Special Festive Offer: 10% OFF Across All CCI Pro Membership Plans. Subscribe Now!

FOR DATA ENTRY

207 views

Save Share

Join Us Follow Us Add as Source

Dikshit Shah

61 Points Posted on 06 April 2021

DEAR SIR,

GOOD MORNING!

SIR WE HAVE SALE MACHINE TO PARTY A , RS.17,11,000.00 AND PAYMENT RECEIVED RS.17,11,000.00 FROM HERE PERSONAL ACCOUNT SO MY QUERY IS PAYMENT RECEIVED FROM PERSONAL ACCOUNT SO HOW I AM SHOWING ACCOUNT ENTRY AND ALSO PLEASE SHARE PERSONAL ACCOUNT UNDER GROUP.

Replies (2)

Quick Summary

This discussion addresses how to handle accounting entries when a customer pays for a sale using their personal account. The initial advice suggests recording the payment under Sundry Debtors. However, the user clarifies the payment came directly from the buyer's personal account because they didn't have a separate business account set up. The plan is to repay the personal account and then have the party pay from their business account. The core question is which group to assign the personal account under for ledger creation.

CA. Sourav Sarkar

Chartered Accountant

16188 Points Posted on 06 April 2021

For sales,

Machinery a/c dr
to Sales a/c

For amount received,

Bank a/c dr
to Party name a/c

You can show the party name under Debtors account and subsequently show the amount received from the party under debtor. So, there will be no outstanding balance will be remaining from that party account

Dikshit Shah

61 Points Posted on 06 April 2021

BUT SIR USAKA ACCOUNT OPEN NAHI THA BANK ACCOUNT ME IS VAJESE UNHONE APANE PERSONAL ACCOUNT MESE PAYMENT KIYA

NOW ABHI HUM UNKE PERSONAL ACCOUNT ME PAYMENT KARKE PERSONAL ACCOUNT CLOSE KAREGE AND BADAME PARTY HAME UNAKE ACCOUNT MESE ( JIS NAME PAR INVOICE BANA THA) PAYMENT KAREGE.

TO JO PERSONAL ACCOUNT MESE JO AMOUNT AAYA THA AB USAKA LEDGER CREATE KARUGA TO UNDER GROUP KYA MENTION KARNA HOGA. SUNDRY DEBTORS OR ANY ETC