Advance
This query is : Resolved
06 December 2012
how is the treatment of banquet advance received by a convention center?
Advance is collected from clients who book the hall. The advance remains with the company for more than 6 months in some cases?
Is this an income or a liability for the company?
please give the entries too....
Advance is collected from clients who book the hall. The advance remains with the company for more than 6 months in some cases?
Is this an income or a liability for the company?
please give the entries too....
07 December 2012
Advance will be treated as a liability until the service is rendered.
It will be transferred to income on the day the banquet hall is used.
Entries:
Cash A/c Dr
To Advance A/C
Advance A/c Dr
To Rental Income
It will be transferred to income on the day the banquet hall is used.
Entries:
Cash A/c Dr
To Advance A/C
Advance A/c Dr
To Rental Income
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