there are certain advances at the year end against which the materials have been supplied in next year how these wil be treated at the year end ....?
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It will be shown as a liability
Shown as Advance to Suppliers under Loans and Advances
Advances will be shown as a liability
Entry will be
Cash/Bank A/c Dr
To Advance from Customer(Liability) a/c
In case you are receiver of the advance show it under Current Liabilities as Advance from Customer
If the advances are paid to Creditors then the entry will be
Advance a/c Dr
To Bank a/c
it will be treated as advance against supply
totally agree wid Naga Praveen..
Dear all,
Any body tell me that what kinds of precautions are to be taken in minds while preparing a balance - sheet of a manufacturing company. what annextures & attachment are to be prepare for that.
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