Dear Sir,
There are certain advances at the year end against which the materials have been supplied in next year how these will be treated at the year end ?
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Accounting Entry
Replies (6)
so as advance to creditors in the first year and knock off the advance in the next year.
agree with above show seprately advance to creditor knock off next year against purchase
Agreed with Aditya modi
IT WILL BE TREATED AS ADVANCE AGAINST SUPPLY UNDER CURRENT LIAB.
agree with aditya...
Show it as Advance as on 31st march...
and Dr the purchases against the same in next yr :)
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