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Adjustment of inter company balances, very urgent

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Querist : Anonymous

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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.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
12 May 2012 Yes the balances can be adjusted.
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