Kindly provide me the Journal Entry for write back of Creditor who has a credit balance of Rs. 10,000/- no longer payable to him???
Muthukumar (Chartered Accountant) (78 Points)
17 February 2011Kindly provide me the Journal Entry for write back of Creditor who has a credit balance of Rs. 10,000/- no longer payable to him???
V P Narasimhan
(Accounts Manager)
(791 Points)
Replied 17 February 2011
Sundry Creditor Dr 10,000
Misc Income/Other Income/Indirect Income Cr 10,000
(Being the amount treated as income since not payable to them)
Ankita Benegal
(CA Final)
(66 Points)
Replied 17 February 2011
or simpler for you would be
Sundry Creditor Dr.
To P/L A/c
This means you dont have to again credit the Misc Income/Other Income to P/L again
Tehsinkhan Pathan
(CA CMA DISA(ICAI) B.COM)
(3956 Points)
Replied 17 February 2011
| Originally posted by : Ankita Benegal | ||
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or simpler for you would be Sundry Creditor Dr. To P/L A/c This means you dont have to again credit the Misc Income/Other Income to P/L again |
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OR IF THIS IS FOR SPECIFIC EXPENSE AND IT IS KNOWN THAT FOR WHICH EXPENSE THEN..................
SUNDRY CREDITOR A/C DR
TO ...................EXPENSE A/C...
Muthukumar
(Chartered Accountant)
(78 Points)
Replied 17 February 2011
Thank You frnds for your valuable inputs:-)
CAclubindia
