Whatis the Journal entry for advance payments and advance
receipts from Debtors and creditors
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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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
What is the entry of last f. year profit and loss carried forward
| Is This Answer Correct ? | 6 Yes | 6 No |
Is WCT liable to be deducted in Whole of Invoice Value? (including VAT & Service Tax)
Short Answer on _____________Revenue Budget
Do I need a waybill in the following case:- If I purchase (on bill) small quantity goods (like artificial jewelry) from one state (say Delhi) and transports it personally (say via flight) to other state (say West Bengal) along with my personal belongings and then I put them to sell through my boutique in that state. Do I need waybill? If yes, what will be the procedure? Do I need to pay entry tax at WB? What will be the procedure? Am I doing anything unlawful while transferring goods personally? Please give your advice. Regards, Manoj
0 Answers Heritage River Journeys,
PERSONAL DETAILS
Sold goods worth Rs 75000/- inexchange of old furniture worth Rs 15000/- and balance in cash. Pass entr for it
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