Receipt of Funds

C.A. Sandeep Wawhal (Chartered Accountant PGDFM BCom.)   (1823 Points)

04 December 2019  

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 ???