Receipt of Fund

Sir,

We had sold materials to Company X but received the payment from Company Y which is sister concern of Company X. Shall we adjust this amount agaisnt company X through passing journal entry in our books or there is any statutory provision against such kind of receipt ???
Replies (1)
Till ,I know,there is no prohibition in this regard ,Subject to Company Y is not a Related party to your company in anyway ,However ,Even for precautions ,You should Issue Invoice In name of Company Y ,While Company X will be shown as Consignee to order ,If invoice is already issued ,then for safe side ,you can come into agreement with Y ,or issue debit note to Y ,clearly indicating Name of consignee , Descripttion of goods ,qty,payable amount ,etc.duly acknowledged by Company Y's authd. person ...

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
12 October 2026
Chartered Accountant - Internal Audit

HKC | Chartered Accountants & Business Advisors

Ludhiana

CA

View Details
Company
ARTICLESHIP 30 September 2026
CA Article Assistant

CA Suraj Garg & Associates

New Delhi

CA Final

View Details
Company
ARTICLESHIP 07 October 2026
Article assistant

S.K.Bajpai & Co.

Noida

B.Com

View Details
Company
22 September 2026
Account Assistant

Chirag P Shah & Co. Chartered Accountant

Pune

B.Com

View Details
Company
10 October 2026
Accounts Associate Level 1

Abic and Mani Chartered Accountants

Kottayam

B.Com

View Details
Company
18 September 2026
Accounts & Finance Specialist

ULTRA CHEMICAL WORKS

Thane

CA Final

View Details
Company
20 September 2026
Semi Qualified CA

Navin & Associates

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 28 September 2026
Junior Accountant

J S P M & Associates LLP

Pune

B.Com

View Details