Bank Charges deducted

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This query is : Resolved

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A company made an RTGS payment of Rs. 30,00,000, but Rs. 95 in bank charges were deducted, and these charges aren't appearing on the bank statement. This query seeks guidance on how to accurately record this transaction in the books of both the company making the payment and the client receiving it, ensuring proper accounting for the deducted bank charges.

Mohammed Sumer Hussain

Mohammed Sumer Hussain (Querist)
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04 July 2022 A company did RTGS of a cheque of amount Rs. 30,00,000/- to the client, Bank Charges deducted 95 and the amount got credited is 29,99,905/- and the bank charges is not reflected in the bank statement. How this entry should be recorded in the Company and as well as in the Client's books of accounts?

Mohammed Sumer Hussain

Mohammed Sumer Hussain (Querist)
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04 July 2022 Please help to resolve this issue ASAP. Thank you.