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Tally Prime Entries With Reasons

The document outlines various transaction types in a debit and credit format, detailing the necessary entries and their corresponding reasons. It includes entries for capital introduction, cash deposits, purchases, sales, expenses, income, loan transactions, and GST-related transactions. Each entry specifies the accounts affected and the rationale behind the recording of each transaction.

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Deepanshu Chaudhary
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412 views2 pages

Tally Prime Entries With Reasons

The document outlines various transaction types in a debit and credit format, detailing the necessary entries and their corresponding reasons. It includes entries for capital introduction, cash deposits, purchases, sales, expenses, income, loan transactions, and GST-related transactions. Each entry specifies the accounts affected and the rationale behind the recording of each transaction.

Uploaded by

Deepanshu Chaudhary
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Tally Prime Entries with Reasons - Debit

& Credit Format


Transaction Type Debit & Credit Entry Reason

Capital Introduced Debit: Cash/Bank To record the capital brought


Credit: Capital A/c in by the owner into the
business.

Cash Deposit into Bank Debit: Bank A/c To record the cash deposited
Credit: Cash A/c into the business bank
account.

Cash Withdrawal for Office Debit: Cash A/c To record the withdrawal of
Use Credit: Bank A/c money from bank for office
use.

Purchase Entry (Cash) Debit: Purchase A/c To record the purchase of


Credit: Cash A/c goods by paying cash.

Purchase Entry (Credit) Debit: Purchase A/c To record the purchase of


Credit: Supplier A/c goods on credit from a
supplier.

Sales Entry (Cash) Debit: Cash A/c To record the sale of goods
Credit: Sales A/c for cash.

Sales Entry (Credit) Debit: Customer A/c To record the sale of goods
Credit: Sales A/c on credit to a customer.

Expenses Paid Debit: Expense A/c (e.g. To record any business-


Rent) related expenses paid.
Credit: Cash/Bank A/c

Income Received Debit: Bank A/c To record income received


Credit: Income A/c (e.g. by the business.
Commission Received)

Payment to Creditor Debit: Supplier A/c To record payment made to


Credit: Cash/Bank A/c suppliers for previous
purchases.

Receipt from Debtor Debit: Cash/Bank A/c To record money received


Credit: Customer A/c from customers for previous
sales.

Drawings by Owner Debit: Drawings A/c To record withdrawal of cash


Credit: Cash/Bank or or goods by the owner for
Purchase A/c personal use.

Depreciation Entry Debit: Depreciation A/c To account for the


Credit: Asset A/c depreciation on fixed assets
over time.

Bank Charges Debit: Bank Charges A/c To record charges deducted


Credit: Bank A/c by the bank from the
business account.

Interest Received Debit: Bank A/c To record interest income


Credit: Interest Received A/c credited by bank or others.

Loan Taken Debit: Cash/Bank A/c To record loan amount


Credit: Loan A/c received by the business.

Loan Repayment Debit: Loan A/c To record repayment of loan


Credit: Cash/Bank A/c from business funds.

Credit Card Expenses Debit: Expense A/c To record business expenses


Credit: Credit Card A/c paid through credit card.

Credit Card Bill Payment Debit: Credit Card A/c To record payment made to
Credit: Bank A/c clear credit card dues.

GST Purchase Debit: Purchase A/c, To record purchase of


CGST/SGST/IGST goods/services including
Credit: Supplier/Cash/Bank GST.
A/c

GST Sales Debit: Customer/Cash/Bank To record sale of


A/c goods/services including
Credit: Sales A/c, GST.
CGST/SGST/IGST

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