Confusion in 2 companies of same owner

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priya (Querist)
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13 February 2014 I have one query . Suppose Mr. x owes 2 companies i.e. company A and Company B. company A sold of rs. 15000/- but amount recieved by Comapany B. so what should be entry in tally.

please mail me solution as early as possible.
my mail id is jpriya67@yahoo.com

priya

priya (Querist)
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13 February 2014 my mail id is jpriya67@yahoo.com

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 February 2014 it will be like loan given by co a to b and then given back by b co

priya

priya (Querist)
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13 February 2014 I dont get it. bcos if we show such loan . debtors in company A will show payble amt (outstanding). please tell me in deep.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 February 2014 once it shows debtors immedtly pass reverse entry when b co pays to a co its just book entry as payment is rec by b.

priya

priya (Querist)
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13 February 2014 I pass entry as follows. tell me is this correct:
In A company :
Mr x(Debtors) A/c ..... Dr.
to sales A/c

and pass journal entry for adjustment

Company B A/c...........dr.
to Mr. X a/c

so that Mr. X Account will nil and no outstanding will remain.
Is this correct sir.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 February 2014 ya you have booked correct entry just enter proper narration to both sep entries so that later u can identify.

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priya

priya (Querist)
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13 February 2014 thanx sir for help me.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 February 2014 you are welcome priya...

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