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How to show Journal Entry
My company has taken money from vendor(creditor) (name ABC ) but he has given it by his personal account (like XYZ ) neft in bank ,Is we will treat it as unsecured loan or direct enter in vendor acoount ?how we will show this journal entry in book of account?
Replies (6)
As per my view, there will be no impact on your accounting. You will treat it as vendor's payment only.
This is not payment it is recived money from creditor
When i receive any payment from any creditor or debtor, it doesn't impact from which bank account money has been transferred. Only it is to be ensured that transferor has transferred, not any one else.
Pls show what will be journal eantry for this ?
Cash/bank to party name.
Right agreed
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