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Book Keeping Entry clarification

V.S. Balasubramanian (QuickBooks Pro Advisor Consultant & Trainer) (145 Points)

19 July 2009

Dear Members

Please go through this example and answer me for the following questions.

1. Which one is the correct book keeping entries?

2. If your clients maintain books using the second alternate method book keeping entries, will you allow them the accounts books remain as it is? or you will advise your cleint to re write the books?

3. Whether the second alternate method of writing books acceptable as per the GAPP and also as per our Authoriteis (Incometax, ICAI etc.,)

Regards

Bala

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3 Replies

V.S. Balasubramanian (QuickBooks Pro Advisor Consultant & Trainer) (145 Points)
Replied 26 August 2009

Hi Friends

Can any one help me with my above, as it is very urgent and imporant for me. Please help me

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 27 August 2009

Since you have sales return u will have to debit the sales return account and not the sales account. I think sales account can be debited only if there is somne rate difference or something like trade discount is given. Not sales return. Rectify the accounts if the 2nd method is being followed.