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Categories >> Accounting >> Accounting AllOther
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
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 Accounting General interview questions  Accounting General Interview Questions (2810)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4360)
Question
Whatis the Journal entry for advance payments and advance
receipts from Debtors and creditors
 Question Submitted By :: Accounting-AllOther
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
for making the advance payments:
Advance A/c Dr
Bank A/c Cr

on Advance receipt from Debtors:

Bank A/c Dr
Cr Advance from Debtors/customer
 
Is This Answer Correct ?    108 Yes 20 No
Saurabh
 
Answer
# 2
Creditors A/c Dr.
To Cash/bank A/c

Bank/Cash A/c Dr.
To Debtors A/c
 
Is This Answer Correct ?    99 Yes 35 No
Sunitha P.
 
 
 
Answer
# 3
when the payment made to creditors, and receipts from
debtors should pass the payment voucher and receipt voucher
only not journal voucher.

when payment made to creditors

creditors a/c.
To Bank/Cash

When receipts received from debtors
Bank/Cash a/c.
To Debtors a/c.
 
Is This Answer Correct ?    27 Yes 11 No
K. Srinivasa Rao
 
Answer
# 4
FOR EG: EVERY MONTH THE CREDITOR PAY US 600 AND WE RECEIVED
CURRENT MONTH AND AN ADVANCE MONTHS PAYMENT:

ADV PAYMENT A/C ....DR 600
CREDITORS A/C.......DR 600
TO BANK A/C ........CR 1200

FOR EG: EVERY MONTH WE RECIEVE FROM THE DEBTORS 1000 AND WE
RECEIVED CURRENT MONTH 1000 AND AN ADVANCE MONTHS PAYMENT
ALSO 1000:

BANK/CASH.............DR 2000
TO DEBTORS A/C........CR 1000
TO ADVANCE RECEIVED...CR 1000
THE EFFECT IN BALANCE SHEET WILL SHOW ASSET SIDE ADVANCE
PAID AND LIABILITY SIDE ADVANCE RECEIVED
 
Is This Answer Correct ?    22 Yes 6 No
Lulu
 
Answer
# 5
Advance Payment
Sundry creditors a/c
To Bank a/c

Advance Receipt
Bank a/c
To Sundry Debtors a/c
 
Is This Answer Correct ?    13 Yes 7 No
Suma
 
Answer
# 6
advance payment paid to party
creditors a/c 22
to bank / cash


advance received from party
Bank / cash 22
to sundry debtors
 
Is This Answer Correct ?    6 Yes 1 No
Yogesh
 
Answer
# 7
in case of advance payment from debtors
Bank a/c
To Debtors
in case of advance receipt to creditors
Creditors
To Bank a/c
 
Is This Answer Correct ?    30 Yes 26 No
Simran
 
Answer
# 8
for making the advance payments:
Advance A/c Dr
Bank A/c Cr

on Advance receipt from Debtors:

Bank A/c Dr
Cr Advance from Debtors/customer
 
Is This Answer Correct ?    7 Yes 3 No
Rajesh Kumar
 
Answer
# 9
What is the entry of last f. year profit and loss carried forward 
Is This Answer Correct ?    6 Yes 3 No
Pushpendra Chuahan
 
Answer
# 10
WHEN WE PAY ADVANCE

ADVANCE PAYMENT (ASSSET) A/C DR
CASH/BANK A/C CR

WHEN WE RECEIVED ADVANCE

CASH / BANK A/C DR
ADVANCE RECEIVED (LIABILITY) A/C CR

WHEN THE BALANCE AMOUNT RECEIVED OR PAYMENT TIME, WE WANT
TO ADJUST WITH SUNDRY DEBTOR A/C OR SUNDRY CREDITOR A/C
 
Is This Answer Correct ?    8 Yes 5 No
Spg
 

 
 
 
Other Accounting AllOther Interview Questions
 
  Question Asked @ Answers
 
Expand---------DBCE   1
What type of report and accounts should a company prepare?   3
What is contra account?   4
why profits are shown as liability and loss as asset in balance sheet?   5
What is split shares..... FactSet 7
What do you mean by / what is working capital management..?   2
When oustanding expense is give in the TB and corresponding expense is not then how will we the same? Eg.: Outstaning salary 100 given in the TB and salary for the month is not there to add oustanding with the same. In this situation how will we treat the same. Only in profit & loss account or in balance sheet or both or?   4
what are accounting concepts?,what is the use of commerce?,what is accounting conversation?   1
what is deffered revanue expanditure Accenture 5
i have one doubt. i purchases of fixed assets from other state the value 5 lack. the transpotation cost of 50 thousand now the value of fixed asstes is 550000 or only 5 lack, it is right or worng .. pls cleare my question   6
Expand ________CAFR   1
In Accounts payable process in BPO, how is the due date calculated? It should be Invoice date+ payment terms or Receipt date of invoice + payment terms? Accenture 2
 
For more Accounting AllOther Interview Questions Click Here 
 
 
 
 
 


   
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