In trying to post data take on balances using the general journal, the Amount column has disappeared, anyone with solution?
In trying to post data take on balances using the general journal, the Amount column has disappeared, anyone with solution?
Click on the Batch button at the bottom and then click on "Restore Columns".
Neville Bailey - Sage Pastel Accounting Consultant
www.accountingsoftwaresupport.co.za
neville@accountingsoftwaresupport.co.za
IronTree Online Solutions
"Give every person more in use value than you take from them in cash value."
WALLACE WATTLES (1860-1911)
Hi Neville. I'm dont know how to start a new question on the forum so hope fully you can help me from here.
My client sold their business on 1st March for R180k. The new owner will be paying them off R6k per month no interest.
What is the journal entry for this purchase price of the business? I understand that it should be a loan acc but not what the contra should be...
Hi Deaana,
In whose books do you want to process the journal? The client's books or the new owner's books?
Neville Bailey - Sage Pastel Accounting Consultant
www.accountingsoftwaresupport.co.za
neville@accountingsoftwaresupport.co.za
IronTree Online Solutions
"Give every person more in use value than you take from them in cash value."
WALLACE WATTLES (1860-1911)
Hi Neville,
thank you for your quick reply. I want to do it in the new owners books.
Hi Deaana,
I would process the following entry in the new owner's books:
Debit: Goodwill R180,000
Credit: Long Term Loan (Seller) R180,000
The monthly repayments of R6,000 will be processed as a cashbook payments journal and allocated to the Long Term Loan (Seller) account.
Neville Bailey - Sage Pastel Accounting Consultant
www.accountingsoftwaresupport.co.za
neville@accountingsoftwaresupport.co.za
IronTree Online Solutions
"Give every person more in use value than you take from them in cash value."
WALLACE WATTLES (1860-1911)
thank you very much Neville![]()
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