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Whatis the Journal entry for advance payments and advance
receipts from Debtors and creditors

Answers were Sorted based on User's Feedback



Whatis the Journal entry for advance payments and advance receipts from Debtors and creditors..

Answer / mmsafreen

addvance payment for assect purchace

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Whatis the Journal entry for advance payments and advance receipts from Debtors and creditors..

Answer / sudanivenugopal

Party account dr
To cash/Bank a/c

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Whatis the Journal entry for advance payments and advance receipts from Debtors and creditors..

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

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Whatis the Journal entry for advance payments and advance receipts from Debtors and creditors..

Answer / afsal

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

for advance receipts

cash a/c dr
advance a/c

Is This Answer Correct ?    0 Yes 2 No

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