We are paying on one's behalf and will get reimbursement
One Dr
To Bank
Bank Dr
To one
But what about journal for Debit Note.
That party was late in making electricity payment and we are paying with reimbursement winfiw
Pl guide
1 Replies
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 01 April 2024
Actually
Dr. Purchases
Cr. Payables
when you purchased something
Dr. Payables
Cr. Bank
When you paid for it.
Dr. Income statement (closing inventory)
Cr. Inventory
What you purchased is gone into inventory
Dr. Receivables
Cr. Reimbursement claim
When your waiting for One to pay you back.
Dr. Debit note/Purchases
Cr. Purchases
When you returned goods. But you didnt return anything here, so why do you need a debit note?
I meant you cant return electricity bill.
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