Kalp Accounting Learning Articles

Generally Sundry Creditors of a Business Unit refer to those persons, from whom purchase of Goods or Services are made on Credit basis. The Supplier/Vendor/Sundry Creditor from whom a Business Unit purchase goods or services on Credit, later days the total invoice amount is paid through Cash or Bank Account. Let's discuss about the Journal Entry and Ledger posting, when payment is made by Cash to Sundry Creditors. When payment is made to Sundry Creditors by Cash, Sundry Creditors Account shows Debit effect and, Cash Account shows Credit effect. Journal Entry Ledger Posting In Sundry Creditors Ledger Account. In Cash Account. Example :  In the Books of M/s.Swastik Store, amount paid to M/s.Vijayanand(Sundry Creditor) vide Cash for ₹9,500/- on dt.20/08/2023 as per Debit Voucher No.836. Pass necessary Journal Entry and post them into respective Ledger Account for the above transaction. In this transaction. Debit Ledger is : M/s.Vijayanand Account Credit Ledger is : Cash Account. Journ

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.5) Purchased Computer from M/s. Computer Point as per Cash Memo No-201 for ₹28,500/-. Journal Entry Let's see how to enter the above transaction using TallyPrime Accounting Software. Steps for entering the transaction. On the GOT Screen of TallyPrime Press 'V' or select and press 'Enter' on 'Vouchers' Press 'F2' to enter Date of Voucher/Date of transaction. Create 'Computer A/c' under Group 'Fixed Assets', if not available in 'List of Ledger Accounts'. Place Debit Ledger Account and Credit Ledger Account as mentioned in the image below. Enter Debit Ledger Account, where 'By' or 'Dr' shows. Enter Credit Ledger Account, where 'To' or

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.4) Purchased Furniture & Fixture from Ankur Industries as pr Cash Memo No-5010 for ₹18,100/-. Journal Entry   Let's see how to enter the above transaction using Accounting Software TallyPrime. Steps for entering the above transaction. On the GOT screen of TallyPrime, Press 'V' or select and press 'Enter' on 'Vouchers'. Press 'F2' to enter date of transaction/date of voucher. Create 'Furniture & Fixtures A/c' under Group 'Fixed Assets', If not available in the 'List of Ledger Accounts'. Place Debit Ledger Accounts and Credit Ledger Accounts as mentioned in the image below. Place Debit Ledger Accounts where 'By' or 'Dr' shows. Place C

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.3) Amount paid to Mr. Rakesh Das towards Security Deposit for Office & Godown Rent for ₹50,000/- vide Chq No-700101. Journal Entry Let's enter the above transaction using Accounting Software TallyPrime. Steps for entering the above transaction. Open TallyPrime software and on GOT screen select and press 'Enter' on 'Vouchers'. or Press 'V' on GOT screen. Press  'F5' or click on 'F5:Payment' available in Menu Bar. Press 'F2' to enter Date of Voucher. Select and press 'Enter' on 'Create' available in the List of Ledger Accounts. If 'Security Deposit with Rakesh Das A/c' is not available in the List of Ledger Accounts. Create 'Security

In a Partnership Business, amount of withdrawals by the Partners to meet his/her personal expenses is termed as 'Partner's Drawings'. Partner's Drawings Account is a Sub Ledger of Partner's Capital Account. Drawings may be in Cash or other form like Fixed Assets, Current Assets etc. Now let's discuss on Journal Entry and Ledger Posting, when Partners draw cash from a Business. When Partners draw cash from Business to meet his/her personal expenses, Partner's Capital Account shows Debit effect, and Cash Account shows Credit effect. Journal Entry Ledger Posting In Partner's Capital Account In Cash Account. Example : In the Books of M/s.Narayan Industries(Partners : Sachin, Sourav and Virendra) Cash withdrawn by Sourav for ₹48,000/-and Virendra for ₹55,000/- on dt.24/08/2023 towards his personal expenses. Pass necessary Journal Entry and post them into their respective Ledger Accounts for the above transaction. In this transaction Debit Ledgers are : Sourav