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Querist : Anonymous

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Querist : Anonymous (Querist)
14 December 2015 when a party sell goods Rs 125000/- and receives the same in bank account.again due to insufficent funds amount gets debited what will be the entry at time of of credit and time of debit .help me out
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CA John Abraham Austin ACA

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CA John Abraham Austin ACA (Expert)
14 December 2015 You will have to reverse the entry by debiting the bank chages into party's account.
I.e,

Party Account Dr.- 112
Bank Charges - 12
Sales- 100

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