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what entry will be passed if we had made excess payment to our creditor and our creditor had closed our account in his books.....
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what journal entry will be passed
Party Account Dr.
Bad debt written off a/c Dr. (excess payment amt)
To Bank Account
Bad debt written off a/c Dr. (excess payment amt)
To Bank Account
Show it as advance to customer
It cannot be shown as advance since the book of creditor is already closed
THEN ASK THE SUPPLIER WHERE HE HAS ADJUSTED YOUR PAYMENT
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