Hi
We are a very new startup that provides online services on quarterly basis and client makes the payment in the first fifteen days for the service quarter.
My question is related to generating a ledger statement for a client.
Situation
- Our company started providing services to Client A from Oct 1st 2015 to Jan 1st 2016.
- Invoice was sent to the Client A on October 1st.
- Client A gives us Rs. 50,000 on october 15th,2015 for the online services.
While recording this transaction in our Journal & Ledger. I have few doubts, Please correct me if i am doing somethig wrong:
| Date | Entity | Debit | Credit |
|---|---|---|---|
| 01/09/2016 | ClientA | 50,000 | |
| 01/09/2016 | Sales | 50,000 | |
| 15/09/2016 | Startup | 50,000 | |
| 15/09/2016 | ClientA | 50,000 |
Then Posting to Ledger, it looks like below:
Sales A/C
| Date | Particulars | Debit | Date | Particulars | Credit |
|---|---|---|---|---|---|
| 01/09/2015 | By ClientA | 50,000 |
Start Up A/C
| Date | Particulars | Debit | Date | Particulars | Credit |
|---|---|---|---|---|---|
| 15/09/2015 | To ClientA | 50,000 |
Client A/C
| Date | Particulars | Debit | Date | Particulars | Credit |
|---|---|---|---|---|---|
| 01/09/2015 | To Sales | 50,000 | |||
| 15/09/2015 | By Startup | 50,000 |
Really appreciate eberyone spending their valuiable time. Please suggest if i am doing something wrong.
Warm Regards & Thanks a lot
CAclubindia
