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Please help me ! Journal Entry ??

CA Abhishek Singh (practice) (2104 Points)

26 May 2011

one of our client started a pvt ltd company having share capital Rs. 100,000/-. date of incorporation 01/06/2010.

1. before this date he had paid for office furniture Rs. 100,000/-, laptop Rs. 50000/-, shop deposit Rs. 100000/-.

2. on 01/08/2010 he deposited Rs. 100000/- from his personal account into company bank account.

what entry should be passed for these transaction

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21 Replies

Devendra (Chartered Accountant) (4775 Points)
Replied 26 May 2011

one of our client started a pvt ltd company having share capital Rs. 100,000/-. date of incorporation 01/06/2010.

Bank A/c Dr. 100000

To Share Capital A/c 100000

praveen (Chartered Accountant) (6971 Points)
Replied 26 May 2011

How has he brought in the capital ?????

is Rs.100000 deposited by him towards sharecapital?

If yes then pass it to Credit Share Capital Account and Debit Bank Account

Others show as loan i.e Credit Director Loan Account and Debit respective fixed assets account

Devendra (Chartered Accountant) (4775 Points)
Replied 26 May 2011

before this date he had paid for office furniture Rs.100,000/-, laptop Rs. 50000/-, shop deposit Rs.100000/-.

Laptop A/c Dr. 50000

Furniture A/c Dr. 100000

To bank A/c 150000

Shop Deposit A/c Dr. 100000

To Bank A/c 100000

Devendra (Chartered Accountant) (4775 Points)
Replied 26 May 2011

on 01/08/2010 he deposited Rs. 100000/- from his personal account into company bank account.

Company Bank A/c Dr. 100000

To Personal bank A/c 100000

BADRE ALAM (Accountant) (33 Points)
Replied 26 May 2011

Mr. Devendra is right, follow him

Angad kr kannaujiya (Studant) (169 Points)
Replied 26 May 2011

on 01/08/2010 he deposited Rs. 100000/- from his personal account into company bank account.

Company Bank A/c Dr. 100000

To Personal Loan A/c 100000

Nikhil (CA-Final) (45 Points)
Replied 26 May 2011

as Mr Devandra said every entry is accurate but as far as the last one is concerned i.e 100000 from personal to Companies a/c is better to be shown as Director loan

In the books Of Company

Bank A/c.......Dr

To (Name of Director) Loan A/c

And it will Be classified under Unsecured Loan

as director loan

CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 26 May 2011

ENRY GIVEN BY DEVENDRA SIR IS CORRECT

Pradeep Kumar (Article, CA Final) (227 Points)
Replied 26 May 2011

ENTRY GIVEN BY MR.DEVENDRA SIR IS CORRECT

CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
Replied 26 May 2011

Fully Agree wit all d entries given by Mr. Devendra above.

(Guest)

1. one of our client started a pvt ltd company having share capital Rs. 100,000/-. date of incorporation 01/06/2010.

ENTRY;

01/06/2010

CASH A/C DR. 100000/-

EQUITY SHARE CAPITAL A/C DR. RS. 100000

( NOTE :-BANK CAN NOT DE DEBITED AS, THE BANK A/C CAN BE OPEN AFTER SOME DAYS AFTER THE DATE OF INCORPORATION)

2. before this date he had paid for office furniture Rs. 100,000/-, laptop Rs. 50000/-, shop deposit Rs. 100000/-.

FURNITURE A/C DR. 100000/-

LAPTOP A/C DR. 50000/-

SHOP DEPOSITED A/C DR. 100000/-

TO LOAN FROM DIRECTOR ( NAME OF DIRECTOR) 250000/-

(NOTE :- ABOVE ALL ASSETS ARE PURCHASE PRIOR TO THE DATE OF INCORPORATION BY THE DIRECTOR AND AFTER THE DATE OF INCORPORATION ASSETS GIVEN TO THE COMPANY HANCE THESE WILL TREATED AS UNSECURED LOAN FROM DIRECTOR ( MAY BE INTEREST FREE , QUASI EQUITY), HENCE BANK WILL NOT CREATED AS THE ASSETS WAS PURCHASED BY THE DIRECTOR NOT BY THE COMPANY).

2. on 01/08/2010 he deposited Rs. 100000/- from his personal account into company bank account.

01/08/2010 BANK A/C DR. 100000

TO LOAN FROM DIRECTOR ( NAME OF DIRECTOR 100000/-)

FOR ANY FURTHER CLARIFICATION PL. MAIL AT rajeshjiv @ gmail.com