intercompany accounting
This query is : Resolved
11 September 2010
In interview one manager ask me that if there are two company A & B, bill receivable by A on the behalf of Company B then what will be the journal entry in books of B Accounts and he ask what is intercompany Accounting.
11 September 2010
In A company entry
Dr: Bill receivable
Cr: B Company
and
B company
Dr: A company
Cr: Bills receivable a/c
Inter company accounts mean 2 or more companies under the same managment having business and other transactions
In A company entry
Dr: Bill receivable
Cr: B Company
and
B company
Dr: A company
Cr: Bills receivable a/c
Inter company accounts mean 2 or more companies under the same managment having business and other transactions
11 September 2010
Agreed with CMA Ramesh, but the credit in the books of of Company B will be 'Bills Payable'.
11 September 2010
IN THE BOOKS OF B
CO A A/C DR
TO B/P A/C
CO A A/C DR
TO B/P A/C
11 September 2010
WHEN THERE IS RELATIONSHIP OF SUBSIDIARY OR HOLDING THEN TRANSACTION BETWEEN THEM ARE HANDLED BY INTERCOMPANY ACCOUNTS.
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