Hello ,
I am stucked in one issue for the purpose of accounting.
For example: Mr. A is customer of Mr. C and Mr. B is vendor of Mr. C . In past there had some deal between A ,B and C. So Mr. C received some advance from Mr. A. Unfortunately that deal did not happened. So what Mr. A said to Mr. C ,whatever advance I gave it to you do not return to me and paid all advance to MR. B.
And Mr. C do not know what is the relation between A and B,
Please suggest how to adjust in books and will it effect in IRS also.
I am stucked in one issue for the purpose of accounting.
For example: Mr. A is customer of Mr. C and Mr. B is vendor of Mr. C . In past there had some deal between A ,B and C. So Mr. C received some advance from Mr. A. Unfortunately that deal did not happened. So what Mr. A said to Mr. C ,whatever advance I gave it to you do not return to me and paid all advance to MR. B.
And Mr. C do not know what is the relation between A and B,
Please suggest how to adjust in books and will it effect in IRS also.