I have mobile shop purchasing “talk time” from mobile operator and selling it to shopkeepers. Mobile operator provides me “commission” as one case stated in your website.
There is no coupon business it is “talk time &validity “Only.
I have invested around Rs 40000/- out of which 15000 is for deposit and rest is for purchase of inventory (i.e. talk time).
i issue talk time on telephonic request to shopkeepers. And my staff collect cash from these shop keepers on daily basis.
I need your guidance
Regarding how to make entry for
1) capital invested.
2) Cash traction between me and operator, me and shop keepers
3) Inventory (talk time ) traction between me and operator, me and shop keepers
1. When you have started your business , suppose only you have invested 40,000
the pass the following entry
Bank Account Dr. 40000
Capital Account Cr. 40000
It means 40000 , you have total invested in your business , now 40000 in bank is only for business purpose and its earning is your income vie bank interest or vie commission if you have invest in your productive work .
When you purchase talk time , it means it is just purchasing for you because you are dealing it and with in one you have to sell it .
1st : when you get talk time
Talk time ( Inventory Account )/ purchase Dr. 40000
bank account Cr. 15000
Mobile operator account Cr. 25000
2nd : When you pay balance amount of your received talk time
Mobile operator account Dr. 25000
Bank account Cr. 25000
3rd : When you got commission
Bank account Dr. XXXXX
Commission Cr. XXXXX
4th : When you sell Talk time to your customers
Talk time / sale Cr. XXXXX
you can make ledger account first in account info of following
1. capital account under capital account
2. Bank account under bank account
3. mobile operator account under Creditor You have to also make inventory ledger in
gate way of tally >> inventory info
4. stock item
talk time under primary
5. unit measurement
t formal time and pass above voucher