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refund entry

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(Querist)
26 March 2010 company Refund due Rs.8900 has been shown in loan and advances, when will receive the refund the same will be reduced.
but if the refund receivable comes less or more than how to adjust the difference.
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M Prabhakar Menon

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M Prabhakar Menon (Expert)
26 March 2010 Account for the difference as bad debt or as miscellanous receipts depending on less or more than the amount shown in B/S
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
26 March 2010 agree with expert
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
26 March 2010 if you received excess you can credit other income,
if you are received less you can debit misc.expenses

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