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

Answer Posted / k. srinivasa rao

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



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