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Billing query

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 June 2012 if mr. X, have purchased some goods from supplier Y, and mr. x made excess payment of its bill, and extra money can not be recovered from mr. y, then what is the treatment of accounting for the same, and mr. y is not ready for give any bill against extra payment.

can excess money paid be adjust against any other allowable expenses, if yes then give a name of such allowable expenditure..
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C.A Anshul Singhal

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C.A Anshul Singhal (Expert)
26 June 2012 MR Y Can Adjusted excess Received Money from new bill which is issued by MR y after excess payment.
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Nischit Sanghavi

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Nischit Sanghavi (Expert)
26 June 2012 Mr. X can adjust ii as an advance payment under the head Advance made against Purchase.
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