Mitesh Patel (75 Points)
30 April 2019
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 30 April 2019
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 30 April 2019
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 30 April 2019
Rajnish Goel
(70 Points)
Replied 30 April 2019
Mitesh Patel
(75 Points)
Replied 30 April 2019
Rajnish Goel
(70 Points)
Replied 01 May 2019
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 01 May 2019
Neethi V. Kannanth
(.)
(19020 Points)
Replied 20 January 2021
What is the journal entry for per diem paid? should it be included in salary paid to employees?
Ayush Lakhotia
(43 Points)
Replied 18 May 2021
What is the journal entry of cash received from a person on behalf of another? Please tell me a group also for proper understanding
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 18 May 2021
Try bills of exchange method where the drawer is the seller and drawee is the customer.
X spent on behalf of Y
In your books
Drawee’s personal accounts a/c
To Bank/Cash a/c
in his book:
Bank/Cash a/c
To Drawee’s personal a/c
when your friend accepted to pay his bills,
in your books:
Accounts receivables a/c
To Drawee’s personal a/c
in his books:
Drawers personal account a/c
To Accounts payable a/c
when he finally settles his expenses with you,
in your books:
Cash/Bank a/c
To Accounts Receivable a/c
in his books:
Accounts Payables a/c
To Cash/Bank a/c
this means he has settled his borrowings with you.
https://www.playaccounting.com/explanation/bill-of-exchange/accounting-for-bill-of-exchange/
Chirag is the drawer, you are the drawee.
Ayush Lakhotia
(43 Points)
Replied 18 May 2021
What is the journal entry of cash received from a person on behalf of another? Please tell me a group also for proper understanding but we recived money from behalf of debtors from another company please tell me a entry of tally
Ayush Lakhotia
(43 Points)
Replied 18 May 2021
What is the journal entry of cash received from a person on behalf of another? Please tell me a group also for proper understanding and we received money from XYZ Behalf of debtors ABC
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 18 May 2021
In chirags books
Edorsee’s personal a/c
To Accounts receivables a/c
in your books: record no thing if your company is paying, but do the below if your obligated to
Accounts payable a/c
To Endorsees a/c This means your friend will pay Chirag and you have to pay your friend.
when Chirag gets his payment
in Chirags book:
Bank/Cash a/c
To Endorsee’s personal a/c
in your books when you pay your friend later on:
Endorsees a/c
To Cash Bank a/c
dont record anything here if company is paying for your ur expenses.
coming to your scenario, if XYZ pays n behalf of abc debtors,
In the company’s books it was previously recorded as
ABC debtors a/c
To Sales a/c
then change it to Endorsees account
XYZ Endorsee a/c
To ABC debtors a/c
when you receive the payment from them
Bank a/c
To XYZ Endorsees a/c
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