Jv entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2011
Dear sir,
i want to ask about accounting entry.
suppose ABC COMPANY have to pay Rs.1000 to xyx company AS PER AGREEMENT(I MEAN ABC WILL PAY RS.1000 TO THE XYZ AFTER 10 YEAR. FOR REMEMBER THE AMOUTN OF RS. 1000.WHAT ENTRY ABC TAKE IN HIS BOOK. ).so waht entry will be take ABC COMPANY IN THEIR BOOOK.
i want to ask about accounting entry.
suppose ABC COMPANY have to pay Rs.1000 to xyx company AS PER AGREEMENT(I MEAN ABC WILL PAY RS.1000 TO THE XYZ AFTER 10 YEAR. FOR REMEMBER THE AMOUTN OF RS. 1000.WHAT ENTRY ABC TAKE IN HIS BOOK. ).so waht entry will be take ABC COMPANY IN THEIR BOOOK.
21 September 2011
The accounting entry in books of ABC company will be Loan & Advances given to XYX company .
XYX Loan & Advance A/c Dr 1000
To Bank A/c 1000
( Being paid vide chq no. to xyx as loan repayable after 10 years)
XYX Loan & Advance A/c Dr 1000
To Bank A/c 1000
( Being paid vide chq no. to xyx as loan repayable after 10 years)
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2011
DEAR MADAM,
THANK FOR ANSWERING FOR MY QUERY BUT HE IS OUR CONTRACTOR AND WE WILL HAVE TO PAY 10 % ADVACE AS PER CONTRACT AGREEMENT THAT 10 %AMOUNT WE HAVE NOT PAID TILL DATE.
THANKS,
THANK FOR ANSWERING FOR MY QUERY BUT HE IS OUR CONTRACTOR AND WE WILL HAVE TO PAY 10 % ADVACE AS PER CONTRACT AGREEMENT THAT 10 %AMOUNT WE HAVE NOT PAID TILL DATE.
THANKS,
29 September 2011
+no entry will be passed if no money is paid contract temrs doesnt affects the accounting entries, the transaction affects the accounts
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