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I have paid an advance for a supplier against delivery, Say Rs.500,on 20.2.2010. Later on 3.3.2010, I settle the balance of Rs.1500. How can i account this in tally?
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Answer Posted / vijay
I think first we have to book the purchase as we know total amount of good purchase in Rs. 2000.00
20.02 Purchase A/C Dr. 2000.00
To. Suppliers A/C 2000.00
Now we paid advance to supplier
20.02 Suppliers A/C Dr 500.00
Cash/Bank A/C 500.00
(Being advance paid to supplier)
now we will settle his account on 3.3.2010
03.03 Suppliers A/C Dr 1500.00
to cash/ bank A/C 1500.00
(Being full and final payment)
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