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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
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Answer Posted / 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
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