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 From: Shafi Syed
  Where is Shafi Syed?
 Bangalore
 Indiana - India
 Shafi Syed
 To: Khurram Khan
  Where is Khurram Khan?
 Karachi
 Pakistan
 Khurram Khan
 Tags
Subject: RE: Debit and Credits on Purchase Goods
Thread ID: 15528 Message ID: 15730 # Views: 2 # Ratings: 0
Version: Unknown Category: General VFP Topics
Date: Saturday, September 28, 2002 9:43:18 AM         
   


> >
> > Hello
> >
> > I wrote an inventory application on Vfp7, Could any body explain me an accounting concept :
> >
> > When a Purchase(goods receipt) entry has been posted , where it has to be debted and where it has to be credited ?
> > # I am doing like this
> >
> > 1) Credit -> Vendor Debit -> inventory (store) Account
> > 2) Debit -> Purchase A/c (Credit) Credit-> ? (what account i have to credit here)
> >
> > I shall be much thankful if anybody suggest me
> > shafi
>
>
> yes
>
> Hello Dear
> Always remember When u purchase something in which u will pay through bank
> mean first of all u create the bills payable & in this You will do.
>
> purchase account(ur asset or ur expense) Debit
> Supplier will be Credit
>
> when u will payment
> then Your
>
> Bank will be Credit
>
> and Party will be Debit
>
> ok
>
>
> same on Sales
>
> when You will sale
> then Your Customer Account will be debit
> and Your Goods Account will be Credit
>
> when u will receipt Voucher
>
> then Your Bank will be Debit
> and Your Customer will be Credit
>
> ok
>
> Thanks
> Khurram Khan
> We can Learn more if we Share.

Thanks for your suggestion,


In Credit Sales entry What i am doing is :


1) Debit to Customer -> Credit to Sales Account
2) Debit to Sales @ cost -> Credit to Inventory A/c (inventoryA/c)

when got payment from the Customer, we will credit to customer and debit to the appropriate bank through another form called "Cash/Cheque Receipts " (another module)

So in purchase also we need to update purchase A/c, but where I have to credit the last ?

Yah ofcourse no need of the second entry , but my boss has opened a seperate account for credit purchase and want me to debit to that.

Thanks u very much,

hope answers from friends,
shafi


ENTIRE THREAD

Debit and Credits on Purchase Goods Posted by Shafiulla Syed Mohammed @ 9/24/2002 10:33:25 AM
RE: Debit and Credits on Purchase Goods Posted by Erik Gomez @ 9/24/2002 3:16:19 PM
RE: Debit and Credits on Purchase Goods Posted by Shafiulla Syed Mohammed @ 9/25/2002 3:12:46 PM
RE: Debit and Credits on Purchase Goods Posted by Benny Thomas @ 9/26/2002 8:44:44 AM
RE: Alway Remember Posted by Khurram Khan @ 9/26/2002 11:14:18 AM
RE: Debit and Credits on Purchase Goods Posted by Khurram Khan @ 9/26/2002 11:17:26 AM
RE: Debit and Credits on Purchase Goods Posted by Shafiulla Syed Mohammed @ 9/28/2002 9:43:18 AM
RE: Debit and Credits on Purchase Goods Posted by Allan @ 9/28/2002 3:58:24 AM