What will be the journal entry for advance payments made to the other parties?
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Answer Posted / khalid yousf
prepaid expanse a/c Dr
to chase a/c r BANK A/C
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Dear sir/madam, Want to know entry for closing of sundry creditors account on the end of the year when its accounts shows debit balance, Payment made excess. E.g Invoice rcvd : 100000.00 from XYZ company payment Made: 105000.00 Please suggest best entry for the same
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