I have booked exhibition stall for Nov 2022 and paid 50% advance.
I have received invoice in March 2022 and booked all expenses means 100% in March 2022.
Is this correct treatment ?.
Thanks in Advance
Pass entry for Advance payment
Advance exhibition expenses A/c Dr
To Bank. A/c Cr
( 50% advance payment)
pass entry for Invoice received
Exhibition expenses A/c Dr
To Trade Creditors A/c Cr
( Booking of expenses)
payment entry
Trade Creditors A/c Dr
To Advance exhibition expenses A/c. Cr
To Bank A/c Cr
( Balance 50% payment after advance adjustment for exhibition expenses)
CAclubindia
