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