Interested to Buy Any Domain ? << Click Here >> for more details...
Whatis the Journal entry for advance payments and advance
receipts from Debtors and creditors
- 14 Answers
- 143912 Views
- I also Faced
- E-Mail Answers
Answer Posted / 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 |
Post New Answer View All Answers
What will your outlook towards maintenance of liquid assets to ensure that the firm has adequate cash in hand to meet its obligations at all times
Expand---------NMOP
Take me through the entire vendor cycle.
What is difference between cash flow and funds flow?
emplementation of accounting standerds in Bangladesh, developing or copieng?
A crushing unit blasted 1650Mts in the month of March 2009. The rate of Royalty to be paid is rs 35/- Per MT. Advance royalty was paid rs 250000/- on 1-3-2009. pass journal entries from the advance royalty
WHAT IS THE DIFFERENCE BETWEEN COST CONTRL & COST REDUCTION
What is the working formula for Working Capital Turnover
HOW MANY ACCOUNTING STANDARDS ARE PREVAILING IN INDIA AS DECLARED BY ICAI
What is the Purpose of Preparing Bank Reconciliation Statement?
after payment of interest of a loan account by using credit note voucher in tally 9........don't anyone thinks that we have to adjust the cash account by passing cr entry on journal for interest payment...
What is Risk Assessment?
Short answer on Amalgamation
With a 600 credit score, how to improve my credit rating score?
How will be prepare invoice in tally, please tell me step by step
