Is the below entrys are correct to record the advance payment for machinery
Advance for Machinery A/c Dr
To Seller A/c
Seller A/c Dr
To Bank A/c
Goruping Seller under Sundry Creditors
So in Balance sheet under current assets Advance for machinery will be shown
Is this correct method..
Please help
quite fair treatment.......
KK & Company Chartered Accountant
Pune
CA Inter
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Interactive Media Pvt Ltd.
New Delhi
CA Inter
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CCI
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CAclubindia
