Answer / h.r. sreepada bhagi

In the books of the purchaser the transaction can be
accounted in different ways as per the policy of the
purchasing company/firm. Various options are:-

1. Treat the Laptop as asset & Calculator as Stationery &
recognise the value of the free item in the books - Debit
Asset (Laptop) with Rs. 50000/-, Stationery A/c with Rs.
1000/-, Credit the supplier with Rs. 50000/- & Discount A/c
with Rs. 1000/-

2. Treat the Laptop as asset & Calculator as Stationery -
Debit Asset (Laptop) with Rs. 49000/-, Stationery A/c with
Rs. 1000/-, Credit the supplier with Rs. 50000/-.

3. Treat the Laptop & Calculator as Assets - Debit Asset
(Laptop) with Rs. 50000/-, Asset (Calculator) with Rs.
1000/-, Credit the supplier with Rs. 50000/- & Discount A/c
with Rs. 1000/-. In this case calculator can be depreciated
100%.

4. Treat the Laptop & Calculator as Assets - Debit Asset
(Laptop) with Rs. 49000/-, Asset (Calculator) with Rs.
1000/-, Credit the supplier with Rs. 50000/-. In this case
calculator can be depreciated 100%.

5. Treat the Laptop as an Asset & ignore calculator in the
books - Debit Asset (Laptop) with Rs. 50000/- & Credit the
supplier with Rs. 50000/-.

6. When payment is made debit the supplier and credit Bank
or Cash A/c as the case may be.

Any of the above accounting treatment can be in line with
the accounting policy of the company and serve only as
guidelines. While accounting this kind of transaction
Accounting Concept of materiality should be kept in mind.

Answer / santosh

(1) purchases a/c.........dr 50000
to cash a/c 50000


(2) cash a/c........dr 50000
to sales a/c 50000

Answer / mohd rayees

for buyer entry....

Laptop a/c ..... Dr 50000
calculator a/c .....Dr 1000
To cash a/c 50000
To Discount a/c 1000

instant the above entry you can use one more entry for
buyers

Stationary a/c ....... Dr 51000
To cash a/c 50000
To Discount a/c 1000

note: above two entris any one entry can use the accountant
in day book

For seller

cash a/c Dr 50000
Discount a/c Dr 1000

To Laptop a/c 50000
to calculator a/c 1000
Note : the seller is not use combined entry because the
sellers must entry particular item to know how to sell
occurs.
(Mohd Rayees, Cell 9908841874)

Answer / sanjay ramesh manglorkar

Example : Sanjay has purchased laptop & calculator from ABC Co.
1)a) For Sanjay(Purchaser)/first for bill booking in tally open journal voucher.
purchase laptop a/c Dr.50000
purchase calculator a/c Dr.1000

discount received on calculator Cr.1000
name of the Seller (ABC co.) Cr.50000

b)In Tally now Payment Voucher Entry
ABC Co. (Seller) Dr. 50000
Bank A/c /Cash A/c Cr.50000


2)In ABC Co.(Seller)
a)In tally open Sale voucher Entry
material sold (laptop) Cr. 50000
material sold (calculator) Cr. 1000

Discount given on calculator Dr.1000
Purchaser (Sanjay) Dr.50000

b) Now in Tally Receipt Voucher entry
Bank A/c / Cash A/c Dr.50000
Purchaser (Sanjay A/C) Cr.50000

Answer / anoop.m

Laptop A/c 50000
Dicount A/c 1000

To Cash A/c 51000

Answer / sunilkumarsuresh

The one who purchase spent a total of 50000/-
He got 2 Goods Calculator Worth rs 1000 and Laptop Worth Rs
50000.If we want to Include Calculator in the Books of
Company ,We can Consider the Cost of Calculator (1000/-) as
a Discount Recieved for the Laptop.So we can Value the Cost
of Laptop as 49000/-

The Entry in yhe books of buyer :

Laptop(Asset) A/c Dr (49000-Vat Amt)
Calculator (Stationary) (1000-Vat Amt)
Purchase Tax a/c Dr (50000-Net Value)

To Cash or Bank 50000

Entry in the Books of Seller :

Cash or Bank a/c dr 50000
To Laptop (49000-Tax)
To Calculator (1000- Tax)
To Sales Tax Control a/c (50000-Net Valueof
Goods Sold)

TanQ

Answer / pradipta

Cash a/c drRS 5000
To office equipment a/c 5000
(In the book of seller)


office equipment a/c dr 5000
TO Cash a/c RS 5000
(in the book of purchaser)

Answer / ramakram

For Buyer

Laptop (Fixed asset) Dr 50000
Office Stationery Dr 1000
To Discount received Cr 1000
To Bank / Cash 50000
(Laptop even though used for office use it should be booked
to Fixed asset)If iam wrong correct me.


for Seller

Cash / bank 50000
To Sales (Laptop) 49000
To Sales Discount allowed 1000 (free calculator)

Answer / javal_77

As per purchaser its not a profitabel matirial lap top is a
officeal Asset its cunduct depriceation on it therefor the
entry not as above also calculator is office use stationary
it free for purcheser but not for sellar i think this entry
was not correct
for purceser:-

asset (Laptop) 50000
cash a/c 50000

jurnel entry for calculator

officeal stationery 1000
free calculator 1000

for sellar
cash a/c 50000
laptop & calculator selling 50000

if my thought is sure pls answer me some one

thanking you and if wrong pls answer

Answer / s4sridhar@gmail.com

Laptop A/c. Dr 50,000
To Bank / Cash A/c. Cr. 50,000

[Calculator will not treat as asset because it has't resale
value (without laptop there is no calculator)]

What is accounting for plant assets?

0 Answers  

1.what is loan and what is lease? 2.what is defered revenue? and expenditure?

1 Answers   Genpact,

what are journal entry of vat in sale transaction with example.

1 Answers  

what is monthly final accounts and analysis

1 Answers  

What is Share Premium?

7 Answers   Capital IQ,

how can we get a leaverage in intraday market if are not a professional acount holder?

0 Answers  

WHAT IS JOINT PRODUCT AND BY PRODUCT

1 Answers   FCI,

when a customer buys a good. we have to debit bank and credit inventory equaly. but wouldnt selling a good make a profit?

0 Answers  

Tell me how much statistics knowledge is necessary or required in accounting?

0 Answers  

Whether Depreciation to be posted in debit side or credit side?

3 Answers  

i am a registerd Dealer in Delhi i have Purchase Some Capital goods can i take inpute vat banifit if yes pls spacifie.

2 Answers  

why assets are shown at their historical cost price but not at their current price bcoz we are following historical cost concept. but this will not reveal correct financial position of the business.give reason

0 Answers