Reconcilation Account Direct pass JV
We are facing problem while finalization of Balance Sheet, we have one vendor where , we have given Down payment Made i.e advance on Fiscal year 2013 say Rs.100000/-
after that he has not send the goods till now so in Vendor A/c Showing Debit Rs. 100000/- Balance as well Advance to Vendor GL i.e 233600 ( Advance to Vendor GL) i.e Recon A/c : Customer Alternative Reconciliation also showing for the same amount Rs.100000/-
now Management says close the books this year. they will not send the goods.
In this case wht should i do to pass the entry so out Vendor balance also become Zero account as well 233600 Advance to Vendor as well should be knoc-off. finally we have to load some Expenses GL A/c . if i m not wrong , we have discussed with External Auditor as well.
Kindly tell me step to achieve for this issues.
Your quick action will be highly appreciated.
Pranav Kr. Gupta