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Querist : Anonymous

Querist : Anonymous (Querist)

02 March 2011 DEAR SIR
I PAID TO ONE SUPPLIER RS.50,000/- 2010 AND I WILL GET INVOICE ON MAY-10 ONLY. NOW I WANT TO PREPARE TRIAL BALANCE FOR 31-MAR-10.
HOW I WILL ADJUST THIS AMOUNT ON 31/03/11 WHAT ARE THE ENTRIES I HAVE TO PASS ON 31/12/11. PLEASE HELP ME.

avdhesh varshney

avdhesh varshney (Expert)

03 March 2011 if its an advance payment !
creat the current asset

advance payment dr
to cash

in the next year

expanse a/c dr
to advance payment

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

04 March 2011 DEAR SIR please help me (very urgent)
WE HAVE ONE PROJECT AND EXPENSES OF THAT PROJECT 50,000/- AND WE RECEIVED FROM THE CUSTOMER 55,000/-
ENTRY(2007)
CUSTOMER DR 55,000/-
TO
PROJECT INCOME 55,000/- (A/C CLOSED)
(On 2010)
NOW THE PROBLEM WE HAVE TO CONTINUE THE SAME PROJECT ON 2010 AND WE WILL GET THE 2007 INCOME (55,000/-) FROM ANOTHER CUSTOMER. (CUSTOMER CHANGED) SO WE WANT TO RETURN FIRST CUSTOMER CASH. PLEASE GIVE ME THE ENTRY ALSO HOW IT WILL AFFECT IN 2007 EXPENSES (50,000/-).
PLEASE GIVE ME THE ENTRY.
THANK YOU

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