I have booked exhibition stall for Nov 2022 and paid 50% advance.
I have received invoice in March 2022 and booked all expenses means 100% in March 2022.
Is this correct treatment ?.
Thanks in Advance
Menu
Expenses Booking
Replies (2)
Quick Summary
Pass entry for Advance payment
Advance exhibition expenses A/c Dr
To Bank. A/c Cr
( 50% advance payment)
pass entry for Invoice received
Exhibition expenses A/c Dr
To Trade Creditors A/c Cr
( Booking of expenses)
payment entry
Trade Creditors A/c Dr
To Advance exhibition expenses A/c. Cr
To Bank A/c Cr
( Balance 50% payment after advance adjustment for exhibition expenses)
Advance exhibition expenses A/c Dr
To Bank. A/c Cr
( 50% advance payment)
pass entry for Invoice received
Exhibition expenses A/c Dr
To Trade Creditors A/c Cr
( Booking of expenses)
payment entry
Trade Creditors A/c Dr
To Advance exhibition expenses A/c. Cr
To Bank A/c Cr
( Balance 50% payment after advance adjustment for exhibition expenses)
Invoice can be booked fully but there is one scenario where one adjustment entry for revenue recognition needs to be passed. First the exhibition will spill over from one period to another accounting period.
Recent Topics :
- Police Bandobost and GST Invoice
- Understanding where manual effort goes in audit wo
- Scanned purchase bills to Tally XML with GST check
- TDS applicability of foreign remittance to Oracle
- GSTR 9 LATE FEE
- Best Online Mock Test Series for CA Inter January
- COST OF IMPROVEMENT
- Pillows and Mattresses
- GST Applicability for Reg. / Un-Reg. Indian custom
- Amended GST Act & Rules
Related Topics :
CAclubindia
