mahesh rao (assistant accountant) (27 Points)
16 November 2013We have 2 company first one is JIT and second one is Midas. I had to received the payment in JIT bank by third party but party had paid payment in Midas bank. So I have question what will be pass the entry in tally Both company and what will be journal entries be passed.
One Of A Kind
(CA Final & CS Professional Student)
(187 Points)
Replied 16 November 2013
Acc. to me in Midas the entry would be
Bank A/c Dr.
To JIT A/c
(Payment received from JIT's party )
and in JIT the entry would be
Midas A/c Dr.
To Party A/c
(Payment received from party credited to Midas's Bank)
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
CAclubindia
