restatement of advance against purchase

This query is : Resolved 

13 May 2010 Is it required to restate the advance amount given in USD against purchase as on balance sheet date?

13 May 2010 Advances paid against purchases and advances received against services are not to be re-stated on balance sheet date reason being there would be only receipt of goods or rendering of services against such advance and there will not be any monetary transactions against such advances. On the other hand Sundry Debtors or Sundry Creditors has to be restated on balance sheet date.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries