Hello sir
My Friend bought a mobile for himself. but he paid amount it from my personal bank account. Later he also returned that amount in my same bank.
how do I make this entry in my books now ?
Menu
What do I consider this transaction?
Replies (2)
Quick Summary
It's very simple .
a temporary loan account in your books or treat it as advance Dr. cr. cash .
Square off when the same has been returned.
a temporary loan account in your books or treat it as advance Dr. cr. cash .
Square off when the same has been returned.
Loan Account Dr
Bank Account Cr
on Returnment Date
Bank Account Dr
Loan Account Cr
Bank Account Cr
on Returnment Date
Bank Account Dr
Loan Account Cr
Recent Topics :
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
- Sell of CAFC books
- ITC ON RENT
- GSTR-9 Table 8A Portal and Excel Issues
- IGST on Commercial Rental Income (Different State)
- Revocation of suo moto cancelled GST registration
- Is there any faculty taking chapterwise test in CA
- Late Fees and Interest
Related Topics :
CAclubindia
