Just wanted to know this
I am preparing a Balance Sheet. Under Debtors, there are 2 accounts created for a party
1. Showing advance recieved
2. Recievable from Debtors
My client argues that i keep both these accounts seperately. Is there anything that states it should be stated seperately or merged whatever.
Ankit CA and CS (Manager - Accounts) 16 June 2010
If a debtor account have credit balance due to advance received from him it should be regrouped from debtors to creditors... and no separate disclosure required....