If online payment transaction behalf of the sister's company

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Smitha (Querist)
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10 December 2019 Dear sir/madam please kindly guide me through your knowledge of accounts and my question is We paid the payment sister's company behalf of them to the party of rs.15000/- and 10000/- paid My company's purchase expenses to the party in one single payment by bank transaction process, so how can I claim this transaction if 15000 is considered as loan and advances head.

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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09 August 2020 Yes...it can be done and make sure to report such as Releated Party Transactions at the time of audit

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