sundry debtors

This query is : Resolved

thyagarajan (Querist)
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23 March 2009 a company deals with "A" Brand cell phone. It has got appointed as distributor for "B" Brand cell phone also.

Both model cell phones are being sold to same debtors. is it advisable for the company to maintain 2 ledger names for the same debtor. eg. both A & B brand sold to M/s.A Ltd., Now the company wants create M/s.A Ltd - A Brand, M/s.A Ltd., - B Brand so that the company can take out the outstanding report clearly brand wise. Is it legally allowed or any restriction.

Kly clarify.

With kind regards
k.thyagarajan

HUZAIFA HUSSAIN

HUZAIFA HUSSAIN (Expert)
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23 March 2009 U CAN MAINTAIN 2 SEPARATE ACCOUNT FOR CLEAR PICTURE OF ACCOUNTS. HOWEVER, U CAN EVEN MAINTAIN SINGLE ACCOUNT FOR BOTH THE BRANDS. THE STATUTORY REQUIREMENT IS THAT U SHALL MAINTAIN CORRECT ACCOUNTS OF UR DEBTORS AND CREDITORS. FOR UR INTERNAL CONVINIENCE U CAN BIFURCATE DEBTORS DEPARTMENT WISE ALSO.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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23 March 2009 i agree with Mr. Huzaifa

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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24 March 2009 You can maintain itemwise accounts for a customer but at the time of compilation of B.Sheet the consolidated outstanding is to be considered in deriving the debtors' outstandings.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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24 March 2009 Yes you can.

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