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Proprietor Firm Registered under gst in more than one state but bank account is centralise.


Ankit Jain   22 November 2019

Ankit Jain

 1 points

| My Other Post

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.    

avater

Deepak Gupta (CA Student)     23 November 2019

Deepak Gupta
CA Student 
 2339 likes  15288 points

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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…


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