Q. How to do entry for Cheque Bounce ?
Cheque bounced or returned cheque whether inward or outward are accounted either by :
– Deleting the original entry of cheque given/received OR
– by passing a reverse entry of the original entry.
suppose you have issued a cheque then the original entry will be made in payment voucher now upon return of this cheque, you have to book it under receipt voucher as you are receiving cheque from the party
Q. Our supplier had issued us a credit note ? how we will book the same ?
you have to debit the suppliers account through Journal entry (F7 in tally ) and credit the purpose for which you have received the credit note from the supplier or credit the account which was originally debited by towards transaction with the supplier
Q. under which group the ledger Purchase Trade Discount will come ?
It can be grouped under Direct Income as well as purchase Account. I suggest to group it under purchase account
Set vat returns affected to “No”
Q. under which the ledger sales discount will come ?
Direct Expenses. My suggestion is to group under Sales Account set vat returns affected to “NO”
Q. How to create a new company in tally ?
Read our article on step by step company creation
Answer coming soon…. visit again…..