Earnest money
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 March 2012
What is Earnest Money? What is its accounting treatment? Please explain with a journal entry.
04 March 2012
Earnest money is something like security money taken for performance of the work. The same will be shown under Current liabilities in the liability side.
Journal Entry:
Cash/Bank A/c Dr (Current Asset)
To E.M/Party A/c (Current Liability)
Regards
Journal Entry:
Cash/Bank A/c Dr (Current Asset)
To E.M/Party A/c (Current Liability)
Regards
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