29 April 2016
Debit the advance against the name of person and credit the bank ac. When the person present the bill for work done deduct the advance and pay the balance.
29 April 2016
eg- in a project I got 50000 for some work now i want to give 20000 as an advance to some Party X. Later he gives me bill of 22000. what shud be the entries for all the activities.