Kalp Accounting Learning Articles

Rent is a amount of consideration paid by the User of any property such as Land, Land and Building, Vehicle, Machinery etc to Owner of the property within a fixed interval of time. Let's discuss about the Journal Entry and Ledger Posting procedure for Cash payment towards Rent. On Cash payment towards Rent the following Ledger Accounts will be affected. Rent Account shows Debit effect and, Cash Account shows Credit effect. Journal Entry Ledger Posting In Rent Ledger Account. In Cash Ledger Account. Example : In the Books of M/s.Trimurthy Traders , Rent paid by Cash to Mr.Rakesh Das for ₹4000/- on dt.02/05/2021 for the month of April' 2021. Pass necessary Journal Entry and Post them into their respective Ledger Accounts for Rent paid through Cash In the above example  Debit Ledger is : Rent Account Credit Ledger is : Cash Account Journal Entry Ledger Posting In Rent Ledger Account. In Cash Account << Previous | Next >> Table of Contents Related Articles : Types o

Salaries are the amount of expense which is paid to the employees of a Business Organization against their service provided.  Generally Salaries are fixed in nature for one Accounting Year. Salaries are paid in Monthly/Quarterly/Half Yearly/Yearly basis. In maximum cases Salaries are paid in Monthly basis. Now let's discuss about the Journal Entry and Ledger posting procedure when Salaries are incurred but not yet paid. When Salaries incurred but not yet paid. Salaries Account shows Debit effect and, Salaries Payable Account shows Credit effect. Journal Entry Ledger Posting In Salaries Account. In Salaries Payable Account. Example : In the Books of M/s.Trimurthy Traders , Salary incurred for the month of March'2022 for ₹10000/- but paid after dt.31/03/2022. Pass necessary Journal Entry and Post them into their respective Ledger Accounts for the above transaction. In this example  Debit Ledger is : Salaries Account Credit Ledger is : Salaries Payable Account Journal Entry Ledg

Practice Sheet - 1(Transactions for the month of April' 2021) TRIMURTHY TRADERS (Prop : Mr. Surya Krishnamurthy)  Financial Year : 2021-22(April' 2021 to March' 2022) Assessment Year : 2022-23 (April' 2022 to March' 2023) Date : 01/04/2021 (Transaction No.1) Mr. Surya Krishnamurthy started a Proprietorship Business at Cuttack - 753001, Odisha with ₹10,00,000/- by Cash. Trade Name - TRIMURTHY TRADERS, Nature of Business - Wholesale and Retail Trader of Electrical Goods. GSTIN - 21AAECS0527O1ZY Journal Entry: Let's enter the above transaction using Accounting Software TallyPrime Steps for entering the transaction Open TallyPrime and select 'Create Company'. Press 'Enter' and enter the required fields Press 'Y' to accept or Press 'Enter' to accept Select 'Yes' on applicable fields  and fill up the requisite field If one have to enter the GSTIN detail Select on 'Yes' on 'Enable Goods & Services Tax(GST)' N

In Current days most of the Organizations, from Government to Private are intended for gathering their information and users through Web Portals. Let's know which are the important web portals for an Accountant, who manages the Accounts of a Business in India. Some useful web portals, which can be followed by an Accountant according to his/her need, are listed below. https://www.incometax.gov.in https://incometaxindia.gov.in https://www.protean-tinpan.com  https://www.gst.gov.in https://ewaybillgst.gov.in https://einvoice.gst.gov.in https://gstcouncil.gov.in  https://gstn.org.in https://cbic-gst.gov.in https://www.mca.gov.in https://uidai.gov.in  

Salaries are the amount of expense which is paid to the employees of a Business Organization against their service provided.  Generally Salaries are fixed in nature for one Accounting Year. Salaries are paid in Monthly/Quarterly/Half Yearly/Yearly basis. In maximum cases Salaries are paid in Monthly basis. Now let's discuss about the Journal Entry and Ledger posting procedure when Salaries are paid through Bank Account. On Payment of Salaries through Bank Account Salaries Account shows Debit effect and, Bank Account shows Credit effect. Journal Entry Ledger Posting In Salaries Ledger Account In Bank Account. Example : In the Books of M/s.Trimurthy Traders , Salary paid to employee for ₹10000/- on dt.01/07/2021 for the month of June' 2021 vide Cheque No.700106 of Axis Bank Current Account. Pass necessary Journal Entry and Post them into their respective Ledger Accounts for Salary paid through Axis Bank Current Account. In the above example  Debit Ledger is : Salaries Account Cre

Salaries are the amount of expense which is paid to the employees of a Business Organization against their service provided.  Generally Salaries are fixed in nature for one Accounting Year. Salaries are paid in Monthly/Quarterly/Half Yearly/Yearly basis. In maximum cases Salaries are paid in Monthly basis. Now let's discuss about the Journal Entry and Ledger posting procedure when Salaries are paid through Cash. On Cash Payment for Salaries, Salaries Account shows Debit effect and, Cash Account shows Credit effect. Journal Entry Ledger Posting In Salaries Ledger Account. In Cash Account Example : In the Books of M/s.Trimurthy Traders , Salary paid to employees for ₹10000/- on dt.02/05/2021 for the month of April' 2021. Pass necessary Journal Entry and Post them into their respective Ledger Accounts for Salary paid through Cash In the above example  Debit Ledger is : Salaries Account Credit Ledger is : Cash Account Journal Entry Ledger Posting In Salaries Ledger Account. In Cash

Wages are the expenses of a Business organization which is paid to person/persons against their work done for that Business organization.  Generally wages are not fixed in nature, it varies from time to time and it is paid within a short period of time. Wages are paid hourly/daily/weekly basis. Now let's discuss about the Journal Entry and Ledger posting procedure when Wages are incurred but not yet paid. When Wage Expenses are incurred and but not yet paid, Wages Account shows Debit effect and, Wages Payable Account shows Credit effect. Journal Entry Ledger Posting In Wages Ledger Account. In Wages Payable Ledger Account. Example : In the Books of M/s.Jagannath Industries Wage Expenses incurred for ₹2170/- on dt.31/12/2022 but not yet paid. Pass necessary Journal Entry and Post them into their respective Ledger Accounts for Wages incurred but not yet paid. In the above example  Debit Ledger is : Wages Account Credit Ledger is : Wages Payable Account Journal Entry Ledger Posting