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 / saurabh

for making the advance payments:
Advance A/c Dr
Bank A/c Cr

on Advance receipt from Debtors:

Bank A/c Dr
Cr Advance from Debtors/customer

Is This Answer Correct ?    274 Yes 40 No

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

Answer / sunitha p.

Creditors A/c Dr.
To Cash/bank A/c

Bank/Cash A/c Dr.
To Debtors A/c

Is This Answer Correct ?    167 Yes 70 No

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

Answer / k. srinivasa rao

when the payment made to creditors, and receipts from
debtors should pass the payment voucher and receipt voucher
only not journal voucher.

when payment made to creditors

creditors a/c.
To Bank/Cash

When receipts received from debtors
Bank/Cash a/c.
To Debtors a/c.

Is This Answer Correct ?    67 Yes 27 No

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

Answer / lulu

FOR EG: EVERY MONTH THE CREDITOR PAY US 600 AND WE RECEIVED
CURRENT MONTH AND AN ADVANCE MONTHS PAYMENT:

ADV PAYMENT A/C ....DR 600
CREDITORS A/C.......DR 600
TO BANK A/C ........CR 1200

FOR EG: EVERY MONTH WE RECIEVE FROM THE DEBTORS 1000 AND WE
RECEIVED CURRENT MONTH 1000 AND AN ADVANCE MONTHS PAYMENT
ALSO 1000:

BANK/CASH.............DR 2000
TO DEBTORS A/C........CR 1000
TO ADVANCE RECEIVED...CR 1000
THE EFFECT IN BALANCE SHEET WILL SHOW ASSET SIDE ADVANCE
PAID AND LIABILITY SIDE ADVANCE RECEIVED

Is This Answer Correct ?    45 Yes 10 No

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

Answer / rajesh kumar

for making the advance payments:
Advance A/c Dr
Bank A/c Cr

on Advance receipt from Debtors:

Bank A/c Dr
Cr Advance from Debtors/customer

Is This Answer Correct ?    21 Yes 5 No

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

Answer / spg

WHEN WE PAY ADVANCE

ADVANCE PAYMENT (ASSSET) A/C DR
CASH/BANK A/C CR

WHEN WE RECEIVED ADVANCE

CASH / BANK A/C DR
ADVANCE RECEIVED (LIABILITY) A/C CR

WHEN THE BALANCE AMOUNT RECEIVED OR PAYMENT TIME, WE WANT
TO ADJUST WITH SUNDRY DEBTOR A/C OR SUNDRY CREDITOR A/C

Is This Answer Correct ?    18 Yes 8 No

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

Answer / yogesh

advance payment paid to party
creditors a/c 22
to bank / cash


advance received from party
Bank / cash 22
to sundry debtors

Is This Answer Correct ?    11 Yes 2 No

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

Answer / suma

Advance Payment
Sundry creditors a/c
To Bank a/c

Advance Receipt
Bank a/c
To Sundry Debtors a/c

Is This Answer Correct ?    22 Yes 15 No

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

Answer / simran

in case of advance payment from debtors
Bank a/c
To Debtors
in case of advance receipt to creditors
Creditors
To Bank a/c

Is This Answer Correct ?    34 Yes 30 No

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

Answer / pushpendra chuahan

What is the entry of last f. year profit and loss carried forward

Is This Answer Correct ?    6 Yes 6 No

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