Advance from customer against purchase of jewellery
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 September 2014
Please let me know whether a customer given a advance towards purchase of Jewelllery to a Jewellery Shop ( Pvt Ltd Co)but after one year the said customer has not taken delivery of the ornament as a result the advance is still lying in the books of company. Whether the advance will treated as deposit under new companies Act or it will treated as advance against property.
Please let me know whether a customer given a advance towards purchase of Jewelllery to a Jewellery Shop ( Pvt Ltd Co)but after one year the said customer has not taken delivery of the ornament as a result the advance is still lying in the books of company. Whether the advance will treated as deposit under new companies Act or it will treated as advance against property.
04 September 2014
it will be treated as income only and not deposit if customers doesnt turn up
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 September 2014
How we can assertion the income because the sale proceed not done for the sake of argument if the Jewellery shop converted the advance amount to revenue then when the customer physically come to the shop for adjustment of advance what will be the accounting treatment in the books of account of the company.
04 September 2014
when that customer comes then u need to take it as sale
the way if ur money is lost when customer doesnt pay then u take it a loss as bad debts in profit and loss so now here payment made is income not sale as u havent given the jwellery
the way if ur money is lost when customer doesnt pay then u take it a loss as bad debts in profit and loss so now here payment made is income not sale as u havent given the jwellery
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation of fixed assets- coop housing society in mumbai
- TDS on Consultancy- Non DTAA
- Reopen of assessment proceeding
- Rental income gst and it purpose
- Management System (IMS)
- Condonation . E-Verification of last year return .
- Eway bill generation from place other than registeted
- FTS Taxable under 115A
- EPF FULL & FINAL RULES IN 2026
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
