Advance received against services
This query is : Resolved
Javed Nehal Nasir
(Querist)
08 May 2018
A company has given an advance towards services to be rendered for next 12 months, the amount has already been received in the bank
for USD 100,000 how do it treat this in books ?
Please help me
Regards
Javed
for USD 100,000 how do it treat this in books ?
Please help me
Regards
Javed
CA R SEETHARAMAN
(Expert)
09 May 2018
Treat the receipt as advance, raise monthly invoice for services rendered and adjust it against advance.
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09 May 2018
Treat it as advance for services received and show it as liability till the work is completed as if as per the agreement if the amount has to be given back for non -performance of service.
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