Adjustment of inter company balances, very urgent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 December 2011
Dear expert,
we are having few private unlisted companies and proprietary concerns under same management. we used to transfer funds in between these companies & firms when there is shortage and even some times goods & services were also bought between the these companies. Due to these transactions one company will be liable to other i.e debit and credit balances exists among these companies and firms .My doubt here is can we adjust debit balance of Company "A" in the books of Company "B" against Company "C" credit balance in Company "B" books.
we are having few private unlisted companies and proprietary concerns under same management. we used to transfer funds in between these companies & firms when there is shortage and even some times goods & services were also bought between the these companies. Due to these transactions one company will be liable to other i.e debit and credit balances exists among these companies and firms .My doubt here is can we adjust debit balance of Company "A" in the books of Company "B" against Company "C" credit balance in Company "B" books.
12 May 2012
Yes the balances can be adjusted.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- LIC maturity claim whether taxable
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- EXPORT COMMERCIAL INVOICE HSN CODE
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
