Journal entries
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 November 2017
A new company got a project and received an advance 100,000/- from debtors, owner want to use this amount as capital introduces and he used this amount to purchasing machinery, raw material etc.
what is journal entries for income, capital and receivable.
what is journal entries for income, capital and receivable.
14 November 2017
if the advance is received from debtor...
debit cash/ bank account
credit advance from debtor.
Please note that there is no any journal entry for the transactions like funds are received as advance from debtor but owner wants to show it as capital introduced by him. (Under such circumstances, the accountant should either educate the owner about accountancy or resign from the job)
debit cash/ bank account
credit advance from debtor.
Please note that there is no any journal entry for the transactions like funds are received as advance from debtor but owner wants to show it as capital introduced by him. (Under such circumstances, the accountant should either educate the owner about accountancy or resign from the job)
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Exiting partner in partnership firm in gst portal
- CLOSING STOCK QUERY
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Error in uploading Form 10BD
- Banking Related Issue
- Difff in ais receipts and gst turnover
- Loss of interest in PF transfer from EPFO to Trust
- ITR-3 File/Error Found
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- Gst on travel by air for business purposes
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
