A credit entry of Rs450 on X's account in the books of Y could have arisen by ?

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Moataz Ali Sobhi
06-August-2015

accounting Journal entries

Retail Accounting Accounting Credit Journal Entries

Question added by Sheeraz Khan , GBO , MCB Bank Limited
Date Posted: 2017/08/12

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4 Answers

by Osborn Tyler , Store Manager , Transguard Group

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by Naeem Aslam , Group Tax Consultant , Tech Group PJSC

It could be services randered by X amd amount is still payable. It is also possible x has overpaid to Y which need to be refund to X.

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by Sulaykumar Jasvantlal Bhatt , Account Manager , Mangal Sai 'trade Wings Pvt. Ltd.

Y has created a credit entry in X's Account.

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by Dickson Jakinda , Revenue Accountant , Siginon Group Ltd

If you are speaking in terms of debtors, then the credit entry could have arisen due to payment by to Y via direct bank deposit, sales returns and also discounts.

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