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Balance Transfer between Ledger

Gaurav Khiwasara (Practicing Chartered Accountant) (25 Points)

14 October 2020

Please Guide,

Transfer of Ledger Balance from One Ledger to Another Ledger in Books with different PAN is allowed?

Is any provision from any law blocks this type of transactions?

For Eg, receivable from Mr A is adjusted with advance received from Mr B

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3 Replies

Sureka Amar (7 Points)
Replied 14 October 2020

As far I know it is allowed if the transaction happens really. but here I am not able to understand the point is why do you want to transfer the balance from one a/c to another a/c. have you passed this entry by mistake. It's totally depends on case to case basis

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Gaurav Khiwasara (Practicing Chartered Accountant) (25 Points)
Replied 14 October 2020

Mr A have some receivable from Mr B in there direct transactions. I am not involved in that transaction.

I received money from Mr B in last month, but now he wants me to transfer the same to Mr A's ledger in my books.