Answer of Past Pending Comments

Today, I saw some pending comments  in my computer hard-disk when I opened it. Due to my personal reason, I could not give answer. So, today, I am trying to answer to all these pending past comments.

Comment:- 1. Sir, I'm an accountant of construction and contracting company in Qatar. My doubt is how can i record the income and expenses of each project in Tally whether it by cost center or job costing? and i didn't see any differences between the two in tally. I cannot allocate the purchase to different projects to get the complete report and I am not using the manufacturing account also.My tally is ERP 9  v3. Please comment on this.. Thank you

Ans. Dear, job costing is just method of calculation cost which you read in cost accounting. Cost center can be used in this calculation also. I know manufacturing and construction is two different project. Did you make cost center correctly? Sometime, there may be sub-projects. Did you keep under main cost center or not? Try with some practice, you will surely allocate your all purchase in different projects otherwise call me at +91-1762-500250. I will check your problem through teamviewer from 1st Jan. 2012.

Comment:- 2. Please help me, I don't have knowledge Inventory control in tally erp 9. so how to implement inventory in Tally.ERP 9, so guide me?

Ans. Inventory control is the part of financial management. With this, we optimize the cost and quantity for our production. In tally, we can record all inventory in tally. We can also see each any every activity after recording the transaction of purchasing or selling. On this basis, we can take our future decisions relating to buying new raw material or not.

Comment:- 3. Dear sir, I am omkar presently working as account assistant from Hyderabad. I am working with tally. I know how to enter the transactions in tally. I don't know how to prepare the Profit and loss account, balance sheet. Recently I have joined the company. There I created a company maintain the records.
Some doubts regarding the tally. By transaction doubt is how to enter properly.


We prepare the sale bill of Rs.85000/- including 14.5% VAT to A.. where received the cheque for amount of rs. 85000. from A.


But actually the net bill of Rs. 51000/-including 14.5% vat to A. We submit sales as 85000/ including 14.5% vat. we return back cash of 34000/- to B . Actually the deal with B to sell goods to A.


In tally Difference in opening balance was shown in balance sheet. how to rectify the difference in opening balance.


with regards,
OMKAR


Ans. First part of your question is relating to the fundamental concepts of accounting. Many times, I told tips to learn profit and loss account and prepare balance sheet of company. Just search in this site, you can find the answer. Second question relating to tally.erp 9. Output VAT is just tax on the quantity which you sold to customer. You have two customer. Just go to the alter mode of tally and change the value for A. After this pass the new voucher entry of sales and VAT for B customer.

Comment:- 4. What  is journal entry,  muthu sent a cheque of rs 3950 in full settlement of rs 4000?

Ans. Muthu is our creditor, we send cheque for paying his net amount. By paying to Muthu, our liability will decrease. So, Muthu account will be debited. By paying through cheque, our asset will also decrease. So, bank account will credit.  We did not pay Rs. 4000. We just pay net amount of Rs. 3950. It means we will gain the earning through discount received. So, you can pass the simple journal entry. Muthu account Dr.  4000 and Bank account Cr. 3950  and Discount account Cr. 50.

Comment:- 5 This is a very condescending article. As a parent of a "retarded" child, I find this whole article to be disgusting. Do NOT refer to them as retarded, there is a very negative aura associated with that word in the world. They are mentally challenged, or mentally deficient, or mentally compromised, or even developmentally slowed or stunted. Please be very aware that the term retarded is generally unkind to these children. Another thing to consider, mental disability covers a broad range of symptoms and conditions. To lump all these children together and label them as mentally retarded and assume a set of hints might apply to all of them is ridiculous and somewhat discriminatory. It equates to saying all white people are slow, all black people are lazy, or all Asians are good at math.


By Anonymous on How to Teach Mentally Retarded Children on 12/5/11


Ans. Thanks for feedback of this content. I can understand your feeling. My feeling is also same as your feeling. Problem is of words but our aim is same. I promise to you, in future, I will also adopt the word mentally challenged instead of mentally retarded, if I publish any content relating to this topic. 

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Accounting Education: Answer of Past Pending Comments
Answer of Past Pending Comments
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Accounting Education
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