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If i have started a new institution than what are the
entries i have to passed in tally
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Answer / s n shah
As such no entry. If any transaction takes place then
accounting entry is to be passed. You can create the
company name in tally
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why we are considering the net profit as liable in balance sheet
1. ABC Pvt. Ltd acquired the right to publish a book entitled “Accountancy easy” From Writer at a royalty of Rs. 20 per copy of the book sold. The minimum rent was fixed at Rs. 30,000 per year. It was agreed, that the short workings of any year can be recouped with in 2 years immediately following the year in which short workings occurred. The no. of copies sold during the five years was as following: 1. 1st year -1000 2. 2nd year -1400 3. 3rd year -1800 4. 4th year -3000 5. 5th year -1200 Show royalties account in the books of the publisher.
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