+- Accountancy Forum (https://www.accountancy.com.pk/forum)
+-- Forum: The Profession (https://www.accountancy.com.pk/forum/forum-the-profession)
+--- Forum: Accounting and Audit (https://www.accountancy.com.pk/forum/forum-accounting-and-audit)
+--- Thread: Journal entry (/thread-journal-entry)
Journal entry - jeeshanali - 05-03-2009
Hey I need some help to do posting of my journal ledger in simply accounting.
How to create a general entry for following
1 I have purchase a house on morgage and paid a downpayment for the house in cheque
2 I am paying a certain investment amount for RRSP every month to my bank
3 I have received direct deposit some amount of RRSP from the bank
4 I have transfer some funds from my account to another account.Should this entry comes under accounts payable
5 I have made a candian draft of certain amount from bank
6 I have made some payment to my supplier.Should i show this in account payable
7 I have paid debit memo of certain rupees
Thanks
Regards/jeeshan
- shafiqb9 - 05-04-2009
1. House (full value) [debit] Bank downpayment [credit] account payable (remaining amount)[credit]
2 & 3 i didnt understand your question
4.this entry doesnt come under accounts payable
5.i think this does not requir any entry you will post entry when you pay this draft
6.when you make payement to supplier this can be in two situation
A. when you make advance payment. so it will be account recieavable not payble
B. 2nd you make payemnt after purchases here youll first pass entry account payable [credit] and purchases [debit] at time of purchases and when make payemnt then bank [debet] and account payable will be [credit]
- irfan kazim - 06-03-2009
2 Investement a/c (debit)cash a/c(credit)
3 i think the question is received return on direct deposit, the entry will be, if not recorded in cash book (bank column)bank a/c debit and interest or dividend a/c credit
2nd mention above is wrong. when you make payment then account payable debit and bank/cash credit.