there are certain advances at the year end against which the materials have been supplied in next year how these wil be treated at the year end ....?
8 Replies
Naga Praveen
(Chartered Accountant)
(304 Points)
Replied 16 July 2011
It will be shown as a liability
Krishna Upadhya
(Consultant-Tax Advisory Services)
(53 Points)
Replied 16 July 2011
Shown as Advance to Suppliers under Loans and Advances
Naga Praveen
(Chartered Accountant)
(304 Points)
Replied 16 July 2011
Advances will be shown as a liability
Entry will be
Cash/Bank A/c Dr
To Advance from Customer(Liability) a/c
Krishna Upadhya
(Consultant-Tax Advisory Services)
(53 Points)
Replied 16 July 2011
In case you are receiver of the advance show it under Current Liabilities as Advance from Customer
Naga Praveen
(Chartered Accountant)
(304 Points)
Replied 16 July 2011
If the advances are paid to Creditors then the entry will be
Advance a/c Dr
To Bank a/c
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 16 July 2011
it will be treated as advance against supply
Rohtash
(CA - Final / CS / B.Com)
(1140 Points)
Replied 25 July 2011
totally agree wid Naga Praveen..
Laxmi Narayan Singh
(Accountant)
(34 Points)
Replied 27 July 2011
Dear all,
Any body tell me that what kinds of precautions are to be taken in minds while preparing a balance - sheet of a manufacturing company. what annextures & attachment are to be prepare for that.
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