Answer Posted / manisha ashish salvi

3 Golden Rules of accountancy as below :

1) Personal Rule
Debit the receiver
Credit the Giver

2) Real Rule
Debit what comes in
Credit what goes out

3) Nominal Rule
Debit the Expenses & Losses
Credit the Incomes & Gains


&
Withdrawal from Atm means same transaction as cash withdraw
from bank , the transaction as follows:


Dr. Cash A/c
Cr.Bank A/c

my boss (Managing Partner of a firm) promoted along with his wife a private limited company. he and she spent some Rs. 75,000/- (approx) for the promotion of the company. i know that they usually fall under the head of preliminary expenses. but after receiving the certification of incorporation of the company how shall i repay them to the promoters i.e. what is the accounting entry in the books (initial books of accounts) for the expenditure incurred. they have kept in hand 5,00,000/- each to meet the expenses and they were allotted shares of equal to the amount. can i allot shares for a consideration of cash from and excluding the preliminary expenses. can i take cash towards the share application money (being the cash more than Rs. 20,000/-) as the company has not opened a bank account yet. please give me the detailed answer with journal entries that can be entered in tally. thank you.

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