restatement of advance against purchase
This query is : Resolved
13 May 2010
Is it required to restate the advance amount given in USD against purchase as on balance sheet date?
13 May 2010
Advances paid against purchases and advances received against services are not to be re-stated on balance sheet date reason being there would be only receipt of goods or rendering of services against such advance and there will not be any monetary transactions against such advances. On the other hand Sundry Debtors or Sundry Creditors has to be restated on balance sheet date.
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