Hi All,
Our company have a paypal account. We receive funds though this account and payment also done through this account. since this transactions not reflecting in bank account how do we show this account???? Please help me, thanks in advance
Biju
4 Replies
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 03 December 2009
Show as Advances on the balance sheet depending upon whether it is debit or credit balance
Amit Ingale
(Student CA Final)
(1454 Points)
Replied 03 December 2009
jus treat it as a subsidiary ledger of bank accounts,
just like any foreign currency account or cash book or branch bank book etc.
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