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Account settlement
"XYZ" is our creditor & debtor as well & We "ABC" are too debtor and creditor to XYZ. We have outstanding of Rs.60000/- due to pay XYZ & they have outstanding of Rs.30000/- due to pay us. But instead of paying or receiving money XYZ have just passed journal entries and almost settled our accounts. Now we are liable to pay only Rs.30000/-. Does these journal entries count? How to pass such journal entries or What are those journal entries?
Replies (1)
if u enter entries correctly it automatically adjust.
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