Journal entries for share capital

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 )

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 

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.

and what is the treatment of that spectacles it is useless for the firm ???

You can sale as a scrap .

These are not accepted.

Originally posted by : sabyasachi mukherjee
	These are not accepted.

what?? explain it in detail please 

 

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