Advance receipts
This query is : Resolved
07 May 2012
We receive sometimes amount from our retailer as advance for specific products and we deliver products and raise bill to that party within 7 to 8 days because of dry stock. They always pay the advance because of high demand in the market. Its a petroleum products.
So please pass the journal entry in the books of A/c.
So please pass the journal entry in the books of A/c.
08 May 2012
01. When advance is received Debit Bank/Cash as the case may be Credit Debtor/Customer account. 02. When bill is raised. Debit Customer/ Debtors account Credit Sales account.
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