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An advance of Rs 10000/- is received from customer.
pass necessary journal entries
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Answer / chalapathi rao govada
Cash A/C DR 10000
To Customer A/C 10000
(Being advance received from customer)
| Is This Answer Correct ? | 89 Yes | 33 No |
Answer / k. madhusudhan
cash A/c Dr. 10,000
To Advance A/c 10,000
(Being Advance received from a customer)
| Is This Answer Correct ? | 44 Yes | 10 No |
Answer / jamal
cash Rs 10000
prepaid income/unearned income Rs 10000
because the income we received in advance so its arise liabilities because we didn't provide service or goods and we took money from customer.cash is assets its increase debit.and prepaid income /unearned is liabilities its increase credit.
| Is This Answer Correct ? | 32 Yes | 6 No |
Answer / pardeep kumar
Bank/Cash A/C Dr. 10,000.00
To Adv. From Customer A/C 10,000.00
(being adv. recieved from customers)
| Is This Answer Correct ? | 28 Yes | 8 No |
Answer / t.c. arumugam
CASH / BANK A/C. DR 10000.00
CUSTOMER A/C. CR. 10000.00
(BEING ADVANCE RECEIVED FROM THE CUSTOMER M/S. A)
or
CASH / BANK A/C. DR. 10000.00
ADVANCE A/C CR. 10000.00
(BEING ADV RECD FROM THE CUSTOMER M/S.A )
ADVANCE A/C. DR. 10000.00
CUSTOMER A/C. CR. 10000.00
(BEIND ADV RECD FROM CUSTOMER M/S. A)
| Is This Answer Correct ? | 16 Yes | 5 No |
Advance is not unearned income.it is a payment made by a
customer for future commitment towards supply of goods or
service
The simple entry is
Cash a/c dr
To customer advance a/c
(being advance recd from customer)
| Is This Answer Correct ? | 11 Yes | 2 No |
Answer / vinay kumar.darsi
At the time of advance received :-
cash a/c dr
to advance from customer a/c
At the time of sale of goods:-
customer a/c dr
to sales a/c
At the time of receipt:-
bank a/c dr
advance from customer a/c dr
To customer a/c
| Is This Answer Correct ? | 9 Yes | 2 No |
Answer / harendra
cash A/c ---------- Dr. 10,000
To Advance A/c 10,000
(Being cash Advance received from customer)
| Is This Answer Correct ? | 8 Yes | 3 No |
Answer / 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
| Is This Answer Correct ? | 1 Yes | 0 No |
FIND OUT wht is the price of 1kg rice , if total production of rice 15MT @35000/-(metric tunns)it includs vat 4%,excise tax 10%,fright 3000/-.
Answered but misspelled pl correct BOOK kEEPING IS AN ACTIVITY CONCERNED WITH (Ans.RRECOGDIN)
2. You are required to prepare a Profit & Loss Account for the year ending 31st December, 2007 and the Balance Sheet on that date. The Trial Balance of XYZ Ltd. for the year ended 31st December 2007 is as follows:- Trial Balance of XYZ Ltd. as on 31st Dec. 2007 Debit Balances Rs. Credit Balances Rs. Materials used 3,50,000 Sales(including 2% Sales tax) 9,18,000 Cost of Labour 1,50,000 Sale of Scrap 100 Stock, finished and work in process on 31st December, 2006 50,000 Rent received 2,000 Wages : Factory Staff 15,000 Discounts 2,750 Directors Remuneration 50,000 Recovered against fire claim re : Stock 5,000 Salaries : Clerical Staff 75,000 Capital : Equity 25,000 Insurances : Workmen’s Compensation 1,500 Preference- 9% 8,000 General, fire etc. 2,000 Creditors 1,56,000 Directors’ Life Insurance 1,500 Provision for Taxation 1,05,000 Maintenance : Buildings 1,000 Profit & Loss Account 13,750 Plant and Machinery 12,500 Rent and Rates of premises and hire of plant 20,000 Heat, Light and Power 15,000 Experimental and Laboratory Expenses 10,000 Canteen Expenses 5,000 Staff Welfare expenses 2,500 Motor Expenses 12,500 Professional Charges 2,800 Postage and Telephone 3,500 Books, Printing and Stationery 11,000 Sundry expenses 10,000 Carriage and Packing on Sales 3,300 Discounts 5,000 Debtors 1,78,000 Freehold Property 50,000 Plant and Machinery 12,500 Fixtures and Fittings – Offices 3,500 Office machinery and Equipment 3,000 Motor Car and Van 6,500 Stock of materials on 31st Dec. 2007 1,20,000 Bank 38,000 Sales Tax Paid 15,000 12,35,600 12,35,600 Depreciation is to be provided at the following rates: Plant and Machinery 10% Fixture and Fittings 05% Office Machinery, etc. 10% Motor Vans and Cars 25% The stock of finished goods and work in progress as on 31st December, 2007 was Rs. 35,000. Provide for preference dividend and ordinary dividend at 10%. The total taxation liability is estimated at Rs.1,50,000 of which Rs. 75,000 relates to the current year. Debtors include Rs. 10,000 deposited as security against government contracts. The Works Manager is paid partly by salary and partly by a commission; he is entitled to a commission of 5% on the amount by which the surplus in the factory cost exceeds 20% of the sales for the period. Charge the commission if any in the Profit and Loss Account.
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