I want to know is this entry correct for Advance payable to Someone. Because payment made through RTGS.
Utility A/c Dr.
Advance to Someone A/c Dr.
To Someone's A/c
No
Advance to (Name of Person) A/c Dr.
To Bank
16 Replies
Mangal Singh Khinchi
(Kota)
(259 Points)
Replied 17 November 2020
But payment will be done by rtgs mode so advance should be due than paid
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 17 November 2020
Advance given by you to Party through RTGS transfer
Advance A/c Dr. (Under Group - Loan and Advances)
To Bank
Advance A/c Dr. (Under Group - Loan and Advances)
To Bank
Mangal Singh Khinchi
(Kota)
(259 Points)
Replied 17 November 2020
Advance dene se pahle advance payable ki entry karni hai woh punch raha hoon?
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 17 November 2020
Not need to pass payable entry only payment entry required
Mangal Singh Khinchi
(Kota)
(259 Points)
Replied 17 November 2020
Pahle ke due amount ke saath advance due karke ek saath payment karna hai isliye advance payable dikhayenge tabhi to ek saath payment kar paayenge kyonki single payment hua hai na ki alag-alag?
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 17 November 2020
Ab tum party ko bill ke against payment karna chate ho
Mangal Singh Khinchi
(Kota)
(259 Points)
Replied 17 November 2020
Bill ke against bhi payment dikhana chahte hain aur saath hi advance due karke RTGS Ke jariye dono ka ek saath payment dikhana chahte hain
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 17 November 2020
When advance given to party
Advance to Party A/c Dr
To Bank
When Bill Received from Party
Expenses A/c Dr.
To Party
When payment made against Bill
Party A/c Dr. (Bill amount)
To Advance to Party (Advance amount)
To Bank (Bal amount)
Advance to Party A/c Dr
To Bank
When Bill Received from Party
Expenses A/c Dr.
To Party
When payment made against Bill
Party A/c Dr. (Bill amount)
To Advance to Party (Advance amount)
To Bank (Bal amount)
sabyasachi mukherjee
(27574 Points)
Replied 18 November 2020
Procedure of Advance payment and subsequent reflection in Balance Sheet and Pl .
creation of master in Ledger Accounts:
1. if it is a recurring transaction involving some lacs or thousands
create master.
otherwise not.
create party account in master in the software.
creation of master in Ledger Accounts:
1. if it is a recurring transaction involving some lacs or thousands
create master.
otherwise not.
create party account in master in the software.
shahyar husain
(1240 Points)
Replied 18 November 2020
What should be a journal entry for 'advance received against sales'?
sabyasachi mukherjee
(27574 Points)
Replied 18 November 2020
This is in continuation with my previous reply
1.book the bill submitted by vendor
2. dr. relevant expenses
cr. party account
3. in case of advance given to party account.
dr. party account
cr. bank
4. while paying adjust for the balance.
1.book the bill submitted by vendor
2. dr. relevant expenses
cr. party account
3. in case of advance given to party account.
dr. party account
cr. bank
4. while paying adjust for the balance.
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 19 November 2020
When advance received
Cash / Bank A/c Dr.
To Advance received from Debtors A/c
Cash / Bank A/c Dr.
To Advance received from Debtors A/c
sabyasachi mukherjee
(27574 Points)
Replied 19 November 2020
Cash /bank dr.
advance received from debtors cr.
balance sheet
It will be shown under
Current liabilities
advance received from debtors cr.
balance sheet
It will be shown under
Current liabilities
Recent Topics
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
- Claim if ITC on stocks 19-2020 conversion from com
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
Related Threads
CAclubindia
