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experts plz advice me.
one of my client building owners association had done exp. of gas connection ra. 190000 and contribution made from amt. collected from members so how can be accounted and what is the entry of gas connection.
so plz experts advice me
Replies (2)
Sir if amount paid for gas connection is refundable at end or it is security amount then
u should book .
1 entry would be of payment of gas connection .I. e
security deposit a.c DR n cash/bank would b CR
2 entry wold b for collection of amt. I. e
cash / bank a.c DR. n party a.c CR.
u should book .
1 entry would be of payment of gas connection .I. e
security deposit a.c DR n cash/bank would b CR
2 entry wold b for collection of amt. I. e
cash / bank a.c DR. n party a.c CR.
Sir what if gas connection amt is not refundable
And if member account is credited for amt. Recovered for gas connection into building and under which head i create ledger.
Plz advice me regarding above....
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