Menu
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.
Recent Topic
- Clarification Needed: Reporting Accrued vs Paid FD
- TDS on prize given to participants in Livestock sh
- TDS related matter - 194 IA
- Research: How do CA firms handle GSTR-2B reconcili
- CA FINAL FR IndAS 33 Illustrtion 14
- Taxation on Sale of old Jewellery Received at Marr
- ITR-3 Filling issues
- PF withdrawal and tax liability
- Sale of Goods or Services?
- ITR form query
Related Topics
CAclubindia
