Can any one help me by giving the entry details of third party payement, i will give you the details of that as follows
1) suppose if i am having business of construction i am having two firms 1st firm name "ABC developers" & 2 nd firm name "xyz developers, if i have taken a loan in firm abc developer from reliance capital of Rs 50 lacs, and paying installment temproary from firm XYZ developers of Rs 1,50,000 and then after 10 days i am reciving that amount of loan paid to reliance cpatial from ABC developers {which i have paid on behalf of that firm} so while doing the entry in tally i just wanted to know the entry posting
While posting entry in XYZ Developers Books----
i) In ledger under what head i must create reliance capital ?
ii) What is the entry of payement to reliance capital ?
iii) what is the entry of reciving that amount from the firm of ABC developers {on whose behalf it was paiid}
Please give the fully details with amount posted in it taking the above example
CAclubindia
