Entry effect

This query is : Resolved

Asha (Querist)
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19 May 2014 Hello Sir,
My Query is
we have 2 Firm - 1 is Proprietor ship & 2- PVt Ltd i want to know that from one of our client has paid some pending diff invoice amt in proprietorship firm but invoice from Pvt ltd. so pls suggest how to do accounting in this case.

Sandeep Dharar

Sandeep Dharar (Expert)
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19 May 2014 U must cancel that invoice n issue a new one in the name of Proprietorship.

Asha

Asha (Querist)
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19 May 2014 not possible to change invoice now

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Sandeep Dharar

Sandeep Dharar (Expert)
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19 May 2014 Why?

Asha

Asha (Querist)
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19 May 2014 Form Pvt Ltd firm we have recd 90% payment & balance in Proprietor firm recd.
We hav already made bill from Pvt Ltd firm.
party has wrongly paid in Properitorship firm?
thats y

Sandeep Dharar

Sandeep Dharar (Expert)
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19 May 2014 U must ask him to issue a cheque in the name of the firm. Coz according to ur method this will contradict the Accounting Policies. So I suggest to return the whole amount n ask him for a new cheque.