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-ve balance in Creditors Accounts

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(Querist)
21 February 2009 If for a regular vendor, as on b/s date balance appears to be -ve i.e. debit, is it to be shown under "Advances recoverable" separately from creditors list ??

Is the same treatment we have to show by segregating the -ve balance in case of debtors, showing them as "Advances from Customers"??
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CA R N Mohil

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CA R N Mohil (Expert)
21 February 2009 Yes it is to be shown as advance from cutomers.
As a precaution one have to check that :-
1.Adjust each payment received against sale invoice to find out that the said payment is not against sale nvoice/s,which may be wrongly debited to other party account.
2. See that the excess payment is not towards interest or late payment charges collected ot to be collected.
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