journal.entry

Ranjeet Singh (accounts) (378 Points)

21 September 2018

what entry will be passed if we had made excess payment to our creditor and our creditor had closed our account in his books.....

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7 Replies

(Guest)

You can ask to creditor for refund excess payment

Ranjeet Singh (accounts) (378 Points)
Replied 21 September 2018

what journal entry will be passed

(Guest)

If party refund the amount than you can pass receipt entry

Ajit Hegde (CA - Final) (1367 Points)
Replied 22 September 2018

Party Account Dr.
Bad debt written off a/c Dr. (excess payment amt)
To Bank Account

Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 22 September 2018

Show it as advance to customer

Ajit Hegde (CA - Final) (1367 Points)
Replied 22 September 2018

It cannot be shown as advance since the book of creditor is already closed

Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 22 September 2018

THEN ASK THE SUPPLIER WHERE HE HAS ADJUSTED YOUR PAYMENT

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