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Journal entries

sneha (accountant) (43 Points)

15 May 2012

1) a cheque of Rs. 7330 received from Mr. Raman,after allowing discount of Rs 70.this cheque endorsed to Mr. Ramesh for full & final settelement of Rs.7500

2) Rent due but not yet paid of Rs 15000 for the month of March 2012

3) Debit note issued to Mr.X for purchased return of Rs.10000 (includes TDS of Rs.500)

4) Purchased 10 computers of Rs 200000 and received mobile set of Rs 5000 as a gift and the mobile phone issued for official use.

Please tell me journal entries for above transactions.

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12 Replies

Tejas Jain (Chartered Accountant) (314 Points)
Replied 15 May 2012

1) Ramesh A/c Dr 7500

Discount Allowed A/c Dr 70

To Raman A/c 7400

To Discount Received A/c 170

2 ) on 31st March

Rent A/c Dr 15000

To Rent Payable 15000

3 ) How can There be TDS in Purchase Return can you please explain the entire transaction...?

4 ) Don't Make the Entry for The free Mobile set.

sneha (accountant) (43 Points)
Replied 15 May 2012

once again sorry its VAt

sneha (accountant) (43 Points)
Replied 15 May 2012

but that mobile set is utilised for office use then what about that?

Tejas Jain (Chartered Accountant) (314 Points)
Replied 15 May 2012

Mr X. A/c Dr 10000

To Purchase A/c 9500

to VAT on Purchase 500

1 Like

Tejas Jain (Chartered Accountant) (314 Points)
Replied 15 May 2012

Don't Worry it will not be shown in the Books of Account.

You May use that Mobile for Any purpose

Sunil Kumar (Accountant ) (25 Points)
Replied 15 May 2012

if one dealer buy goods from out side state than is it necessary for explain every amount , tax and other expenses

for example . A buy goods of 10000.00 rs. two item is include in this bill , Ist item @ 2% another @ 5%. make a journal entries .

KALIKA PRASAD (C.A.(INTER) A.T.C.) (43 Points)
Replied 15 May 2012

Journal entries to record transaction:

Purchase A/c Dr. xxxxxxxxx (By item value)

Tax on pur. Dr. xxxxxxxxxx (By amount of Tax that will also be shown in trading a/c in purchase head)

Exp. on Pur. Dr. xxxxxxxxxx ( By Exp. amount ------------ '''''''''''''''''''''''' __________________________)

Party A/c Cr. xxxxxxxxxxx (By entire Bill Amount)

Mr. Sunil Plz be clear about your question as u have not given the quantity/amount of individual amount hence I have not made specific entry.)

CA Karan Lodhi (CA and B.com(hons.)) (879 Points)
Replied 16 May 2012

Agreed with Tejas..

Sunil Kumar (Accountant ) (25 Points)
Replied 19 May 2012

ABC GHaziabad ltd purchase one generator From XYZ Ltd Delhi Rs. 100000.00 for use plant and machinery . and maka a journal entry , what will be plant & machinery group in Tally .

Sonu Kumar (Account Manager) (665 Points)
Replied 19 May 2012

Plant and Machinary A/c Dr-100000

To, ABC Ltd - 100000

Plant and machianry will come under Fixed Assets in Tally

Siddharth (Accountant) (342 Points)
Replied 17 June 2012

How to make entries of Agreement with DOP for rs.15l

we are paying him in installmet

1.5L on the signing of agreement

2.5 after principle photography

etc..

Mehta (senior employee) (49 Points)
Replied 26 June 2012

Plant and machnery will be under the head Fixed assets in Tally also you can create a sub group in under Fixed assets and name this sub group as Plant and machinery.

further the entry for purhcase of machinery in the books of ABC Ghaziyabad Ltd.will be:

Plant & Machinery....Dr......100000

To XYZ ltd delhi.....Cr..........100000