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An advance of Rs 10000/- is received from customer.
pass necessary journal entries
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Answer Posted / vaudevan
There must be some purpose for which Advance is paid by the customer. That is either for material or for the service . So Direct entry mentioned by others like
Cash A/c Dr
To Advance
will not serve the management purpose. Also the customer from whom Advance is not reflected in the above. there it is better to have
Cash A/c Dr
To Advance
Advance a/c Dr
To Customer.
Customer a/c will be in negative or Credit. But at billing we are going to debit him like
Customer A/c Dr
Customer
Vasudevan
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