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Nominal Accounts

By Pashupati Thakur



Nominal Accounts, TALLY ERP9, TRANSACTIONS


Nominal Accounts:


These accounts are those accounts in which transactions will be maintained as income/ expense or profit/ loss between supplier and Customer.


Rule or Formulas


All expenses and losses always Dr. side.

All income and gains always Cr. side.


Discount allowance(DA) always Dr. side.

Discount received(DR) always Cr. Side.


Transactions:


  1. Purchase goods by David from William to cash $1200 and discount received $300.


Purchase a/c - Dr. $1500

to DR - Cr. $300

to Cash - Cr. $1200


  1. Purchase furniture from David to cash $750 and discount received $250.


        Purchase a/c - Dr. $100

           to DR - Cr. $250

        to Cash - Cr. $750


  1. Sold goods to William for cash $2000 and discounts allow $1200.


        Cash a/c - Dr. $2000

        DA a/c - Dr. $1200

        to Sale a/c - Cr. $3200


  1. David sold goods to William for cash $700 and DA $250.


        Cash a/c - Dr. $700

        DA a/c - Dr. $250

        to Sale a/c - Cr. $950


  1. Purchase furniture by William to cash $1500 and DR $1000.


        Furniture a/c - Dr. $2500

        to DR a/c - Cr. $1000

        to Cash a/c - Cr. $1500


  1. Machine bought from David to cash and DR $225 and $275.


        Machine a/c - Dr. $1500

        to DR a/c - Cr. $225

        to Cash a/c - Cr. $1275


  1. David received cash $1575 and DA $25 for sale.


        Cash a/c - Dr. $1575

        to DA a/c - Dr. $25

        to Sale a/c - Cr. $1600


  1. Purchase goods from David $700 and DR $300.


        Purchase a/c - Dr. $1000

        to DR a/c - Cr. $300

        to Cash a/c - Cr. $700


  1. William paid cash $1500 for purchase furniture from David and DR $150.


        Furniture a/c - Dr. $1650

        to DR a/c - Cr. $150

        to Cash a/c - Cr. $1500


  1. Sold machine for cash and DA $150 and $1500.


        Cash a/c - Dr. $1500

        to DA a/c - Dr. $150

        to Machine a/c - Cr. $1650


  1. Paid cash with discount $120 on $800.


        Purchase a/c - Dr. $920

        to DR a/c - Cr. $20

        to Cash a/c - Cr. $800


  1. Received cash $800 and discount $200 given by David to William.


        Purchase a/c - Dr. $1000

        to DR a/c - Cr. $200

        to Cash a/c - Cr. $800


  1. William bought furniture with a discount of $200 on $1000.


        Furniture a/c - Dr. $1000

        to DR a/c - Cr. $200

        to Cash a/c - Cr. $800



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