Inter Company Accounting
This query is : Resolved
31 October 2010
Hi,
If ABC ltd has charged Rs.1000 to its sister concern for purchase of stationery material from Vendor on behalf of sister company.
Can the sister concern pass the entry in their books by debiting vendor account or the vendor entry will come only in ABC company.
What should be the practice.
I mean can we pass below entry in sister company
Vendor a/c Dr 1000.00
To ABC ltd Company a/c Cr. 1000
Stationery account Dr 1000.00
To Vendor account Cr 1000.00
If ABC ltd has charged Rs.1000 to its sister concern for purchase of stationery material from Vendor on behalf of sister company.
Can the sister concern pass the entry in their books by debiting vendor account or the vendor entry will come only in ABC company.
What should be the practice.
I mean can we pass below entry in sister company
Vendor a/c Dr 1000.00
To ABC ltd Company a/c Cr. 1000
Stationery account Dr 1000.00
To Vendor account Cr 1000.00
01 November 2010
Printing & Stationery A/c Dr.1000
To ABC Ltd Co. A/c Cr.1000
(Being P/S bought by ABC Ltd)
ABC Ltd A/c Dr.1000
Cash / Bank A/c Cr.1000
(towards payment made to ABC Ltd for P/s)
To ABC Ltd Co. A/c Cr.1000
(Being P/S bought by ABC Ltd)
ABC Ltd A/c Dr.1000
Cash / Bank A/c Cr.1000
(towards payment made to ABC Ltd for P/s)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is any professional CA is here please reply
- Reopen of assessment proceeding
- Rental income gst and it purpose
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Experts need help
- EPF FULL & FINAL RULES IN 2026
- Gift Received from nonblood relative
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
