we are going to purchase of new office. what is accounting
entry for it if we made adv to party , some part payment
paid to party. pls tell me & under which group ledger will
come
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Answer / rose
Purchase(Office) A/c----Dr
To Advance Cash/Bank A/c-----Cr
To Party A/c---------CR
(Being Part pymt made for Asset purchase)
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / toms thankachan
Just create a ledger in the name of the party under sundry
creditors/ Bills payables.
Make an entry for the payment
Vendor a/c.... Dr
to Bank.
when you done the deal the entry follows
bldg.....Dr
to Vendor a/c
When the payment made in full
Vendor a/c.....Dr
to Bank
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / azhar
capital work in progress a/c dr
To vendor a/c
when full payment is made entry will be
vendor a/c dr
To cash
| Is This Answer Correct ? | 2 Yes | 6 No |
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