Solution: The journal entry shall be passed for above adjustment on as follows: M/S XYZ limited journal voucher Voucher.
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Illustrations An amount.20000/ paid.
Journal voucher is prepared for the transactions which does not relate to sales, purchases, cash, bank, material returns. .
You set up the posting method on the Installation Options - Payables page.You can create, delete or modify other vouchers as per your requirement.Solution: Since the car is not the part of purchases of trading items and it is not purchased in cash also, therefore, journal voucher shall be prepared for the above transaction as under.Debit: Depreciation Account 16000/ Total 16000/ Credit: Machinery Account 16000/ Total 16000/ Narration: Being amount of depreciation for financial year 2014-15 accounted for.Debit: Insurance Expenses Account 5000/ dd's discount store corporate office Total 5000/ Credit: Prepaid Insurance Account 5000/ Total 5000/ Narration: Being amount of prepaid insurance from.04.15.09.15 transferred to insurance expenses as per the copy of insurance policy enclosed) Amount in words: Rupees Five Thousand only.
110 dated.10.15 enclosed.
What is the difference between Journal Entry and Journal Voucher? .
Therefore, journal voucher will be prepared for above transaction as under:- M/S XYZ limited journal voucher Voucher.Journal voucher entries are also known as adjustment entries.Think of it basically as a double check to make sure things are going correctly.Journal Voucher (F7 This voucher is used for all adjustment or due entries in tally software, or in other words entry which is not made by other accounting vouchers are made by this voucher.Journal entries are very important during the finalizing the company accounts.Debit: Car Account 65000/ Total 65000/ Credit: M/s Delhi Motors 65000/ Total 65000/ Narration: Being car purchased from M/s Delhi motors as per their bill.Depreciation on fixed assets.General Ledger - bottom line is it does not affect General Ledger dollars until it is approved and posted.