Advance received against services

This query is : Resolved

Javed Nehal Nasir (Querist)
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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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 May 2018 Treat the receipt as advance, raise monthly invoice for services rendered and adjust it against advance.

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CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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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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