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How to pass advance entry in tally, and how it should adjust
against future invoice.?
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Answer Posted / tenzin lhawang
Debit party account (make a ledger for the party in sundry creditor)
credit cash or bank account
adjusting in future
debit building a/c
credit party a/c
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Wipro Limited A firm had the following Balances on 1 January 1994:
(i) Provision for bad and doubtful debts Rs 2,500
(ii) Provision for discounts on debtors Rs 1,200
(iii) Provision for discounts on creditors Rs 1,000
During the year, bad debts amounted to Rs 2,000, discounts
allowed were Rs 100 and discounts received were Rs 200.
During 1995 bad debts amounting to Rs l,000 were written off
while discounts allowed and received were
Rs 2,000 and Rs 5,000 respectively.
Total debtors on 31 December, 1995 were Rs 48,000 before
writing off bad debts, but after allowing discounts. On
31 December, 1995, this amount was Rs 19,000 after writing
off the bad debts, but before allowing discounts.
Total creditors on these two dates were Rs 20,000 and Rs
25,000 respectively.
It is the firm’s policy to maintain a provision of 5%
against bad and doubtful debts and 2% for discount on debtors
and a provisions of 3% for discount on creditors.
Show the accounts relating to provisions on debtors and
provisions on creditors for the year 1994 and 1995. What is a contra entry
what are the limitations of accounting conventions i am working in construction company.we have more then one
projects.i enter attendance in payroll projectwise.i want
salaries in projectwise not overall in payroll autofill.
thankyou sir In a housing society accounting if a defaulter having dues consisting of principal amount and simple interest, pays a part amount whether the received amount should be adjusted first against the interest dues and accordingly reduce the balance principal dues or adjusted only against the principal amount, allowing outstanding simple interest to contineously increase/ Why we debit expenses and credit incomes ? What is meant by balancing? all ques. related to accounts?
What is a ledger? What do you mean by ledger posting? What is mean by Asset area?
