This thread is created so as to serve as a meeting point,for those in the accounting and Banking field(including aspirants).
Our experience as accountants and Bankers should be shared here,and for aspirants our experience in the race to be accountants and bankers should be shared here.Also,our challenges and problems as an accountant or a banker or as an aspiring accountant and banker should be shared here,as a problem shared between like minds is half solved.
Accounting and banking related questions from any topic,and i can assure you that You will be well attended to by Nairalanders(including the OP).Aspirants can also share their experience in the race to qualify as an accountant or as a banker,so as to make other upcoming aspirants learn one thing or the other.
Issues that cncerns Nigeria and relates to accounting and banking or financial prudency and management in Nigeria will also be cnsidered and opinions will be shared.
Let the knwledge passage begin,what do u have to share with us,or what do u have to ask,whichever feel free to drop your comments.

followed

Lets start asking questions 4rm d basics of accoumting nd also a topic dat relates to banking.
When you have a transaction 'Cash sales banked #500(naira) what is the accounting double entry for it?letx try dis

Oga mi sir dis isn't a contra entry,d sales proceed was deposited directly into d bank so therefore it is debit sales with 500 unda bank column

Head straight, eye front, leg crossed.......... Waiting for ans

elgaitan: oga mi sir this is a contra entry and it goes thus:
Dr # Cr #
cash 500 bank 500
Note the 500 on d debit side is unda the bank column nd d 500 on d credit side is unda d cash column

Nice one bro

elgaitan: oga mi sir this is a contra entry and it goes thus:
Dr # Cr #
cash 500 bank 500
Note the 500 on d debit side is unda the bank column nd d 500 on d credit side is unda d cash column

bt we kuld av 2 double entries numbering to four akounting entries too,datz debit cash credit sales wit 500# each,den dr bank wit 500# and crdit cash with 500#
let us kip d questions flowing nd cuming

I have a question and my questioned is am a diploma student in one of those university in nigeria after my programm will any of the bank employ me with such qualification

i opposed this there is no contra entry there but dr. sales with bank column#500 u too should analyse the transaction well

Noblex2011: i opposed this there is no contra entry there but dr. sales with bank column#500 u too should analyse the transaction well

kan u expantiate further bro?i dnt undastand,do u mean debit both sales and bank?

Noblex2011: i opposed this there is no contra entry there but dr. sales with bank column#500 u too should analyse the transaction well

hi bro u are rite av corrected it

elgaitan: Oga mi sir dis isn't a contra entry,d sales proceed was deposited directly into d bank so therefore it is debit sales with 500 unda bank column

edited