An Accountant’s Marriage – Debits and Credits

Let’s start with an assumption!…that he has found his life partner. Marriage is just round the corner.

So…it’s time to prepare lists of expenses (and incomes!). It’s time to identify Assets and Liabilities!

Mr. A starts recording major transactions with journal entries……in our usual format of Debit (Dr. and Credit (Cr.)…..

(Day 1)  Married Life A/c…. Dr.
                   To Happy Single Life A/c 

(Real Account rule : Debit what comes in – Credit what goes out)

                 Wife A/c ….Dr.
                      To Mother-In-Law A/c

(Personal Account : Debit the receiver – Credit the giver)

                  Household Expenses A/c …Dr.
                        To Appreciation by Wife A/c 
(Nominal Account : Debit Expenses and Losses – Credit Incomes and Gain)

(After one year)
                   Tension A/c….   Dr.
                          To Married Life A/c
(Depreciation charged on assets!!)

(On First few festivals)
                    Gold/Other Assets A/c….Dr.
                             To Father-In-Law A/c
(Assets provided in the books and creditor recognized!)

(On Brother/Sister-in-Laws Marriage)
                       Assets A/c …..Dr.
                               To Bank Loan A/c 
and then;
                       Brother/Sister-in-Law’s A/c ……Dr
                                To Asset A/c
(On having a child)
                        Children’s Education and Pampering A/c……Dr
                                 To Permanent Liability A/c
And finally, just to ensure that the books of marriage remain on profitable side ….create a reserve for ‘bad and doubtful days’

In the notes to accounts following intangible assets, acquired after marriage, can be mentioned by the owner of the unlimited liability partnership – cleaning, cooking, washing, child care, grocery buying skills.

Please Note – There may be profit/loss…surplus cash/bank overdraft….the Balance Sheet may or may not tally…but one thing is for sure…The accounts are subject to strict audit by an ‘dependent’ auditor and some of the observations from audit report may be posted on Facebook!




         

                    

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Author: anilkshatriyablog

I work as Assistant Professor in the area of Accounting at IMT Nagpur. I love teaching, writing and cycling. I follow a simple principle, 'Help ever, hurt never'.

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