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What is the difference between Loan and Advance?
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Answer Posted / sridhar k s
A security is created in the case of a loan whereas in the case of an advanced, security is already there. A moving asset (i.e. Car) is created in the case of a Car Loan. The best example of an advance is Cash Credit secured by hypothecation of stocks. An advance is granted for a short period, say for a period of 12 months, renewed annually.
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What Entery Should Made When Godown Rent Paid in Advance At The Time Of Agreement.Transation Is as Below * Rent Paid To XYZ (OWNER OF PROPERTY) For Running Month. * One Month Rent In Advance Tenent will Always pay rent amt 1st of every month. How can we do entry every month and How can party's a/c will due on ending every month. How can party a/c Show ADVANCE RENT. Please enter every entery including JV. With time when it is necessary.
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