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continues supply of service
When tax invoice raised for advance payment to vendor after entering the contract but actually uap service not received yet what would be accounting treatment in books till the service received completely
Replies (4)
Your query is not clear , can u plz clarify
Please elaborate Your query once again...
Are you received advance or Paid...?
If Only advance paid then You ll enter it just advance paid to Supplier...
If You are received advance then same way You ll enter it just advance receipts from Customers...
Also clarify the advance against Goods or Services...
Are you received advance or Paid...?
If Only advance paid then You ll enter it just advance paid to Supplier...
If You are received advance then same way You ll enter it just advance receipts from Customers...
Also clarify the advance against Goods or Services...
I think you want to know GST treatment on advance payment to vendor against tax invoice received..
Prepaid expense Dr.
Deferred GST Credit Dr.
To Vendor
(GST Credit to be claimed when service is actually received i.e. along with expense accrual)
Vendor Dr.
To bank
(advance paid against tax invoice)
Prepaid expense Dr.
Deferred GST Credit Dr.
To Vendor
(GST Credit to be claimed when service is actually received i.e. along with expense accrual)
Vendor Dr.
To bank
(advance paid against tax invoice)
Mr anirudh yes you got the query correctly thank you
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