Accounting query
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 January 2014
Hi, we are in a construction company due to fund problem we have borrowed money from the vendor it means that payment are done by vendor (money giver) to company vendor which is o/s for payable(actual vendor as per our books). kindly advice as this is correct & if correct kindly guide what entry to be account.
Nikhil Kaushik
(Expert)
18 January 2014
nothing wrong in it...create a loan a/c in the name of the money giver...whenever the money giver makes payment on your behalf, credit this account and debit the party account to whom the payment is made.
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