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An advance of Rs 10000/- is received from customer.
pass necessary journal entries
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Answer Posted / jamal
cash Rs 10000
prepaid income/unearned income Rs 10000
because the income we received in advance so its arise liabilities because we didn't provide service or goods and we took money from customer.cash is assets its increase debit.and prepaid income /unearned is liabilities its increase credit.
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