proprietor account

For the first point you should open a/c "DRAWINGS A/C" in tally under "capital a/c". ( Though capital a/c have a credit balance & every entry in drawing a/c have a debit balance. At the end of year you have to pass entry which will transfer all balance of drawing a/c to capital a/c by crediting drawing a/c & Debiting capital a/c)

Accounting Entry will be   Drawing A/c     Dr

                                            To  Bank ( Current A/c)

For the Second Point: you have not tell about stuff whether they are for business purpose or for personal purpose

if they are for personal purpose then above entry will be repeated but with a change that instead of bank a/c, cash a/c is credited

if they are for business prpose then entry will be:Expenditure a/c      Dr   ; To Cash A/c

Hope you find this info. useful

I agree with Ankit, but you have to select the following vouchers in tally to pass the above entries...!!

1. For Withdrawl for personal use you need to press F5 for Payment Voucher

2. For Withdrawl for Business purpose the same Payment Voucher can be used but here are two cases :

a) First you have withdrawn cash from bank, that means cash is coming into the business so you have to pass journal entry for the cash entering into the business, and this you should pass in contra voucher (F4):

Cash a/c Dr 

       To Bank a/c

b) when you are spending the cash then the following entry should be passed, as the cash is going out of the business, and this you should pass in Payment Voucher (F5):

Expenditure a/c Dr

        To Cash a/c

Hope that i'm clear to you...!!

I have some questions as mentioned hereunder;

* What if u have clubbed ur business account into ur savings account. What step to step procedure to follow to segregate the same ? Note here the bills are all messed up together & this is the sate in 3 personal accounts. 

* The purpose of segregating the same is to derive to the accurate data of ur personal p & l state & ur business p & l state. Moreover, it is to derive data of business performance ratios, investment performance data & viable ratios data. Furthermore, to derive to personal expenses & income data in detail. 

Need a quick feedback.

Thanks in advance.

N m

which voucher to be used while closing drawing account at the end of financial year where we have to transfer balance of drawing account to the capital account. (capital A/c Dr. to Drawing A/c)

i have a qustion on somethink,

i have a term loan in my name , i am a propirator of a shop,

1. ) under what head of account i am show my own liabilities in the shop books of account,

2) under what account in tally i am show this loans?

3)  saving account on my name where to show this a/c's?

HI !

I HAVE A QUESTION  ABOUT SOME JOURNAL ENTRIES.

I HAVE TRASFER SOME AMOUNT TO PROPERITORS CURRENT ACCOUNT TO PROPRIETORS SAVING ACCOUNT FOR PURCHASE OF RESIDENTIAL LAND . WHAT IS THE JOURNAL ENTRY IN BOOKS.

KINDLY SUGGEST ME.

Thanks