Amount recd. by other

This query is : Resolved

Bhupendra Dubey (Querist)
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15 October 2014 Can any one reply that

what will be entry of amount Received from other one on behalf of our Sundry Creditor in tally & books of accounts.

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
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15 October 2014 Entry will be same whether payment is received from creditor himself or on his behalf from other party,

i.e.
Cash / Bank A/c. Dr.XXX
To party (Creditor) Cr.XXX

only thing is to mention the same in narration
(Narration: chq. no. XXXXXX received from Mr. X (i.e. name of that other party) on behalf of the party (i.e. name of creditor creditor)

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
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15 October 2014 Sorry, above entry will be passed in reverse case i.e payment is received by us,

In your case entry will be as under,

Party (creditor) a/c. Dr.XXX
to cash / bank a/c. Cr.XXX

(narration: payment made to Mr.X (i.e. name of other party) on behalf of creditor (i.e. name of creditor)

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Sandip R Lathiya

Sandip R Lathiya (Expert)
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15 October 2014 Entry will be same whether payment is received from creditor himself or on his behalf from other party, i.e. Cash / Bank A/c. Dr.XXX To party (Creditor) Cr.XXX only thing is to mention the same in narration (Narration: chq. no. XXXXXX received from Mr. X (i.e. name of that other party) on behalf of the party (i.e. name of creditor creditor.