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Journal entries for share capital

Ks (Ac) (138 Points)

02 February 2022

journal entries for share application money received of 2000000

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prasad Nilugal ( GST Practitioner & Accounts ) (14167 Points)
Replied 02 February 2022

Entries are as follows

Bank A/c Dr 20,00,000/-
To Share application money A/c Cr 20,00,000/-
( Being share application and allotment money
received )

share application money received transfer to Share Capital entry

Share application money A/c Dr 20,00,000/-
To Share Capital A/c Cr 20.00.000/-
( Being share application money transfer to Share Capital )

Ks (Ac) (138 Points)
Replied 02 February 2022

Accounting for optical firms

A customer select a spectacle frame worth Rs 2000 and a numbered glasses of Rs 1500 after complete fitting of glasses customer refuses to buy it what are the accounting treatment for it

prasad Nilugal ( GST Practitioner & Accounts ) (14167 Points)
Replied 02 February 2022

In the books of optical Firm

If the Invoice was issued of Rs 3500/- earlier , then same will be treated as sales return after refusal by the customer , so you have pass credit Note .
Entry will be

Sales return A/c Dr 3500/-
To Trade Debtor's A/c Cr 3500/-
( Being spectacle return by the Customer )

If GST charge earlier in the Invoice then CGST &SGST account will be debited in above entry.

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