Sir,
We have purchased some goods but due to some mistake make the Pay ment from 2nd firm please suggest how to pass the entry in books of account
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Goods Payment
Replies (4)
When purchased goods
Purchase A/c Dr.
To Supplier A/c
When payment made to supplier
Supplier A/c Dr.
To 2nd Firm A/c
When payment made to 2nd Firm
2nd Firm A/c Dr.
To Bsnk
Purchase A/c Dr.
To Supplier A/c
When payment made to supplier
Supplier A/c Dr.
To 2nd Firm A/c
When payment made to 2nd Firm
2nd Firm A/c Dr.
To Bsnk
Thank you Very much SIR
Welcome Mr Naveen
I tried to check line of credit policies, debit/credit notes and ERP policies but there is no such procedure defined. @ Jatinder Kumar is correct using intra company transactions with clear notes will help because, the expenses related to cost of sales will not be treated as intra group transaction and consolidated statements show both parents and subsidiary’s cost of sales. IndAS
Parent+ subsidiary- intra group + unrealised inventory profit
or
all expenses= P+ S
current account like bank= P+S
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