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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 |
Expand GDI?
why balance sheet should tally?
Gross salary is 762000, PF deducted 38000, ESI deducted 6700, TDS deducted 6000, Advance deducted from staff 12000, net salary sent to bank 699300. How do we enter journal in Tally 7.2
whatis meant by contigent liability
Two months rent of Rs 25000/- was adjusted in Rental advance account at the time vacating office
Expand---------DEP
Expand S E
employee contribution towards PF can be taken as expenses or not
Expand ------FCC
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