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Querist : Anonymous

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Querist : Anonymous (Querist)
21 September 2011 DEAR SIR,

suppose ABC COMPANY HAVE A EPC CONTRACT WITH XYZ COMPANY. THE TOTAL CONTRACT VALUE IS 10000.WE WILL HAVE TO PAY 10 % AS AADVACE FOR MOBILISATION OF EQUIPMENT. SO WHICH ENTRY ABC SHOULD TAKE FOR 10 % ADVACE PAYMENT.
THE ENTRY WILL BE.

LOAN AND ADVACE ACOOUNT DR.

TO XYZ A/C.

AFTER PAYMENT

XYZ A/C DR ,
TO BANK.




THANKS AND REGARDS,

AVINASH KORDE.
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VISHRUT

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VISHRUT (Expert)
21 September 2011 It will be like other advanve only.

Party's a/c Dr.
To Bank a/c
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CA Pushpendra Gaur

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CA Pushpendra Gaur (Expert)
29 September 2011 it is to be other advance only, but it should be adjusted against the running bills properly on proportionate method
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