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Inter transactions

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(Querist)
19 August 2008 sir my Query is that when we r making sale nd purchase transactions with a same party then in such case whether is there any need to Open Sepeate Accounts for both the transactions or to record the both sale nd purchase transactions in One account?????

means seperate account of same party as debtor and seperate acount of same party creditors?
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Jitender

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Jitender (Expert)
19 August 2008 yes,u should create two accounts.
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jatinderkumar

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jatinderkumar (Querist)
19 August 2008 sir Please tel me the final solution for this query?

should meants for???
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
20 August 2008 It is not mandatory, you can keep in one single account also.
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CA Shailesh +91 9393926464

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CA Shailesh +91 9393926464 (Expert)
22 August 2008 There is no requirement as such to create two different accounts.

But, i believe, from the enterprise point of view,it will be easy to track record of the transactions if it creates 2 different account
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