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Business profit
Yes, why not?
But what is the turnover?
while making ledger account in accounting manually a generally the terms " To and " By" is posting , my doubt is whether I should have to know the transactions nature and then posted into to and by,
or
in trial balance debit side items to go credit side
and credit side items are to go debit side
too much of confused this To and By in ledger accounts pls clarify me
Transaction nature is most important in posting...
You can also remember the thumb rules of accounting ... which helps initially...
- Debit the receiver and credit the giver. ...
- Debit what comes in and credit what goes out. ...
- Debit expenses and losses, credit income and gains.
For 16 lakhs turnover Rs. 1.50 lakhs profit i.e. around 9.4% is quite acceptable, but follow books for actual data.
@ Honourable Dhirajlal sir , for an example Mr Sanjay is a customer of me ,he owes from me RS 5 lakh ...so here Sanjay is a sundry debtor ,IAM sundry creditor
Sundry creditor ledger account
Dr. Cr.
To cash /sales xxx By sundry debtor 5L
Iam I right???
@ Honourable Dhirajlal sir , for an example Mr Sanjay is a customer of me ,he owes from me RS 5 lakh ...so here Sanjay is a sundry debtor ,IAM sundry creditor
Sundry creditor ledger account
Dr. Cr.
To cash /sales xxx By sundry debtor 5L
Iam I right???
personal account : debit the receiver and credit the giver
Don't confuse your self by trying to read his books..
Just read your books...
He is your customer, you supplied some goods/service for 5 lakhs..
So for you he is just DEBTOR....
Now post your entries whenever you get his payment.. For you its receipt...
In Tally if you fill receipt entry................ it will actually post it as...
Cr. Debtor...
Dr. cash/bank..
Dhiraj ji ye actually data hai iski books bani hai kyun ki sir indirect exp bahut hote hai isiliye g.p jyada dikhake n.p set kiya hai g.p se kya to exp hai loss hojayega loss dikha nahi sakte aur g.p badhhake ye n.p set kiya hai 8 % above 44ad
If you are declaring the income u/s. 44Ad of the act, no problem, it will be accepted.
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