 

Dear,

Sorry . it was mistake in my above reply .i.e in cash basis at time of purchase entry passed

purchase A/c dr ,TO disc recd (IF any) TO cash/ Bank A/c (purchase voucher i.e F9) while

at time of sales cas/ bank a/c dr To dis allow, To Sales A/c (sales voucher F 8).

sales entry 

cash/bank a/c dr

dis allow dr 

  TO Sales A/c.

Dear,

In my 1st reply all entries for accrual basis of accounting only.first 2 entrs shows seperate entries

while below 2 are combine entries. sorry agn for typing error.

In Payment entry ...show Discount as Negative Figure 

Thanks to all guys 


CCI Pro

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