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A FIRM SOLD GOODS TO ABC AND RECEIVE A CHEQUE FROM XYZ. CAN FIRM ACCEPT THE CHEQUE AND CREDIT THE ABC A/C.
Replies (1)
1. At the time of sale your accounting entry would be:
ABC will become your Debtor.
ABC A/c ..Dr
To Sales A/c
(Being sales made to ABC on credit)
2. At the time of receiving payment
Bank A/c ...Dr.
To ABC A/c
(Being payment received from ABC)
The beneficiary who is depositing in your bank is not relevant.
Thus, you can proceed with your arrangement.
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