If a party is our debtor as well as our creditor at the point same time ( Eg A is our debtor for RS 200 and creditor for Rs 100)
then can we pass following setting off
Bank - DR 100
A( as creditor ) - Dr 100
To A( as debtor) - 200
If yes then is it voilating any accounting principal ? and for which amount is consider for preparing receipt voucher RS 100 or RS 200?
CAclubindia
