how to give the jv for the following transation eg',Our Comapny Name U2

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

Question Posted / bhavani@ug

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how to give the jv for the following transation eg',Our Comapny Name U2 1.cheque recd from c..

Answer / ravinder shankhyan

In the Books of U1 Ltd. entry is only one :[in Journal )
U2 Ltd. dr. 575.00
To Customers A/c 575.00
( Ch. no ***** Rec. on behalf of us by U2 Ltd.)
In the Boosk of U2 Ltd. Entry is ( in Bank A/c)
bank A/c Dr. 575.00
To U1 Ltd. 575.00
Narration is (amount Rec,on behalf of U1 Ltd.Company
Customer)

Ravinder Shankhyan HP

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how to give the jv for the following transation eg',Our Comapny Name U2 1.cheque recd from c..

Answer / 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