Ankit Jain 22 November 2019
A proprietorship firm registered under GST in more than one state But Bank account is centralise.And Proprietor made many payments from his saving accounts. How to Do Entry in Tally. We have to open more than one company or we can pass the all the entry in a single company. Because we are getting too much challenge to reconcile account with party and bank also.
Deepak Gupta (CA Student) 23 November 2019
When all distinct persons use 1 bank account of the firm:
Suppose, bank account is opened in Rajasthan and another distinct entity in Haryana is also using the same account…
1. When sale made from Haryana and payment received in bank account
a) In Rajasthan
Bank A/c… Dr.
To Firm Name (Haryana)
b) In Haryana
Firm Name (Rajasthan)… Dr.
To Debtor A/c
Likewise, all the distinct persons will make entries for payments and receipts and other transactions, if any and in the end the balance at both the ends should tally…
2. When proprietor makes payments from his savings account…
a) In the books of any state
Sundry Creditor… Dr.
To Proprietor/Capital A/c
b) In proprietor’s personal account/financials
Investment in ‘Firm Name’… Dr.
To Bank Account
Similarly, all the transactions can be routed and finally both the balances should tally…