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Journal entry
I want to know how to pass journal entry for making advance payment to the party for boring work and it adjustment at the time of final payment
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Here the journal entry would be as below as per my knowledge:
For payment of Advance je as below
Party Account ......Dr
Bank/Cash account ......Cr
For adjustment at final as below
Service/Exp account ....Dr (full amount)
Party account .......CR
Hi All,
Please suggest if my understanding on above entries incorrect.
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