What entry is passed in our books
This query is : Resolved
28 September 2011
DEAR EXPERTS
PLZ TELL ME WE HAVE SUPPLIED THE GOODS TO PARTY "A" & SIDBI GIVE US PAYMENT ON BEHALF OF PARTY "A" AFTER DEDUCTING THE 1%MONTHLY INTEREST (TERMS 90DAYS).
WHAT ENTRY IS PASSED IN OUR BOOKS
PLZ TELL ME WE HAVE SUPPLIED THE GOODS TO PARTY "A" & SIDBI GIVE US PAYMENT ON BEHALF OF PARTY "A" AFTER DEDUCTING THE 1%MONTHLY INTEREST (TERMS 90DAYS).
WHAT ENTRY IS PASSED IN OUR BOOKS
CA Pushpendra Gaur
(Expert)
28 September 2011
The enry be
Bank A/c DR 99
Late Delivery Interset DR 1
To Party A or SIDBI(in whose name invoice was raised
Bank A/c DR 99
Late Delivery Interset DR 1
To Party A or SIDBI(in whose name invoice was raised
28 September 2011
I feel this is a case of bills discounting.
The entry will be:
Bank A/c Dr 99
Bank Charges Dr 1
To Mr. A 100
The entry will be:
Bank A/c Dr 99
Bank Charges Dr 1
To Mr. A 100
ACMA Obulirajan R
(Expert)
28 September 2011
I agree with Mr.Siddhartha
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