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Hi,
I have a scenario. Company A pays 100k amount of arbitrary to Company B. However, Company A plans to claim the 100k from Entity C. Double entry will be:
in Company A:
Dr: Expenses (P/L)
Cr: Bank (B/S)
Dr: AR ( assuming entity D will pay off in 12 months time)
Cr: ???
Not sure if the above is correct. Would appreciate if someone can help me on this.
I have a scenario. Company A pays 100k amount of arbitrary to Company B. However, Company A plans to claim the 100k from Entity C. Double entry will be:
in Company A:
Dr: Expenses (P/L)
Cr: Bank (B/S)
Dr: AR ( assuming entity D will pay off in 12 months time)
Cr: ???
Not sure if the above is correct. Would appreciate if someone can help me on this.