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Answer of Some Accounting Problems of My Online Visitors

I am receiving your lot of query through your email and I am so busy to answer these queries, So this day I am publishing some of these queries answer, I have given to them. Because, I think if they are in problem, it will sure that you will also in this same problem.



Question : 1

My name is Rajesh. I am working as a document controller in one of the construction Co. in UAE. I am graduated (Bachelor od Business Management) from Mangalore University in the year 2004 in distinction with gold medal. Currently i am pursuing MBA in Finance from Sikkim Manipal University, UAE in correspondence. It is my dream to work as a Financial Accountant. But i couldnot make it till now. I have the knowledge of tally. I have scored around 86% in all my quantitative subjects (Accounts, Financial Management, Cost Accounting, Taxation) in BBM. But still i couldnot make it my dream fulfilled.
I am waiting for your suggestions in this regard.

Answer :

Dear , Life is the name of struggle . If you want to become Financial Accountant you must read my some evergreen article in my website http://svtuition.blogspot.com/ . I have given the tips for becoming professional accountant. Actually financial accountant is main part of professional accountant. MBA - Finance is sufficient for this . But , Because of you are working in UA E , so you must also perfect knowledge tax laws of UAE and because of financial accounting is on the basis of General Accepted Accounting principal , So you have not to worry about solving any problem . But I am giving you suggestion that , You will have to face certain interview for the post of accountant in different companies after passing MBA . Because , You are top student , I want to give you best wishes that there will not be any problem to you for making financial accountant . But , try to increase your confidence by taking some practical knowledge from your areas professional accountant .



Question 2

dear sir,
i want to know the follwing entries in the tally :
· bounce of a cheque.
· dishonoured of a cheque.
· salary due on 30th april, with tds deducted and payment made on 1 may .
· service tax ,fbt ,tcs and excise entry with adjustment.
and sir please tell the site name where i can find the entries of different kinds .



Answer of Query :

Hallo Hardeep Singh Rakhraj

You can do the following voucher entries in the tally 9.1

Because a cheque is returned by bank because of less amount of money giver's bank account . So bounce of a cheque and dishonoured of cheque are same meaning .

More detail of bounce of cheque from

http://en.wikipedia.org/wiki/Bounced_check

http://www.indiavisitinformation.com/indian-law/Cheque-Bounce.shtml

So , One journal Entry will be passed in the books of person / company who is money receiver

Money Giver or Creditor Account Debit

Bank Account Credit

1. salary due on 30th april, with tds deducted and payment made on 1 may .

Because Salary is due but not paid on 30th April so , you can Write the following journal entry in tally on 30th april

Salary Account Debit ( full amount of salary include tds)

O/s Salary Account Credit ( Net Amount payable )

TDS (Payable Account ) Credit ( amount of tds )

When paid salary 1 may

Salary payable Account Debit ( net amount of salary after deducting tds )

To Bank Account Credit

2. But when , Compay pay the tds of employee's salary to Income tax department at this time the following journal entry will pass

Tds payable Account Debit

Bank account Credit

3. service tax ,fbt ,tcs and excise entry with adjustment.

The Finance Minister of India, Mr. P. Chidambaram in his Budget speech has indicated the government's intent of merging all taxes like Service Tax, Excise and VAT into a common Goods and Service Tax by the year 2010 .


So before passing bill 2010 , we will pass different voucher entries in Tally .

first of create voucher all above under the head duties and taxes

for service tax

4. money receives from service receiver


Bank account Debit ( with full amount include service tax )

Fee / Earning for giving service account Credit ( net amount of service )

To Service tax Receivable Amount credit ( this is indirect tax and mention the amount of service tax )

5. When Service provider deposit Service Tax to respected department

Service Tax account Debit

Bank account Credit

6. Excise and VAT entries ,I have already mention in


http://svtuition.blogspot.com search in this site you will get it .

Comments

: 9
  1. Res. sir,
    i purchase material for last year and i haven't payment and i get credit note against material. and this year i have payment. Then i cant accounting. how i accounting of credit note and payment.

    ReplyDelete
  2. Dear Samruddhi ,

    Credit note only when issue when you supplier gets your returned goods but because , you have not return goods and pay this year , you have simple pass the voucher entry of payment

    Creditor account debit ( Amount of purchase )
    Bank Account Credit

    You need not take tension of credit note , just return it supplier .

    ReplyDelete
  3. dear sir
    this is irfan sayed
    i own a academic class
    and i want to do my accounts in tally now.
    so my question is
    wether i make accounts with inventory,
    or accoutns only

    2. whcih group should i give to my students account

    3. if my students give me fees then there will be only receipt entry i i m making company with accounts only

    4. also guide me for the service tax entry.

    ReplyDelete
  4. Hi,

    I have started working in a firm as an accountant..

    My work is to record all bank transactions on tally..

    plz provide me any ebook or link through which I could learn to do so...

    My email id is obaid_70b@yahoo.com..

    Ur help will be of great value to me..

    lookig forward for ur reply..

    Syed Obaid Hussain..

    ReplyDelete
  5. Syed Obaid Hussain ,
    Read carefully this site , you will find large number of tutorial of tally and tally.erp 9 which will be helpful for you to become a successful accountant .

    My best wishes are with you .

    ReplyDelete
  6. dear sir,
    kindly give some ideas - for exports accounts entry (Garments export)

    ReplyDelete
  7. Dear sir
    I an Accountant working with a NGO i having one problem with the Adjustment of Cheque return entry once cheque return than i made a reverse entry like Party A/c........
    Bank A/c........
    but after re deposit the cheque it get cleared so now how can i adjust it.

    ReplyDelete
  8. i have received rent per month with service tax from service receiver and i have issue expense voucher to service receiver how entry pass in tally for full payment with service tax

    ReplyDelete
  9. Hello sir
    Please solve my problem about tally
    How to enable vat on mrp when company maintains accounts only

    ReplyDelete
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Accounting Education: Answer of Some Accounting Problems of My Online Visitors
Answer of Some Accounting Problems of My Online Visitors
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