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Holding & Subsidiary
If Holding co. paid telephone bill of subsidiary by mistake how to rectify the and accounting entry for the same
Replies (4)
Your first wrong entry will be
Telephone Expense ( subsidiary company) A/c Dr
To Bank A/c Cr
( Being telephone exp paid )
Your correct 2 nd entry will be
Telephone Expense ( Holding company ) A/c Dr
To Telephone Expense ( Subsidiary company) A/c Cr
( Being earlier entry corrected by debiting T.E. to Holding company .
in your case holding company exp to be reduce and amount of telephone exp is to be recover from subsidiary company.
subsidiary company a/c. Dr.
to telephone expenditure A/c
subsidiary company a/c. Dr.
to telephone expenditure A/c
OK, if we made the payment intentionally can we post below entries.
in Holding books -
Subsidiary Dr.
to Cash
In Subsidiary Books -
Telephone Exp Dr.
to Holding Co.
in Holding books -
Subsidiary Dr.
to Cash
In Subsidiary Books -
Telephone Exp Dr.
to Holding Co.
yes. Mr. vipul
your entries are absolutely correct, if it is recoverable.
your entries are absolutely correct, if it is recoverable.
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