Accounting entry
This query is : Resolved
Saroj Rana
(Querist)
14 January 2008
Respected seniors,
Plz help me regarding these questions,
My company (ABC ltd)purchase some gift items from XYZ Ltd and
1.Paid excess amount against the bill
2.The XYZ Ltd return the excess amount after some days and one more thing I don't want to maintain the the XYZ's ledger
So, what will be the accounting entry for these tranjections.
Needs only experts opinion
Thanks in advance.
Plz help me regarding these questions,
My company (ABC ltd)purchase some gift items from XYZ Ltd and
1.Paid excess amount against the bill
2.The XYZ Ltd return the excess amount after some days and one more thing I don't want to maintain the the XYZ's ledger
So, what will be the accounting entry for these tranjections.
Needs only experts opinion
Thanks in advance.
Late CA Sampat Jain
(Expert)
14 January 2008
EXCESS PAID IS TO DEBITED TO THE XYZ ON PAYMENT AND CREDITED TO XYZ WHEN RECD ........XYZ A/C SHALL GET SQUARED UP
Saroj Rana
(Querist)
15 January 2008
i need the complete journal in the books of ABC Ltd
15 January 2008
Following enteries will be passed in the books of ABC Ltd.
XYZ Ltd ------- Dr (amount excess paid)
Gift items -----Dr (cost of gift items)
To Cash/Bank
At the time of refund of money from XYZ
Cash/Bank ----------- Dr
To XYZ Ltd.
In case, you dont want to maintain XYZ's ledger, you can pass following enteries
Gift items ----- Dr (total amount paid)
To cash/Bank
At the time of recovery
Cash.Bank ------- Dr
To Gift Items
XYZ Ltd ------- Dr (amount excess paid)
Gift items -----Dr (cost of gift items)
To Cash/Bank
At the time of refund of money from XYZ
Cash/Bank ----------- Dr
To XYZ Ltd.
In case, you dont want to maintain XYZ's ledger, you can pass following enteries
Gift items ----- Dr (total amount paid)
To cash/Bank
At the time of recovery
Cash.Bank ------- Dr
To Gift Items
Saroj Rana
(Querist)
15 January 2008
thanks
CA. GOPAL SONIKA
(Expert)
25 February 2008
The query is solved
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- Visiting card purchase
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Whether output tax is taken credit by purchaser
- Additional trade name
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Foriegn assets disclosure
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
