Entry for advance payment to supplier

This query is : Resolved

Yeshwanth Shetty (Querist)
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17 April 2015 Dear Sir,

I want the entry for Advance payment to supplier. I hv passed blw entry. Kindly confirm.

1)
Advnce to Supplier a/c ---- Dr 100
To Party A/c --------------cr 100

2)
Party A/c Dr-----100
To Bank A/c Cr------100

Pls confirm above entry is correct or any other entry be passed.

Thanks
Yeshwanth Shetty
email id : yeshshetty@rediffmail.com

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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17 April 2015 the first entry is incorrect as only entry should be:

Party's a/c.........100
to Bank a/c 100

as u have paid in advance must be reflected in bank and partys a/c

CA ANILKUMAR B.COM FCA DISA

CA ANILKUMAR B.COM FCA DISA (Querist)
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17 April 2015 Yes, just create creditor A/c and pass only one entry.

Yeshwanth Shetty

Yeshwanth Shetty (Querist)
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20 April 2015 Ok noted.

Thanks.

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