Tally entries

1) There is 10 School board members. Among all different denomination of amount received like, 50k, 20k, 80k 1lck, 2lck. Is this amount is Donation or Contribution or Capital ? How can I make entries in tally. In JV or Rcpt Vchr ? Please guide me regarding this sir.

Replies (4)
Quick Summary
This discussion clarifies how to record various amounts received by a school board in Tally. It explains whether these funds are considered donations, contributions, or capital and provides guidance on the correct Tally voucher entries, specifically mentioning Journal Vouchers (JV) or Receipt Vouchers. The response details the accounting treatment for donations, including how to transfer them to the Income & Expenditure Account or capitalize them into a Capital Fund.

Bank difference entry

If  it is Donation  then  pass entry  as follows , please confirm 

Bank                A/c     Dr 

To Donation     A/c     Cr 

(  Being donation received ) 

 

Transfer Donation to Income & Expenditure A/c 

Donation       A/c       Dr 

To Income & Expenditure  A/c   Cr 

( Donation Transfer to I&E A/c) 

 

If  some  amount  want  to capitalize   then pass entry 

Donation    A/c        Dr 

To  Capital  Fund    A/c    Cr 

(  Being donation amount capitalize )  

Agree with Mr. Prasad Nilugal

Nice Prasad sir, very useful and elaborated reply,

Also solved my query, 

thanks.

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