Is correct way of accounting
This query is : Resolved
28 December 2024
on 31st March shown in books as
Advance received Rs. 10,00,000 from Debtors
Advance Paid Rs. 20,00,000 to creditors
can I pass journal entry on 31st march as
for advance received
Debtors A/C Dr 10,00,000
To Advance received from Debtors Rs. 10,00,000 (under current Liabilities)
For Advance payment
Advance Paid to creditors Rs. 20,00,000
To Creditors A/c 20,00,000
is correct way for accounting.
Advance received Rs. 10,00,000 from Debtors
Advance Paid Rs. 20,00,000 to creditors
can I pass journal entry on 31st march as
for advance received
Debtors A/C Dr 10,00,000
To Advance received from Debtors Rs. 10,00,000 (under current Liabilities)
For Advance payment
Advance Paid to creditors Rs. 20,00,000
To Creditors A/c 20,00,000
is correct way for accounting.
Dhirajlal Rambhia
(Expert)
29 December 2024
No. You cannot adjust such advances received or paid to different entities.
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