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.
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
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Building and other construction workers welfare cess act 1996
- Eway bill for machinery reparing
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Gift of mutual fund units to daughter
- Form 10BD Filling
- Annual return of gst limit
- Which ITR To be filed by dentist
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
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
