Suppose I have given an advance of Rs 10000 on 20th November and recorded in the payment side of the Receipts & Payments account. When I get the expense details later I"ll record the same on the payment side.But then do I need to show the advance given earlier on the receipt side?
Thanks for the reply.Just to get more clarity if the expenses totals Rs 7500 then do I need to record the balance amount of Rs 2500 on the receipt side.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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