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Answer Posted / mayuree patel
Life insurance premium a/c dr 2500
to cash or bank a/c cr 2500
at the closing time
Partners/ capital a/c dr 2500
to life insurance premium a/ccr 2500
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"A" has two divisions of "B" and "c".In our system we have two vendor accounts of B&C.We have received one Non PO invoice of B and posted wrongly in C and its got paid.While reconciling the account we got this error is happend.We contacted the C and asked for refund.But C said,he transfer internally the amount directly to B and he will not refund the amount.How we will settle this entry in our books. If we reverse the entry...there is one invoice needs to be reverse and payment doc needs to be reverse..how we can settle this in our books...
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