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Bank mistakenly credit the firm's a/c

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Ks

138 Points Posted on 23 September 2022

how do we account for money mistakenly credited in firm's bank a/c

2- same for the wrongly debit the a/c and doesn't refund ??

Replies (3)

Quick Summary

This discussion addresses how to account for funds mistakenly credited to a firm's bank account. It also covers scenarios where the account is wrongly debited and not refunded. The suggested approach involves treating the mistaken credit as a loan, which is then nullified upon repayment or written off as bad debt if unrecoverable.