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)
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