INTERESTING QUERY

  i FEEL MR JIGAR IS ABSOLUTELY RIGHT

Mr. H.R.Sampath Kumar Company Secretary & DY GM A/cs

Will u explain me what journal entry will be passed in books of a/cs of a Co. if one of its customer (name Cash) pays the Co. a sum in cash for payments of his dues to the Co.?

if ur reply is same as i explained in my very first reply to this thread (vide the 10th entry in this thread) then How can u say Mr. Jigar is "absolutely" Right ignoring the logical reply of other members.(even i hv accepted tht he is right but not completely, his approach is limited) i just wanna say to widen d scope of ur thinking to understand the point of view of others too. and if u r totally disagee wid me, fetch the correct entry wid ur strong logic.

Regards,

CA Naveen Kumar Agrawal

cash a/c dr

to cash cr

There are two accounts CASH A/c and CASH. In an entry only accounts can be entered. Since the word 'cash a/c' is before dr. I assume that to be an account and similarily 'cash' another account. The meaning of this entry is that a cash payment is being made and the account of that party is represented by cash a/c or it could be vice versa meaning that its is a cash receipt.This is the basic meaning of this entry. The reason for two meanings is that in practical a cash a/c can any number of names as long as it is grouped under cash in the balance sheet. There can be a lot of inferences that can be drawn from this entry but that is not in the scope of the question. Is this answer satisfactory?

Dear Friends,    Relying  on what  i  was taught during  in  school and College on Book keeping  and Accounts   three  decades ago,   and also   Prof. B.S. Raman,( now retired from  St. Alosyius College, Mangalore),    i wish  to state as under :

a)   The word   A/c  can be written for  personal Accounts also.   Prof. Raman writes  as under:

b) Double Entry Book keeping  does not mean  that one of the entries  of a transaction should be made in one party's book and the other  entry of the  transaction  should  be made in other party's  book.   What it  really means  is that  both the entries of a trnsaction should  be made in each party's book.    Further, this system does not mean that the two  entries of a transaction should  be made in the same account .  What it actually means  means is  that the two entries of a transaction should  be made in two different  accounts. 

c) Again  this system does not mean that the  two entries of a transaction  should be made in two accounts  in  the same direction or side. What it really means  is that  the two entries of a transaction should be made in two different  accounts  in opposite  direction or sides.  

d) kindly refer to  page No  17 of   the Book " Accountancy- Volume I "' meant for PUC 1st year (* FOR kARNATAKA STATE),, written by Prof Raman, published by  United  Publishers, Alaiman Compound,  Jeppu, Mangalore-575 001.  

e)  Yyou may write to  the said professor for further clarification, if still doubt persists, for  better apprreciation of the whole issue.

f) If the name of the  Person/Party itself is  " . Cash",  it is  better you use th Prefix Mr or M/s for better understanding of the  nature of that Acount.  Y ou can use the word A/c. also  after  the word "Cash"  I donot see any bar on this usage.

g)  In view of the  above,  If  it is not " Mr Cash or M/s Cash  Account Dr to  Cash Account, , but only Cash  A/c Dr to  Cash A/c,   To me it seems wrong  it may  be only hypothetical issue, ( the hypothesis is also wrong)      

Dear Friends,    Relying  on what  i  was taught during  in  school and College on Book keeping  and Accounts   three  decades ago,   and also   Prof. B.S. Raman,( now retired from  St. Alosyius College, Mangalore),    i wish  to state as under :

a)   The word   A/c  can be written for  personal Accounts also.   Prof. Raman writes  as under:

b) Double Entry Book keeping  does not mean  that one of the entries  of a transaction should be made in one party's book and the other  entry of the  transaction  should  be made in other party's  book.   What it  really means  is that  both the entries of a trnsaction should  be made in each party's book.    Further, this system does not mean that the two  entries of a transaction should  be made in the same account .  What it actually means  means is  that the two entries of a transaction should  be made in two different  accounts. 

c) Again  this system does not mean that the  two entries of a transaction  should be made in two accounts  in  the same direction or side. What it really means  is that  the two entries of a transaction should be made in two different  accounts  in opposite  direction or sides.  

d) kindly refer to  page No  17 of   the Book " Accountancy- Volume I "' meant for PUC 1st year (* FOR kARNATAKA STATE),, written by Prof Raman, published by  United  Publishers, Alaiman Compound,  Jeppu, Mangalore-575 001.  

e)  Yyou may write to  the said professor for further clarification, if still doubt persists, for  better apprreciation of the whole issue.

f) If the name of the  Person/Party itself is  " . Cash",  it is  better you use th Prefix Mr or M/s for better understanding of the  nature of that Acount.  Y ou can use the word A/c. also  after  the word "Cash"  I donot see any bar on this usage.

g)  In view of the  above,  If  it is not " Mr Cash or M/s Cash  Account Dr to  Cash Account, , but only Cash  A/c Dr to  Cash A/c,   To me it seems wrong  it may  be only hypothetical issue, ( the hypothesis is also wrong)      

can anyone tell me what is the due date for deposit of tds on salary,and is salary also included in disallowance u/s 40(a)

Many have wandered away from the original entry. It need not be a Fraud entry. Suppose I am exchanging cash in INR to USD. I can have two accounts, one for cash in INR and other account for cash in USD. When I am exchanging the currency, we can pass the entry

Cash A/c     Dr.

   To Cash A/c

Mr.Navin u r right

both a/cs can be different

but then it should be specified

as u know there can only be one cash book in the a/cs books so plz specify the nominclature of the a/cs