sowmya.s (accountant) (78 Points)
14 April 2011
Hi All,
Can any one tell me how to pass partial Payment entry in tally.
Example If we purchased an asset like furniture for the company and we paid half of the amount in jan and balance paid in march.
How this entry should be passed.
Kindly reply as early as possible
Thanks and regards,
Sowmya.S
Entry for the month of Jan
.
Furniture A/c...Dr......2,00,000
To, Bank A/c..............................................1,00,000
To, Creditor for Capital Goods A/c.........1,00,000
.
Entry for the month of Mar
.
Creditor for Capital Goods A/c....Dr....1,00,000
To Bank A/c............................................................1,00,000
sowmya.s
(accountant)
(78 Points)
Replied 14 April 2011
Thank you Deepak.
So the first entry should be in payment voucher and second one will be in journal.
In the same way if we paid salary in partial payment to the consultant in such case. what entry should be passed?
Eg:
Total salary payable for 3 months is 60000.
i.e. for oct, nov, dec.
If i paid 10000 in the month of jan
25000 in the month of feb
25000 in the month of mar.
How the above entry passed?
M. N. JHA
(CA)
(8316 Points)
Replied 14 April 2011
In Jan
Furniture A/c Dr. 100
To Cash 50
To Party's Name 50
OR
Furniture Dr. 100
To party's Name 100
Party's Name Dr. 50
To Cash 50
in March
Pary's Name Dr. 50
To Cash 50
If you want to split the first entry, then pass
Furniture A/c....Dr....1,00,000
To Bank......................................1,00,000....(in payment mode)
and Furniture A/c.....Dr....1,00,000
To Creditor for Capital Goods.........1,00,000....(in journal mode)
otherwise pass combined entry in payment mode as mentined above.
Now, for your salary query
Assuming that you are paying to a consultant for his consultancy who is not your employee.
Professional Fees A/c.........Dr
To Professional Fees Payable
To TDS Payable (Since consultancy fees attracts TDS above 30,000)
Payment Entry
Professional Fees Payable A/c.......Dr
To Bank A/c
(after deducting TDS)
Eg: Professional Fees=100, TDS=10, Fee paid=90
sunil soni
(2 Points)
Replied 29 May 2019
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
