I would like to know how to make journal entries when advances given to sundry creditors for Instance on 01.10.17 we have made NEFT of 1,00,000/- towards advance for Furniture & Fixtures(Iron Safe in case of Co operative Credit Society) and on 14.10.17 we have received the Iron safe and balance amount of Rs.90,000/- paid through bank now I would like to know the Journal entries for the same
14 October 2017
on 1.10.17
Vendor A/c Dr 100000
To Bank. 100000
on 14.10.17
Vendor a/c Dr 90000
To Bank 90000
Furniture & Fixture Dr 190000
To Vendor. 190000
14 October 2017
In normal all the entry (Purchase, Sales, Payment, Receipt, Journal) are called Journal entry.
If you go to technical meaning than people bifurcated the entry
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