29 December 2013
IF A CREDITORS RAISE A BILL TO A PERSON AND THE OTHER PERSON PAID ON BEHALF OF THAT PERSON IN "CASH". IS IT RIGHT TO SHOW IN ACCOUNTS OR NOT?
29 December 2013
well you need to reflect the transaction. the liability against the said creditor is no more there. So you need to debit his account. And you need to give corresponding credit to the person who paid on your behalf.
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