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 Topics :
- On which amount 200% penalty under section 270A is
- RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
- How do CA firms track SEBI/AMFI circulars and dead
- Jurisdictional validity of Sec 148 notice after fa
- Taxable Income or Not
- GST Input Tax Credit (ITC) on Camera Purchase &
- What makes CA Himanshu Singla different from other
- TAX TREATMENT AND ACCOUNTING ENTRIEOF PERQUISITES
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
Related Topics :
CAclubindia
