Dear all
Company 'A' paid cash to "X COMP" for website designing.
X COMP received advance payment of 5000/-, total cost is 15000/-
Under which head the entry will come & pls explain the entry also.
Thx in advance.
2 Replies
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 22 July 2011
X COAC - -- - - - - -- - -- - - - -- - - - - - - - -- - -- - -- DR.
TO CASH/BANK
(BEING ADVANCE GIVEN)
IT WILL BE TREATED UNDER LOAN AND ADVANCES
Ranjan Dayal
(Professional)
(275 Points)
Replied 22 July 2011
''X COMP'' is a sundry creditor for company '' A '' ttarget='_blank' rel='nofollow' hrefore "X COMP'' Account will be grouped under sundry Creditors and Entry will be Passed As under :
At the time Advance Payment :
X COMP Dr. 5000.00
To Cash/Bank Ac Cr. 5000.00
(Being Advance payment made for web Site designing)
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