Jv entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2011
DEAR SIR,
suppose ABC COMPANY HAVE A EPC CONTRACT WITH XYZ COMPANY. THE TOTAL CONTRACT VALUE IS 10000.WE WILL HAVE TO PAY 10 % AS AADVACE FOR MOBILISATION OF EQUIPMENT. SO WHICH ENTRY ABC SHOULD TAKE FOR 10 % ADVACE PAYMENT.
THE ENTRY WILL BE.
LOAN AND ADVACE ACOOUNT DR.
TO XYZ A/C.
AFTER PAYMENT
XYZ A/C DR ,
TO BANK.
THANKS AND REGARDS,
AVINASH KORDE.
suppose ABC COMPANY HAVE A EPC CONTRACT WITH XYZ COMPANY. THE TOTAL CONTRACT VALUE IS 10000.WE WILL HAVE TO PAY 10 % AS AADVACE FOR MOBILISATION OF EQUIPMENT. SO WHICH ENTRY ABC SHOULD TAKE FOR 10 % ADVACE PAYMENT.
THE ENTRY WILL BE.
LOAN AND ADVACE ACOOUNT DR.
TO XYZ A/C.
AFTER PAYMENT
XYZ A/C DR ,
TO BANK.
THANKS AND REGARDS,
AVINASH KORDE.
21 September 2011
It will be like other advanve only.
Party's a/c Dr.
To Bank a/c
Party's a/c Dr.
To Bank a/c
Message likes :
1 times
CA Pushpendra Gaur
(Expert)
29 September 2011
it is to be other advance only, but it should be adjusted against the running bills properly on proportionate method
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