What is the Journal entry if a Demand Draft is taken by Company B on behal

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Question

What is the Journal entry if a Demand Draft is taken by
Company B on behalf of Company A? Company B has it's A/c
with Bank X. Company A has it's A/c with Bank Y.

Question Submitted By :: Born_great_006

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Re: What is the Journal entry if a Demand Draft is taken by Company B on behalf of Company A? Company B has it's A/c with Bank X. Company A has it's A/c with Bank Y.

Answer
# 1

If the Demand Draft is taken by company B,  We have to pass
journal entry debiting Company A and crediting CompanY B's
Bank A/c. 
Correct me if I am wrong, Pls.

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Samson

Re: What is the Journal entry if a Demand Draft is taken by Company B on behalf of Company A? Company B has it's A/c with Bank X. Company A has it's A/c with Bank Y.

Answer
# 2

Company B is making payment on behalf of company A.  Here Company A is getting Benefit.  

Accounting Principles:
  Personal Accounts:   Debit the Receiver
                       Credit the Giver

 Real Account:         Debit what comes in
                       Credit what goes out


Nominal account:      Debit the Loss and Expenditure
                      Credit the gain or Profit

  According to above mentioned principles: 
    Debit:  Company A   (Based on Personal Account)
    Credit:  Bank X     (Based on Real Account)

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Sumancwa

Re: What is the Journal entry if a Demand Draft is taken by Company B on behalf of Company A? Company B has it's A/c with Bank X. Company A has it's A/c with Bank Y.

Answer
# 3

Dear Suman is it necessary to write all those definitions 
and rules. Answers should be accurate and briefYour entry 
part is correct

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Satyaki_raju@yahoo.com
[Taxtime]

Re: What is the Journal entry if a Demand Draft is taken by Company B on behalf of Company A? Company B has it's A/c with Bank X. Company A has it's A/c with Bank Y.

Answer
# 4

1.A DD taken by company B & has a account in X Bank
2.that DD goes to company A & company A having it's account 
in Y Bank. Jurnal Entry Shoud be like

Company B:    Bank (x)               Company A
                CR                       DR

Company A:    Bank (Y)               Company B
                 DR                    CR

Is This Answer Correct ?

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Naresh

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