Hello. A company has received funds from its foreign holding company towards further investment in the subsidiary's shares. But the allotment never took place. Instead, the subsidiary has treated this as a loan from the parent company and has adjusted the same towards expenes reimbursable by parent. What are the series of entries to be passed?
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Non allotment of shares and penalty thereof
Replies (1)
Bank a/c Dr
to Parent company a/c
for loan received
Respective expenses accounts Dr
to Bank a/c
Resolution copy must be accompanied with this entry voucher for auditing purpose
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