ACCOUNTING JOURNAL ENTRY
This query is : Resolved
06 May 2024
DEAR EXPERTS
IF ANY ONE PAID PURCHASE BILL AMOUNT INSTEAD OF BUYER & AFTER THEN BUYER PAID FULL AMOUNT THAT PERSON WHAT SHOULD ENTRY PASS IN BOOKS OF ACCOUNTS IN BUYER.
Thank You
IF ANY ONE PAID PURCHASE BILL AMOUNT INSTEAD OF BUYER & AFTER THEN BUYER PAID FULL AMOUNT THAT PERSON WHAT SHOULD ENTRY PASS IN BOOKS OF ACCOUNTS IN BUYER.
Thank You
06 July 2024
When the Third Party Pays:
• Debit: Purchase Account
• Credit: Third Party (e.g., Supplier) Account or Bank Account
This entry records the liability towards the third party who paid on behalf of the buyer.
2. When the Buyer Reimburses the Third Party:
• Debit: Third Party (e.g., Supplier) Account or Bank Account
• Credit: Bank Account or Cash Account
This entry reflects the payment made by the buyer to reimburse the third party for the amount paid on their behalf.
• Debit: Purchase Account
• Credit: Third Party (e.g., Supplier) Account or Bank Account
This entry records the liability towards the third party who paid on behalf of the buyer.
2. When the Buyer Reimburses the Third Party:
• Debit: Third Party (e.g., Supplier) Account or Bank Account
• Credit: Bank Account or Cash Account
This entry reflects the payment made by the buyer to reimburse the third party for the amount paid on their behalf.
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