Advances to sundry creditors journal entry
This query is : Open
M.GURURAJU
(Querist)
14 October 2017
Sir/Madam,
I would like to know how to make journal entries when advances given to sundry creditors for Instance on 01.10.17 we have made NEFT of 1,00,000/- towards advance for Furniture & Fixtures(Iron Safe in case of Co operative Credit Society) and on 14.10.17 we have received the Iron safe and balance amount of Rs.90,000/- paid through bank now
I would like to know the Journal entries for the same
Thanks in advance
I would like to know how to make journal entries when advances given to sundry creditors for Instance on 01.10.17 we have made NEFT of 1,00,000/- towards advance for Furniture & Fixtures(Iron Safe in case of Co operative Credit Society) and on 14.10.17 we have received the Iron safe and balance amount of Rs.90,000/- paid through bank now
I would like to know the Journal entries for the same
Thanks in advance
Ashiwini Ballodia
(Expert)
14 October 2017
on 1.10.17
Vendor A/c Dr 100000
To Bank. 100000
on 14.10.17
Vendor a/c Dr 90000
To Bank 90000
Furniture & Fixture Dr 190000
To Vendor. 190000
M.GURURAJU
(Querist)
14 October 2017
Thank you very much sir
Ashiwini Ballodia
(Expert)
14 October 2017
Welcome Gururaju Ji
Ashiwini Ballodia
(Expert)
14 October 2017
Payment & Journal entry
Message likes :
1 times
14 October 2017
Very Nice Reply Bro...
But, Payment or Journal...!
Am I Right...?
But, Payment or Journal...!
Am I Right...?
Ashiwini Ballodia
(Expert)
14 October 2017
Yes you are right
1st two entry are for payment and last entry is journal
14 October 2017
Now you ll be created Confusion...
Above said Transactions like "Payment (2) & Purchase (1) if he is a trader or Journal if he use as Assets...
But,
How I understand above said query as, I think
He ask "Can I make Journal entry for Payments"...?
Above said Transactions like "Payment (2) & Purchase (1) if he is a trader or Journal if he use as Assets...
But,
How I understand above said query as, I think
He ask "Can I make Journal entry for Payments"...?
Ashiwini Ballodia
(Expert)
14 October 2017
In normal all the entry (Purchase, Sales, Payment, Receipt, Journal) are called Journal entry.
If you go to technical meaning than people bifurcated the entry
Message likes :
1 times
14 October 2017
YESSSSSSSS... I agreed to you.
Finally I got very exact reply from A Professional....
🙏🙏🙏🙏🙏😊😊😊😊😊
Ashiwini Ballodia
(Expert)
15 October 2017
Thanks Raja Ji
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