Advance taken from project
This query is : Resolved
29 April 2016
HI all,
Pls tell me what will be the entry if I Have to give someone advance from the project money and how it can be settled?
Pls tell me what will be the entry if I Have to give someone advance from the project money and how it can be settled?
29 April 2016
Debit the advance against the name of person and credit the bank ac. When the person present the bill for work done deduct the advance and pay the balance.
29 April 2016
you pass the payment entry and after receiving the bill you make Dr to exp and credit to party a/c
29 April 2016
eg- in a project I got 50000 for some work
now i want to give 20000 as an advance to some Party X.
Later he gives me bill of 22000. what shud be the entries for all the activities.
now i want to give 20000 as an advance to some Party X.
Later he gives me bill of 22000. what shud be the entries for all the activities.
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