Govind Rathore (CA Final) (543 Points)
17 November 2014Hello Friends,
Can anyone tell me the account treatment for excess payment received from a debtor?
The journal entry to be passed for the same?
Ex: Receivable from Debotr A is Rs. 5000, But actual amount received is Rs. 5500. with no intention of returning the excess Rs. 500 ...
CA AnKiT BoHrA (AB)
(Manager)
(25955 Points)
Replied 17 November 2014
show as other income.....!!! or transfer it to round off account.. by which automatically it will b treated as income part of business...
sachin
(accounts)
(37 Points)
Replied 17 November 2014
Hareesh Kumar
(CA Final)
(65 Points)
Replied 17 November 2014
treat it as miscellaneous income nd pay income tax if u are exceeding taxable limit
CA Parul Saxena
(CA)
(8487 Points)
Replied 18 November 2014
A Dr.............................5000
To Sales.................................5000
Cash Dr................................5500
To A................................................5500
Credit balance in A=Rs.500
Let this amout outstanding in this account if further transaction is there then adjust it against subsequent transaction. Otherwise at the year end transfer it to the Miscellaneous income and pay income tax.
CA Vaibhav Modi
(Practice)
(43 Points)
Replied 19 November 2014
satish lad
(manager)
(24 Points)
Replied 21 November 2014
Amol Jha
(Article at Vikram Gupta and Associates)
(36 Points)
Replied 20 February 2016
If any assessee pay extra loan amount then how can adjust those amount for b/s purpose
GOKUL K JADHAV
(Master of Commerce & CA inter 1st group cleared.)
(156 Points)
Replied 22 October 2018
Cash A/c Dr
To Debtors A/c
nikita tayal
(ca student)
(119 Points)
Replied 05 February 2019
The excess amount would be taxable under Income Tax Act, 1961 but under which section or sub section?
CAclubindia
