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Journal entry

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ca
218 Points Posted on 17 September 2019
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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On 17 September 2019 at 13:36 Report
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Team Lead
7558 Points Posted on 17 September 2019
First debit AC Account and credit supplier

Then debit supplier and credit bank
30 Reply
On 17 September 2019 at 13:50
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Accounts executive
552 Points Posted on 17 September 2019
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.
1 Reply
On 17 September 2019 at 14:38
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Team Lead
7558 Points Posted on 17 September 2019
Dear you are not using it for house purpose, but using it in office, so Drawings account cannot be used
30 Reply
On 17 September 2019 at 14:43
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General Manager - Finance
1040 Points Posted on 17 September 2019

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.

 

8 Reply
On 17 September 2019 at 15:07
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"Do the Right Thing...!!!"
128147 Points Posted on 17 September 2019
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.

463 Reply
On 17 September 2019 at 15:45
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24 Points Posted on 17 September 2019
Fixed Asset A/C Dr.
To Inventory A/C
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On 17 September 2019 at 20:08
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Profession Business
28207 Points Posted on 17 September 2019
Fixed Asset dr.
cr. Inventory.
In house entry.
44 Reply
On 17 September 2019 at 20:25
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Accounts executive
552 Points Posted on 17 September 2019
Sorry in that Case, Entry passed by Sushank sir is absolutely correct.
1 Reply
On 17 September 2019 at 20:35
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Profession Business
28207 Points Posted on 17 September 2019
Do you know this is called captive consumption.
the moment cr. / dr. purchase account
purchase ledger gets affected.
its better to cr. inventory.
44 Reply
On 17 September 2019 at 20:52
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"Do the Right Thing...!!!"
128147 Points Posted on 17 September 2019
The purchase entry posted if in purchase leger then it will be reverse from purchase head only...
463 Reply
On 17 September 2019 at 21:00
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Profession Business
28207 Points Posted on 17 September 2019
Not a correct disclosure in financial statement.
44 Reply
On 17 September 2019 at 21:13
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Accounts executive
552 Points Posted on 17 September 2019
No journal entry will take place in this scenario. However, you will need not to show the sale of that one AC which you installed in your shop. That one AC you will treat as fixed asset and charge depreciation on this.
1 Reply
On 17 September 2019 at 21:29
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ca
218 Points Posted on 19 September 2019
Thanks for your reply everyone.
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On 19 September 2019 at 15:35
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Profession Business
28207 Points Posted on 19 September 2019
When the propritor will prepare financial statement he has to pass entries and post in respective ledgrr.
Mr. Sharma u are wrong.
44 Reply
On 19 September 2019 at 20:43


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