for making the advance payments: Advance A/c Dr Bank A/c Cr on Advanc

Whatis the Journal entry for advance payments and advance
receipts from Debtors and creditors

Question Posted / saurabh

Answer Posted / 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

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