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Account settlement
"XYZ" is our creditor & debtor as well & We "ABC" are too debtor and creditor to XYZ. We have outstanding of Rs.60000/- due to pay XYZ & they have outstanding of Rs.30000/- due to pay us. But instead of paying or receiving money XYZ have just passed journal entries and almost settled our accounts. Now we are liable to pay only Rs.30000/-.
Does these journal entries count?
How to pass such journal entries or What are those journal entries?
Replies (3)
Entry is correct. You have to just pay 30000/- to XYZ.
Thanks and Regards
Piyush Tanwar
CA Finalist and Internal Auditor
Mobile - 9717468521
Please tell me how these entries are passed.
Creditor A/c Dr 60000 To Debtor A/C 30000. To Bank A/C 30000
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