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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 (2833)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4371)
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 ?    111 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 ?    102 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 ?    29 Yes 12 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
 

 
 
 
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why BRS is used   5
What is mean by bills receivable? RRDonnelley 5
Expand I B M   1
what is mean by credit note and debit note?   9
Contra entry with example?   32
capital goods excise duty why are taken in 50 percent in firt finicial year and second next finicial year? PWC 2
WHAT IS ACOUNT PAYABLES AND ACCOUNT RECIEVABLES? Mellon 5
Expand---------CADB   2
 
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