Jv entry

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 September 2011 Dear sir,

i want to ask about accounting entry.
suppose ABC COMPANY have to pay Rs.1000 to xyx company AS PER AGREEMENT(I MEAN ABC WILL PAY RS.1000 TO THE XYZ AFTER 10 YEAR. FOR REMEMBER THE AMOUTN OF RS. 1000.WHAT ENTRY ABC TAKE IN HIS BOOK. ).so waht entry will be take ABC COMPANY IN THEIR BOOOK.

nupur

nupur (Expert)
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21 September 2011 The accounting entry in books of ABC company will be Loan & Advances given to XYX company .

XYX Loan & Advance A/c Dr 1000
To Bank A/c 1000

( Being paid vide chq no. to xyx as loan repayable after 10 years)

Querist : Anonymous

Querist : Anonymous (Querist)

21 September 2011 DEAR MADAM,

THANK FOR ANSWERING FOR MY QUERY BUT HE IS OUR CONTRACTOR AND WE WILL HAVE TO PAY 10 % ADVACE AS PER CONTRACT AGREEMENT THAT 10 %AMOUNT WE HAVE NOT PAID TILL DATE.

THANKS,

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CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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29 September 2011 +no entry will be passed if no money is paid contract temrs doesnt affects the accounting entries, the transaction affects the accounts