06 May 2024
DEAR EXPERTS IF ANY ONE PAID PURCHASE BILL AMOUNT INSTEAD OF BUYER & AFTER THEN BUYER PAID FULL AMOUNT THAT PERSON WHAT SHOULD ENTRY PASS IN BOOKS OF ACCOUNTS IN BUYER.
06 July 2024
When the Third Party Pays: • Debit: Purchase Account • Credit: Third Party (e.g., Supplier) Account or Bank Account This entry records the liability towards the third party who paid on behalf of the buyer. 2. When the Buyer Reimburses the Third Party: • Debit: Third Party (e.g., Supplier) Account or Bank Account • Credit: Bank Account or Cash Account This entry reflects the payment made by the buyer to reimburse the third party for the amount paid on their behalf.
CAclubindia
