For example : Suppose we are liable to pay dividend to one of our group company X in Europe , and at the same time X compnay is liable to pay professional fees to our company in India
If the outcome of both the transaction is same say Euro 10,000. Could we pass the journal entry by debiting divend payable and crediting professional fees receivable a/c ?
15 March 2009
Hi, Thanks afor the reply. But does this bcos of group party transaction or nettig-off is not at all allowable with other companies also?
What is the situation for domestic party transaction ?
CAclubindia
