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Third party Entry


Ranjan Nag (accountant)     19 November 2019

Ranjan Nag
accountant 
 1 points

| My Other Post

We have a NGO to Build beneficiary house through contractor. and we finance 400000/- from a finance company with a agreement with beneficiary. But we get 388000/- from finance company. and then after we make payment to contractor 349200/- with 10% of profit.

then what will be the JV entry of agreement, and is the beneficiary comes under current Liabilities or What ?

how to entry the different amount we get from finance company ?

is the finance company comes under loan & advances (assets) or anything else

and contractor comes under sundry creditor or any thing else

please help me

Thank you in advance for your Replay.....

avater

Sivaramakumar (GM-ACCOUNTS)     19 November 2019

Sivaramakumar
GM-ACCOUNTS 
 4 likes  137 points

View Profile | My Other Post

Beneficiary is your client coming under debtors, finance company comes under unsecured loans , and your contractor is a creditor . 


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