Whatis the Journal entry for advance payments and advance
receipts from Debtors and creditors
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Answer / saurabh
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 ? | 274 Yes | 40 No |
Answer / sunitha p.
Creditors A/c Dr.
To Cash/bank A/c
Bank/Cash A/c Dr.
To Debtors A/c
| Is This Answer Correct ? | 167 Yes | 70 No |
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 ? | 67 Yes | 27 No |
Answer / lulu
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 ? | 45 Yes | 10 No |
Answer / rajesh kumar
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 ? | 21 Yes | 5 No |
Answer / 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
| Is This Answer Correct ? | 18 Yes | 8 No |
Answer / yogesh
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 ? | 11 Yes | 2 No |
Answer / suma
Advance Payment
Sundry creditors a/c
To Bank a/c
Advance Receipt
Bank a/c
To Sundry Debtors a/c
| Is This Answer Correct ? | 22 Yes | 15 No |
Answer / simran
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 ? | 34 Yes | 30 No |
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