Entry for VAT payment made frm any 1 bank A/c for both firm
This query is : Resolved
27 September 2010
I am working in a proprietorship firm, who has 2 distributorship in the name of 2 different firms, we maintain separate books of A/c for both firms. But in case of Income Tax, Sales Tax, CST even for all tax, we pay all tax by filling a single form for all tax where we clear mention the name of both firms with their different registered office address. We have also one CST and VAT no. for both firms. Now, I want to know how I will treat entry for VAT payment because payment is made from any one bank A/c of both firms. Please suggest me how I passed entry in the books of A/c in both firms.
28 September 2010
Plz pass the entry as inter-firm transaction in both the books.
The firm - whose bank is being operated treat as assets. in other firm it will be like liability.
The firm - whose bank is being operated treat as assets. in other firm it will be like liability.
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