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Raghavendra kumar (Querist)
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18 May 2013 an advance of Rs.1,00,000/- have been given by an educational society for purchase of software for student education during the year 2011-12 and the software have delivered during the year 2011-12,because of poor performance of software the contract have been closed during the year 2012-13 with that advance amt only,without paying the remaining balance.some one please suggest me how to close the transaction now.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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18 May 2013 Though the particulars furnished are incomplete, yet the amount shown as advance may be debited to Expenses account in FY 2012-13 as the same may be deemed as - have been incurred
for the FY 2012-13.
.

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