Pls guide me regrds Journal entry

valji (Accounts manager-MBA)     09 June 2011

it is better to create legger for computer ,furniture or any asset purchase so it helpful for preparing fixed asset register

for your knowlege also to whom the computer or any item is purchase you can directly found from your record ,save time to serach the record

Pawan Kr. Tomar (CA)     09 June 2011

In better accouning presentation and controling purpose voucher throug Journal entry only and then create a payment voucher. Payment entry shuld be made only after authentication on main invoice of purchase, it is easy to pass a Jouran entry first.

Lakshy (Semi-Qualified C.A. PGDFM BCom.)     19 September 2011

As per ypur query, your last explaination that is...............

"My question is whether i need to create ledger for supplier for computer,a/c & furniture

& create purchase entry & do the  payment entry agst purchase."

that  is my suggation.............

Please create Vendors Ledger and use payment voucher for bank of cash payment. 

Ateeq (CA - Final)     19 September 2011

Dear Malarvannan,

Name of the party will be involved in the cases where there is any credit purchase and in cash purchases or non-credit purchases name of the "Item" will be used. For this purpose : -

>you have to 1st create group called "Fixed Assets" and so on groups as per requirement.

>Then go for creating ledgers and mapping under the groups you have created earlier.

>Then pass entries, say for furniture purchases: -

1. Furniture A/c Dr.

       To Cash/Bank. A/c

          Or 

If you prefer to Go through Journal entry then

2. Furniture A/c Dr.

       To Party (Creditor) A/c

and at the time of making payment

Party (Creditor) A/c Dr.

     To Bank/Cash A/c