Amount recd. by other

This query is : Resolved

Bhupendra Dubey (Querist)
Follow

15 October 2014 Can any one reply that

what will be entry of amount Received from other one on behalf of our Sundry Creditor in tally & books of accounts.

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
Follow

15 October 2014 Entry will be same whether payment is received from creditor himself or on his behalf from other party,

i.e.
Cash / Bank A/c. Dr.XXX
To party (Creditor) Cr.XXX

only thing is to mention the same in narration
(Narration: chq. no. XXXXXX received from Mr. X (i.e. name of that other party) on behalf of the party (i.e. name of creditor creditor)

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
Follow

15 October 2014 Sorry, above entry will be passed in reverse case i.e payment is received by us,

In your case entry will be as under,

Party (creditor) a/c. Dr.XXX
to cash / bank a/c. Cr.XXX

(narration: payment made to Mr.X (i.e. name of other party) on behalf of creditor (i.e. name of creditor)

Sandip R Lathiya

Sandip R Lathiya (Expert)
Follow

15 October 2014 Entry will be same whether payment is received from creditor himself or on his behalf from other party, i.e. Cash / Bank A/c. Dr.XXX To party (Creditor) Cr.XXX only thing is to mention the same in narration (Narration: chq. no. XXXXXX received from Mr. X (i.e. name of that other party) on behalf of the party (i.e. name of creditor creditor.