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.
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