Whatis the Journal entry for advance payments and advance
receipts from Debtors and creditors
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Answer Posted / spg
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
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