Multiple types of transactions with single party issue

Hi Ram,

You can do all these adjustments through a single ledger account. Though, it is suggested to create separate accounts, if possible, as this would reduce your clerical work of keeping tabs of different dealings you undertake. Also, your financial reporting would not be accurate as Mr. A would be your Debtor, Creditor, and Shareholder at the same time. These are required to report under separate heads as per Schedule III.

The creation of ledgers is also dependent on the type of ERP you are using.

Also FYI, this would be covered under the reporting required by the Companies Act w.r.t related party transactions.

Thank You Mr.Baljeet for your advice.

I totally understand with your tellings. Though i just want to know that if i want to do it with a single party account then, under which group Mr. A should be fitted while creation of ledger in tally erp 9?

Hey,

There is no universal heading for all the types of transactions you want to carry out. I suggest start with the first transaction, say you are purchasing something, create Mr. A as your Creditor. 

You can use account name as "A (Purchase)", so on so forth.