Journal entry


trideep (ca)     17 September 2019

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AIR CONDITIONER shopkeeper uses AC for his own shop from his own stock of AC. what will be the journal entry

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Giridhar S Karandikar (Team Lead)     17 September 2019

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First debit AC Account and credit supplier

Then debit supplier and credit bank

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Sandeep Sharma (Accounts executive)     17 September 2019

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When transaction done..

Drawing A/c Dr.
To Inventory (AC) A/c Cr.

As on 31 March

Capital A/c Dr.
To Drawing A/c Cr.

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Giridhar S Karandikar (Team Lead)     17 September 2019

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Dear you are not using it for house purpose, but using it in office, so Drawings account cannot be used

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Kumar Sushank (Asst. Manager - Accounts & Taxation)     17 September 2019

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I am assuming that purchase entry has been done, So In the given case. Entry would be

A/C (Under Fixed Assets) ................. Dr.

AC Purchase..................................... Cr.

If you are using that AC from your stock.

 

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RAJA P M ("Do the Right Thing...!!!")     17 September 2019

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Originally posted by : Kumar Sushank
I am assuming that purchase entry has been done, So In the given case. Entry would be

A/C (Under Fixed Assets) ................. Dr.

AC Purchase..................................... Cr.

If you are using that AC from your stock.

 

 

YES.... I FULLY AGREED.

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Chirag Tandon   17 September 2019

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Fixed Asset A/C Dr.
To Inventory A/C

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sabyasachi mukherjee   17 September 2019

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Fixed Asset dr.
cr. Inventory.
In house entry.

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Sandeep Sharma (Accounts executive)     17 September 2019

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Sorry in that Case, Entry passed by Sushank sir is absolutely correct.

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sabyasachi mukherjee   17 September 2019

sabyasachi mukherjee

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Do you know this is called captive consumption.
the moment cr. / dr. purchase account
purchase ledger gets affected.
its better to cr. inventory.


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