Kunal Vanjare (27 Points)
07 September 2021Hello,
We have two companies within the family, one run by my father and other by me . I have to transfer the funds from an order received on account of my father's firm from it's current account to me.
How should I do this? Transfer the amount into my current account and raise a bill to my father's firm? Or transfer into my Savings account without a bill? But how would this transaction be shown in their books?
Thanks,
KV
Beriwal
(nnnn)
(250 Points)
Replied 07 September 2021
Make sale and purchase following all rules as you in normal sales and purchase transaction. Payments receipt and payment also as you do for regular sales and purchase transaction.
Kunal Vanjare
(27 Points)
Replied 07 September 2021
| Originally posted by : Beriwal | ||
 |
Make sale and purchase following all rules as you in normal sales and purchase transaction. Payments receipt and payment also as you do for regular sales and purchase transaction. |  |
What?
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 07 September 2021
Debtor Purchases a/c
To Purchases a/c
this will derecognise the purchases
Bank a/c
To Receivables a/c
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 07 September 2021
Since your working on a software, simply
Bank a/c
To Purchases a/c
make a note of the transaction
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 07 September 2021
There is another situation I remembered when you didn’t recognise purchases
Debtor a/c
To Bank a/c
then
Bank a/c
To Debtor a/c
there is nothing wrong if you receive orders for other companies
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