Is "advance received against supplies" is a revenue item?
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advance received
Replies (3)
Not a Revenue Item
Its Advance.
and adjust accordingly from that ledger
As per AS 18, 'advance' is considered as related party transaction. So does it include "advance against supplies" and "advance received back"?
Yes,
As Per AS - 18 - Related Party Disclosures
Advance Received Also Covered and To Be Shown in Financial Statements.
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