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Ledger accoounts

sayad (Executive) (179 Points)

10 May 2021

Is it required to maintain bank ledger account since we get statement from bank every month and this can be used to access bank transaction when IT return in file so why the seperate bank ledger is maintain

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17 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 10 May 2021

No required to maintain bank ledger account seperately. But in case if you're maintaining accounts in Tally then bank entries should be maintained

1 Like

Lotus Agrawal (Practice) (1356 Points)
Replied 10 May 2021

Agreed

1 Like

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (3303 Points)
Replied 10 May 2021

NOt required. bank statement is enough for the year.

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Chirag (Professional) (1979 Points)
Replied 11 May 2021

It's a general practice to maintain bank ledgers ,since the inception of double entry book system, It will provide you quick access about balance in bank acs, and you don't need to get statement everytime ,the main reason is for BRS purpose ,you can track any discrepancy in bank statement only when you do proper recording of txn at your end .although it's not a prima facie evidence but help you internally ,else how you wu make position statement /BS

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sayad (Executive) (179 Points)
Replied 14 May 2021

Thanks

can someone tell me what is minimum amount of cash payment attract TDS and what if patty doesn’t have PAN no if cash is made above limit

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 14 May 2021

You can pay upto 10000 rupees in cash above it will be disallowed

RAJA P M ("Do the Right Thing...!!!") (127142 Points)
Replied 14 May 2021

I fully agreed to Mr Chirag...
If maintain bank book then we can easily check out BRS and it's uncleared transactions...

sayad (Executive) (179 Points)
Replied 23 May 2021

I transferred my ledger data on excel

when I try to add formula to the entire Colom and row of creditor ledger (debit , credit , and opening balance ) it’s doesn’t work

E.g. opening balance - 1000 , purchase 5000 , paid 2000 If I drag entire colum and row

Chirag (Professional) (1979 Points)
Replied 23 May 2021

Since your query is not clear, but I understood you would like to know the ending balance of creditor in excel, also note creditor always has credit balance ( except in case of overpaid /retuns / or any charges owed by him to you/ business), For your query, you can just add simple formula, of by selecting the requisite cell by +/- sign, just for example if your opening balance ,purchases and paid cell is B1,C1,D1, then in cell E1 you have to use following formula ( =B1+C1-D1),that's it you will balance reflects which Rs. 4000 credit balance, ( copy paste it for all below cell), dragging rows will work if you use (-) before paid, then in cell E1 you can use =sum(B1:D1) ,if you have big data say, 100s of accounts than you can also use excel pivot to get the data, but before that you have to use negative sign before Payment, index + match or vlookup can also be used to get account specific details, filters and slicers may also used... if you are using sum formula with negative sign then you can use Iferror also or if you forget to add negative before paid, then (if) may helpful like =If(D1>0,"",sum(B1:D1)) like that.. hope it helps