A firm pays Rs.10000/- ( on account ) to Mr.X (labour charges dues) on 1/1/07. However no bill/invoice is submitted by Mr. X as he would submit the final bill later. The firm passes the following entries on 01/01/07:
Labour charges a/c. Dr. 10000
To Mr. X a/c. 10000
( Being labour charges due to Mr. X)
Mr. X a/c. Dr. 10000
To Bank A/c. 10000
( Paid on account to Mr. X)
On 15/03/07, Mr. X submits his final bill of Rs. 15000/- ( which includes 10,000/- booked earlier).
How should the firm now book the final bill of Rs. 15000/- dated 15/03/07 ..as 10,000/-
of the above has already been booked on 01/01/07.
Please guide me how to journalise this bill of 15000/- , keeping in mind the the journal entry of 10000/- passed on 01/01/07 as charges due.
2007-09-24 00:27:27 · 2 answers · asked by happy 2 in Other - Business & Finance
2007-09-24 00:19:42 · 2 answers · asked by James S 1 in Credit
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