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Querist : Anonymous

Querist : Anonymous (Querist)

30 June 2015 if any business organization is purchasing as well selling the goods to same party i.e. same party may be debtor as well as creditor, as the case may be. so the question is that whether there will be two different accounts for purchase and sale separately or only one account in which all the transactions relating purchase and sale both will be recorded? give appropriate reason supported by applicable Accounting standard or guidance note or any other law if exist.

Amol S Joglekar

Amol S Joglekar (Expert)

30 June 2015 It is truly speaking a matter of convenience of both the parties. Both the instances are found in different accounts. There are companies which maintain 2 separate accounts...one as debtors and one as creditor.

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