Sir,
we have two firms. we have purchased goods from supplier And make the payment from current account. but by mistake freight payment we have made from other firm please suggest how to adjust the same in books
Suppose you are having Firm A and Firm B , and made payment of fright charges of Firm A form Firm B .
You pass entry in the books of A as follows .
Fright Charges A/c Dr
To Firm B A/c Cr
( Payment of fright charges paid by firm B )
When you pay to Firm B , pass entry
Firm B A/c Dr
To Bank Cr
( payment to firm B for fright Charges paid by them)
create Firm B under " Associated Firm " Current liability .
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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