Advance paid
This query is : Resolved
13 December 2018
Hello,
My query is regarding Advance payment made for Hall for a function.
In the Balancesheet of 2017-18 this is shown as Advance paid,on the Asset side under Current Asset
What should be its current year treatment?
My query is regarding Advance payment made for Hall for a function.
In the Balancesheet of 2017-18 this is shown as Advance paid,on the Asset side under Current Asset
What should be its current year treatment?
CA R SEETHARAMAN
(Expert)
13 December 2018
Charge the advance as expenses under current year.
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13 December 2018
Sir,
but the event has not yet taken place.In that case how will it be treated?
but the event has not yet taken place.In that case how will it be treated?
CA R SEETHARAMAN
(Expert)
13 December 2018
If event has not yet taken place and going to take place in future till then keep it under advance.
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