Amount received in another firm
This query is : Resolved
Quick Summary
Allauddin Patel
(Querist)
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.
Allauddin Patel
(Querist)
07 June 2026
Thanks ....but what would be the proper journal entry ?
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
- Reward for festival
- 18% Rent a cab
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- TDS Return Statement Status
- Rectification under processing even after 6 months cpc portal
- Closer of business and itc of capital goods
- Capital gain on commercial property and investment in residential property
- Movement of goods by packers and movers - type of sale - Reg.
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
