Dear Friends,
What will be the journal entry if a company has paid telephone charges on behalf of its sister concern company?
CA SANDESH MAHIPAL
(Practicing in GST and MSME )
(1985 Points)
Replied 27 June 2012
As I thinks,
If the accounts of both the company are maintained separately, then sister concern will be debited for telephone expense amount.
Asif Khan
(Taxation executive)
(410 Points)
Replied 27 June 2012
@ sunny
freind can you show me the journal entry in the books of both the company?
CA Karan Lodhi
(CA and B.com(hons.))
(879 Points)
Replied 27 June 2012
This is the case of Inter Co. transactions.The Co. which is paying charges on behalf of another co. will debit the A/c of that another co. in its books and will credit its Cash/Bank A/c..
CA Karan Lodhi
(CA and B.com(hons.))
(879 Points)
Replied 27 June 2012
The co. whose expenses are paid by the sister concern will journalise the following entry :
Telephone Expenses A/c------Dr.
To Sister Concern A/c (which has paid exp.)
NISHANT SINGH
(senior accountant)
(57 Points)
Replied 27 June 2012
CA.Varalakshmi.M
(Manager-Finance)
(482 Points)
Replied 28 June 2012
JV in sister concern
Telephone charges A/c Dr
To parent company.
JV in Parent Concern
Sister Company Dr
To Telephone Charges
ASit Pattnaik
( cwa final sr.accountant)
(103 Points)
Replied 28 June 2012
jv
telephone exp a/c --dr
to sister concern ( which paid exp)
Roshan A
(Chartered Accountant)
(458 Points)
Replied 28 June 2012
 |
JV in sister concern Telephone charges A/c Dr To parent company. JV in Parent Concern Sister Company Dr To Telephone Charges |
 |
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 28 June 2012
| Originally posted by : M.Varalakshmi | ||
|
JV in sister concern Telephone charges A/c Dr To parent company. JV in Parent Concern Sister Company Dr To Telephone Charges |
|
Siddhartha
(Student Audit Assistant)
(272 Points)
Replied 28 June 2012
Debit the Sister concern account and Credit either Bank or Cash Account
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