Debtors and Advance against sales

This query is : Resolved

Guest

Guest (Querist)

17 June 2010 Dear Sir,

I have 2 ledgers which are created for one party. There are sales also made to the party as well as advances recieved against sales.

My client argues that he wants to show both these seperately in the Balance sheet and there is no provision for netting off the same.

Can you please help

Abhishek Mohta

Abhishek Mohta (Expert)
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17 June 2010 Hi Anitha,

The situation which you have quoted has a very simple solution.

Ask the client to have a track of the orders against which advances have been received from the customer. Then when the Sales invoice is raised against that order the netting off can be done.

Guest

Guest (Querist)

17 June 2010 Hi Abhishek,

Thanks for the reply.

How do i present the same in the Balance Sheet?

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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17 June 2010 This situation is arise when you have recevied agaisnt separate sale order which is to be executed after Balance Sheet date. This is reason that your client want to shown it separte.
There is no problem to shown it separate in Balance sheet if it as per above situation.

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