Amount received in another firm
This query is : Resolved
Quick Summary
07 June 2026
Sir / madam ...we have two firms A & B ...
We sold goods from firm A to party and party credited amount to our firm B , how to handle this and what will be entries ?
We sold goods from firm A to party and party credited amount to our firm B , how to handle this and what will be entries ?
07 June 2026
Since the goods were sold by Firm A, the sale and GST liability will remain in Firm A. The amount received in Firm B should be treated as money received on behalf of Firm A and credited to an Inter-firm Account/Current Account. Thereafter, transfer the funds from Firm B to Firm A through proper journal entries.
07 June 2026
Thanks ....but what would be the proper journal entry ?
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