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What will be the journal entry of Vat payment and received in the books of company?
Rahul10
By Cash a/c dr. 5000 By Tds receivable a/c dr. 500 To Debtors a/c cr. 5500Debit Loan Payable Debit Interest Expense Credit Paid in Capitaldebit the bank or cash and credit the supplier or the party from whom we received the cheque or cash.Journal entry: [Dr.]Bank account xxxx [Dr.]Cash account xxxxx [Cr.]Commission Received xxxx Commission received is credited because it is our income and incomes are credited.
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When recording a journal entry for a sale on an account what needs to happen?
Goods must be transferred to end user or third party before recording of sales journal entry in company's books of accounts.
In a company sale has been done and half of the amount received in current year and half of the amount will be received in next year what would be the entry passed in current books of accounts?
You record the sale in sales which is against purchases you record the payment as income in the current year against the sale you leave the balance owed as a debt in accounts recievable
Is a journal voucher also a journal entry?
No, These two are different. Journal vochar is document through which journal Entries are made in books of accounts
What happends when recording a journal entRy?
When recording done as journal entry any business transaction is recorded in books of accounts and become part of business books of accounts.
What is the journal entry for a purchase purchased on account of 54780?
Purchase Credit Journal Entry is the journal entry passed by the company in the purchase journal of the date when the company purchases any inventory from the third party on the terms of credit. The purchases account will be debited. The creditor’s account or account payable account will be credited to the company’s books of accounts. visit our page : ieqsgroup .com/about-us
What is the journal entry to record outstanding debt in a new set of books when the cash was received by the old acquired company?
cash at bank dr account opayable cr
When recording a journal entry for a sale on an account what needs to happen?
Goods must be transferred to end user or third party before recording of sales journal entry in company's books of accounts.
Why do you need to do journal entry?
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
Can a loan to a company be considered paid in capital?
No. A loan to a company is carried as a liability (debt) on the company's books and is characterized by the following items: * Limited term * Interest rate * Payment schedule
What is Journal phase of accounting?
Journal phase of accounting is to journalize the business transaction in Journal as a first record in books of accounts.
What is the journal entry to record the sale of a company vehicle by an outside party for the exact dollar amount as the loan on the books?
debit loan accountcredit asset account
In a company sale has been done and half of the amount received in current year and half of the amount will be received in next year what would be the entry passed in current books of accounts?
You record the sale in sales which is against purchases you record the payment as income in the current year against the sale you leave the balance owed as a debt in accounts recievable
Is a journal voucher also a journal entry?
No, These two are different. Journal vochar is document through which journal Entries are made in books of accounts
What is the journal entry for mortgage loan in accounting books?
For a mortgage payment, the only amount that should be listed in the Mortgage Loan Payable section is the principal amount. Any interest that has accrued is reported as Interest Payable.
What happends when recording a journal entRy?
When recording done as journal entry any business transaction is recorded in books of accounts and become part of business books of accounts.
What is the journal entry for a purchase purchased on account of 54780?
Purchase Credit Journal Entry is the journal entry passed by the company in the purchase journal of the date when the company purchases any inventory from the third party on the terms of credit. The purchases account will be debited. The creditor’s account or account payable account will be credited to the company’s books of accounts. visit our page : ieqsgroup .com/about-us
A check drawn by a depositor in payment of a voucher for 725 was recorded in the journal as 257 What is the required in the depositor?
Depositor's account need to be increased by 468 to actually show the correct balance in books of accounts and that is the difference in both amounts.
