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how to give the jv for the following transation eg',Our
Comapny Name U2
1.cheque recd from customers of Associate Comapany (U1
Ltd):575 on U2(Our company Name).we deposited that cheque
in our bank a/c.
2.U1 debited U2 for 575/- passing 1 jv like
Due from U2(Our comapnY) dr 575
To collection from Customers cr 575.

now how can I recognise both entries and how can i
reconsile my BRS...

This Receipt is not belongs to U2

Question Posted / bhavani@ug

Answers were Sorted based on User's Feedback



how to give the jv for the following transation eg',Our Comapny Name U2 1.cheque recd from c..

Answer / ravinder shankhyan

In the Books of U1 Ltd. entry is only one :[in Journal )
U2 Ltd. dr. 575.00
To Customers A/c 575.00
( Ch. no ***** Rec. on behalf of us by U2 Ltd.)
In the Boosk of U2 Ltd. Entry is ( in Bank A/c)
bank A/c Dr. 575.00
To U1 Ltd. 575.00
Narration is (amount Rec,on behalf of U1 Ltd.Company
Customer)

Ravinder Shankhyan HP

Is This Answer Correct ?    4 Yes 1 No

how to give the jv for the following transation eg',Our Comapny Name U2 1.cheque recd from c..

Answer / sathya kishore pidugu

In the books of U2

(1) Bank A/c Dr 575.00
To Misc Receipts A/c 575.00
(Being payment received)
(2)Misc Receipts A/C Dr 575.00
To U1 (ICT) A/C 575.00
(being payment belongs to UI)
(3) U1 (ICT) A/c Dr 575.00
To Bank A/c 575.00
(being payment made to U1)

In the Books of U1

(1) U2 (ICT) A/c Dr 575.00
To Vendor A/c 575.00
(being u2 received payment)

(2) Bank A/C Dr 575.00
To U2 (ICT) A/c 575.00
(being payment received from U2)

**** ICT:Inter company transaction account

Is This Answer Correct ?    0 Yes 0 No

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