Accounting entry
This query is : Resolved
Saroj Rana
(Querist)
14 January 2008
Respected seniors,
Plz help me regarding these questions,
My company (ABC ltd)purchase some gift items from XYZ Ltd and
1.Paid excess amount against the bill
2.The XYZ Ltd return the excess amount after some days and one more thing I don't want to maintain the the XYZ's ledger
So, what will be the accounting entry for these tranjections.
Needs only experts opinion
Thanks in advance.
Plz help me regarding these questions,
My company (ABC ltd)purchase some gift items from XYZ Ltd and
1.Paid excess amount against the bill
2.The XYZ Ltd return the excess amount after some days and one more thing I don't want to maintain the the XYZ's ledger
So, what will be the accounting entry for these tranjections.
Needs only experts opinion
Thanks in advance.
Late CA Sampat Jain
(Expert)
14 January 2008
EXCESS PAID IS TO DEBITED TO THE XYZ ON PAYMENT AND CREDITED TO XYZ WHEN RECD ........XYZ A/C SHALL GET SQUARED UP
Saroj Rana
(Querist)
15 January 2008
i need the complete journal in the books of ABC Ltd
15 January 2008
Following enteries will be passed in the books of ABC Ltd.
XYZ Ltd ------- Dr (amount excess paid)
Gift items -----Dr (cost of gift items)
To Cash/Bank
At the time of refund of money from XYZ
Cash/Bank ----------- Dr
To XYZ Ltd.
In case, you dont want to maintain XYZ's ledger, you can pass following enteries
Gift items ----- Dr (total amount paid)
To cash/Bank
At the time of recovery
Cash.Bank ------- Dr
To Gift Items
XYZ Ltd ------- Dr (amount excess paid)
Gift items -----Dr (cost of gift items)
To Cash/Bank
At the time of refund of money from XYZ
Cash/Bank ----------- Dr
To XYZ Ltd.
In case, you dont want to maintain XYZ's ledger, you can pass following enteries
Gift items ----- Dr (total amount paid)
To cash/Bank
At the time of recovery
Cash.Bank ------- Dr
To Gift Items
Saroj Rana
(Querist)
15 January 2008
thanks
CA. GOPAL SONIKA
(Expert)
25 February 2008
The query is solved
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