Answer / sanmilan

Like Newtons Law, 'For Every action, there is an equal and
opposite reaction', For any Accounting Transaction you do
there are always 2 Effects. For E.g; When you buy something
you pay something, IF you don't pay right away, your
liability to pay the amount at future date arises. If you
sell something you get the compensation/price or a
commitment to get paid on a future Date. So Ledger Posting
is Posting of these 2 aspects, which we describe as 'Debit'
& 'Credit' to appropriate accounts.
In other words, segregating the aspects of Debit & Credit of
each Transactions to respective Ledger Heads based on the
Nature of Accounts(real,Nominal&Personal) according to the
Golden Rule of Accounts which are as below;

REAL ACCOUNTS DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT

NOMINAL ACCOUNTS DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOMES AND REVENUES

PERSONAL ACCOUNTS DEBIT THE GIVER
CREDIT THE RECEIVER
Thanks

Answer / navjeet singh

first the journals are prepared. the posting of journal entries into the ledger is called ledger posting. journals are prepared by debiting and crediting . Eg. we debit cash when we receive it from financer. and we credit the financer. reason .
because cash is a real account . real accounts means it deals with assets side. when we receive cash we debit it as the rule for real account is debit what comes in credit what goes out.
We prepare multiple ledgers not just one ledger.All the ledgers collectively is called general ledger. like cash A/c ledger. Purchase A/C ledger. office expenses A/c Ledger. eg. under office expenses we collect all journal entries pretaining to office expenses during the last accounting year and post them into office expense ledger.

ENTRY FOR PREPAID INSURENCE AND ENTRY FOR OUTSTANDING RENT

1 Answers  

---

I have 4 four category of emplies say Admn/Markting/Procurment/Production and the employees of thee category have there bank accounts in 5 or six different banks. How can i generate Payroll advice for the employees having account in A Or B OR C Or D falling under above category

0 Answers  

---

What is control in accounting?

0 Answers  

---

i am working in construction company.we have more then one projects.i enter attendance in payroll projectwise.i want salaries in projectwise not overall in payroll autofill. thankyou sir

0 Answers   IDEAL Detonators,

---

How Many Methods of Depriciation & Which are those ??

6 Answers   Focus,

---

Please would you provide me with a defenition of Cycle count tolerance ? Thank you

0 Answers  

---

what is tax invoice and retail invoice

2 Answers   IBM,

---

Explain me what do you think is bank reconciliation statement?

0 Answers  

---

What is the order of priority of the following. 1.Trial Balance,2.Sales Ledger,3.Journal Entry,4.General Ledger,5.Balance Sheet,6.Profit and Loss Account,7.Cash Flow and fund flows.

1 Answers  

---

x pay incentive to y with tds@10%.what is the journal entry in the books of x & y?

0 Answers  

---

I have received 75000/- as retainership fees from ABC company but they have deducted TDs 10% and send me 67500/- my question is that what entry i have to pass in my books please help me

5 Answers   Pharma Traders,

---

You are using the accounts approach to parallel valuation and classic assets accounting. You need to create a new financial statement version to valuation based of IFRS principles. In asset accounting, what posting options can you choose for the new depreciation area? (any 2 answer) Area post in real time Area posts APC directly and depreciation periodically Area posts APC only directly Area posts APC and depreciation periodically

0 Answers   IBM,

---