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

Answer Posted / 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



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