Answer / mmsafreen

addvance payment for assect purchace

Answer / sudanivenugopal

Party account dr
To cash/Bank a/c

Answer / muhammad rizwan

If we pay a money to debtor in advance.
Debtor A/C
To Cash Or Bank A/c
And if we Purchase a Goods on Credit Basis then We will Record this entry in journal.
Cash or bank A/c
To Creditor A/c

Answer / afsal

for advance payment
advance a/c dr
cash a/c

for advance receipts

cash a/c dr
advance a/c

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Expand---------MNOP

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