We have a 2 directors X and Y whose personal account is also maintained. by oversighted I have made a payment of Internet bill from Directors "X", instead of Director 'Y" from his personal account. Now in this case I have to return the amount to director "X" from director "Y" personal account. So in this case how to pass the entries in the books of Directors "X" and "Y", also under which head they must appear.
Menu
Entry towards wrong payment done from personal account
Replies (3)
Just reverse the entry agaisnt each director.
Thanks Narasimhan, but can u pls. let me know where the accounts has to be shown as for eg.: whether it has to be shown under current assets or current liabilities?. In the books of each other director under which account head it has to shown. Pls. explain. Thanks
Just pass a Journal Entry in which you need to debit X and credit Y
Both X & Y can be under Current Liabilities
Recent Threads
- Turnover limit for composition dealer in gst
- My client purchases Rs. 3 crores and his turnover
- Regarding CA foundation Exemption (Direct Entry Sc
- CFSS Scheme
- Transfer of ITC from individual to LLP
- Query of Goodwill
- Remuneration to Partners
- Request For Dhirajlal Rambhia
- Tds deduction queery
- Check ITR1 on income tax Form ITR1 Instead of 1 ho
Related Threads
CAclubindia
