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 ??
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Bank mistakenly credit the firm's a/c
Replies (3)
Account it as loan and nullify it on repayment
This is a good way
Dr. Loan
Cr. Bank
When they did not refund
Dr. Bad debt written off
Cr. Loan
You may transfer it back to the right Account
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