Income recd in advance

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Meenakshi (Querist)
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10 January 2014 our firm received refund of rs 60000 from society. now they r saying to adjust monthly society maintenance charge from that money till it completes. they have not given cash or chq. how to pass journal

Hemant Kumar

Hemant Kumar (Expert)
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10 January 2014 You have to credit this amount on society account(Sundry Creditors). Whenever you raise the bill on monthly maintenance charges. Then debit this bill on society account and credit to your income.

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Meenakshi

Meenakshi (Querist)
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10 January 2014 i am confused with sundry creditors. its income for us means it should come under income receivable or income recd in advance

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