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Journal entry accounting

This query is : Resolved 
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(Querist)
28 April 2016 I want to know how to pass journal entry for making advance for work to the party and it adjustment at the time of final payment
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
28 April 2016 Giving advance for work need to take as advance to party under current assets and set off against final payment.
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Rupesh Jain

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Rupesh Jain (Expert)
28 April 2016 you have to make payment entry and balance will show dr bal. till bill not received
after receiving the bill then you can Debit the exp. and Cr. thje party a/c
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