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Accounting Treatment for Friends - Printable Version

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Accounting Treatment for Friends - Nosherwan Huma - 07-11-2015 05:19 PM

Assalamu alaykum,

What account should be created for transactions with friends where sometimes you owe money to them and sometimes they owe money to you.

You can't just create a "accounts payable" or accounts receivable" head because of the above mentioned change.

Please help


RE: Accounting Treatment for Friends - JamesRenault - 12-22-2015 04:47 PM

Assalamu alaykum Nosherwan,

I am James Renault and lives in Canada. For your accounting queries, I can recommend you to contact Mark Raymer my one of friend in accountancy. You can connect with him at https://www.facebook.com/people/Mark-C-Raymer/100006092161593 .
I hope, my answer would assist you in some way.

Regards,
JamesRenault