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How to show Journal Entry

01 June 2020

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?

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6 Replies

CA SANDESH MAHIPAL (Practicing in GST and MSME ) (1985 Points)
Replied 01 June 2020

As per my view, there will be no impact on your accounting. You will treat it as vendor's payment only.

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Amit Prakash Singh (118 Points)
Replied 01 June 2020

This is not payment it is recived money from creditor

CA SANDESH MAHIPAL (Practicing in GST and MSME ) (1985 Points)
Replied 01 June 2020

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.