Solution of accounting problem of talk time mobile business

Question :

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

Answer :

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 .

Voucher Entries

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

Bank Account Dr. XXXXX

Talk time / sale Cr. XXXXX

Special note
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







access account accountant Accounting accounting definitions accounting ebook Accounting education accounting procedure accounting process outsourcing Accounting Software advance advertising africa Amalgamation amendments announcements Annuity assets audit auditing Australia B.Com. balance sheet bank Bank reconciliation banking basic accounting BBA benefits best bill black money blog bloggers book keeping bookkeeping Branch Accounting - full tutorial budget Budget variance business businessman CA calculator canada capital capital budgeting career cash cash book cash flow statement Chiense children china class coaching coins college commerce commerce students company computer computer accounting conference Contact vinod kumar Control Your Spending corporate accounting cost cost accounting cost center cost centre CPA credit credit card cs currency data Debit and credit debit cards debt debtor degree depletion depreciation Diwali Messages documents dollar domain Downloads Dubai e-accounting earning education Education Loans email employee EPF ERP euromoney examination excel excise duty expenses facebook factor of loan fans feature fifo FII fiji finacle finance Financial financial accounting fire insurance flickr flow forensic forex formula france fraud free fun function fund GAAP GDP gdr germany gold goodwill goodwill accounting google google apps Google Adsense google apps google base google buzz google calendar Google docs google finance google fusion tables google talk govt. GST guide health Hindi Hindi Language history holding company How to treat FBT in Tally 9 HRA ICAI ICAWI ICICI Bank IFRS income income statement Income Tax India indian railway Indonesia inflation inflation accounting infographics information inspiration insurance insurance accounting Intangible interest international Internet Introduction of Tally 9 inventory investment investment in Shares invoice IT Japan Job costing journal entries Journal Entries eBook Help Kalculate keyboard kindle kuwait laptop law LBT learning lease lecture ledger leducation Leverage Analysis liabilities lifo linkedin loan logical point loss loss of profit M.Com. m.phil malaysia management accounting manual accounting manufacturing account market marketing mastercard material MBA MCA media migration mobile money ms word ms. excel multi currency in tally 9 Multicurrency Accounting mutual fund national security new and sacrifice ratio new york times new zealand news NGO nonprofit-accounting North Georgia Mountains NPV NSE odbc office oman online application online accounting Online Accounting Course otcei pakistan parents Partnership pay pal pdf Personal Finance pie chart pie chart of income pnb podcast ppf presentation price privacy policy prize money prof. vinod kumar profit profit and loss account project management provision purchase puzzles quickbooks Quote quotes quotes of svtuition rating agency ratio analysis RBI readers real estate rectification of errors remote control reports reserves responsibility accounting retirement revenue Revenue reserves review risk rupees salary sale saudi arabia saving sbi scholarship school SEBI security service tax share share trading Shares shri lanka singapore sms social accounting society solution South Africa stock stock exchange structure student students study subsidiary company svtuition swiss bank tally tally 9 Tally 7.2 Tally 9 Tally.ERP 9 tanzania tax Tax Accounting TDS teacher teaching technology test testimonial testimonials thailand tips trading trading on equity transaction trend trial balance truthfulness tuition twitter UAE UGC - NET Commerce UK United Arab Emirates university usa valuation VAT Video Voucher and vouching Wealth wikipedia working capital youtube
Accounting Education: Solution of accounting problem of talk time mobile business
Solution of accounting problem of talk time mobile business
Accounting Education
Not found any lecture VIEW ALL Continue reading Reply Cancel reply Delete By Home PAGES Lectures View All RECOMMENDED FOR YOU Category ARCHIVE SEARCH ALL Lectures Not found any lecture match with your request, please help to write it and send it to our email at for making this website free accounting and finance encyclopedia. Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock