ACCOUNTING JOURNEL ENTRIES
Dear Friends
Can you say my Journel entry is right?
Mr. A & B Started Business and A's capital is Qr.500
But Total capital they started with Qr.1000
B's Capital Qr.500 is that he will work as manager and contribute his Salary to company rather recieving from the company , then i started every month journel like this:-
1) First month
Cash a/c Dr 1000
A\s Capital A/c Cr. 500
B\s Capital A/c Cr. 500
2) second month no income only expenses of Salary Qr.100
a) Salary Exp A/c (Dr.) Qr.100
Cash A/c (Cr.) Qr.100
b) A'Capital A/c (Dr.) Qr. 50
B' Capital A/c (Dr.) Qr.50
Salry Exp A/C (Cr.) Qr.100
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Is this entry is fine Accounting standard
Please reply to me
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KEY FEATURES
Accounting
Chart of Accounts Ledgers Journal
Petty Cash Receipt Voucher Payment Voucher
Receivable Invoice Payable Invoice Bank Reconciliation
Inventory
Product Category SRV Costing Customer/Supplier
Material Request Purchase Order Sales Order
Purchase Costing Purchase Return Bank Reconciliation
Quotation Delivery Notes Delivery Return
Invoice Invoice Return Stock
Call For Demonstration@ 7036 7025
Accounting & Inventory Management Software from Mint Solutions Doha Qatar
Locus Accounting & Inventory package offers a refreshing new approach to small and medium business. Our goal is to help every business achieve sound financial management and control, from a single general ledger to the extended global enterprise, efficiently. Locus Accounting & Inventory Package gives you access to real–time fiscal information and provides the modern platform you need to support business around the world.
KEY FEATURES
Accounting
Chart of Accounts Ledgers Journal
Petty Cash Receipt Voucher Payment Voucher
Receivable Invoice Payable Invoice Bank Reconciliation
Inventory
Product Category SRV Costing Customer/Supplier
Material Request Purchase Order Sales Order
Purchase Costing Purchase Return Bank Reconciliation
Quotation Delivery Notes Delivery Return
Invoice Invoice Return Stock
Call For Demonstration@ 7036 7025
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Accounting & Inventory Management Software from Mint Solutions Doha Qatar
Locus Accounting & Inventory package offers a refreshing new approach to small and medium business. Our goal is to help every business achieve sound financial management and control, from a single general ledger to the extended global enterprise, efficiently. Locus Accounting & Inventory Package gives you access to real–time fiscal information and provides the modern platform you need to support business around the world.
KEY FEATURES
Accounting
Chart of Accounts Ledgers Journal
Petty Cash Receipt Voucher Payment Voucher
Receivable Invoice Payable Invoice Bank Reconciliation
Inventory
Product Category SRV Costing Customer/Supplier
Material Request Purchase Order Sales Order
Purchase Costing Purchase Return Bank Reconciliation
Quotation Delivery Notes Delivery Return
Invoice Invoice Return Stock
Call For Demonstration@ 7036 7025
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How r u proofing your cash account balance using your entries ? I think it should be as follows :
Mth 1
Dr Cash 500 (from A)
Dr Account receivable 500 (from B)
Cr Capital 1000
Mth 2
Dr Salary Expense 100 (from B)
Cr Account receivable (now rec'able left 400)
Same entry till receivable become nil. Subsequent entry back to normal expense entry.
First entry is fine.
No need for 2nd entry. Bcz to pay the salary to the partners is not the expense of the company, it should reflect to partner's current account.
3rd Entry should be like this;
Dr. A's Current A/C 50
Dr. B's Current A/C 50
Cr. Cash/Bank A/C 100
yes