Whatis the Journal entry for advance payments and advance
receipts from Debtors and creditors
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
Is This Answer Correct ? | 45 Yes | 10 No |
Post New Answer View All Answers
i want report country wise with invoice number for gl account
please answer this question.the following balances were extracted from the books of modern traders on 31st dec,2010.capital(85000)fixed assets(45000)stock1-1-2010(15000)sundry debtors(20600)productive exp(3300)reserves fund(6600)discount received(800)cash in hand(6200)drawing(5000)accomulated dep.(9000)purchases(82000)bad debts(400)unproductive exp.(27400)sundry creditors(9000)sales(120000)cash at bank(25500).adjustments.stock on 31-12-2010(15000).outstanding wages (5000) write-off (600)of further bad debts. create provision for bad & doubtful debts at {5%) on debtors.unproductive expenses includes anitem of prepaid insurance (100).provide depreciation on original cost of fixed assets @ (10%).
what is purchase consideration? How does it come about and how is it treated in the books?
What is the Assets & Liabilities?
What is the basic difference between pledge, hypothication and mortgage????
HI i have been shortlisted for the Syndicate bank PO post. Can any one guide me about the interview questions..and answers?
Expand BFSI
how to prepare mba finance for interview questions
why specifically inited states ?
diffrence between the profit center and business area
what are the suggestions to control NPA in rural areas?
A crushing unit blasted 1650Mts in the month of March 2009. The rate of Royalty to be paid is rs 35/- Per MT. Advance royalty was paid rs 250000/- on 1-3-2009. pass journal entries from the advance royalty
I have complited my ERP course in FICO module. Now I want to work in ERP package. Please suggest me how I will apply for the organisation works in ERP environment.
Please tell me about service tax, tds, vat & ITR return with A to Z completely detail.
intorduse your self ? what to say if iam fresher.