dr. supplier
cr. bank
There is no entry required when order is placed instead of entry is made when goods received or payment made in advance.
credit the debtor and debit the creditor
There is no journal entry for loan repayment schedule rather journal entry is made when actual payment is done or installment is paid.
Debit Loan and credit Capital Reserve
I believe the answer is as follows: If payment not made : No action If payment made : Dr Purchases Cr Bank Can someone verify this? Thanks!
There is no entry required when order is placed instead of entry is made when goods received or payment made in advance.
credit the debtor and debit the creditor
There is no journal entry for loan repayment schedule rather journal entry is made when actual payment is done or installment is paid.
A back payment is an overdue payment from a debtor to a creditor on money owed.
The entry for a bill discounting to be dishonored is made when the drawee refuses to accept or make payment on the bill. It is dishonored by non-acceptance or non-payment.
AnswerProbably, but if payments are kept current it would be unlikely that a creditor would take such action. When a scheduled payment is missed the account is in default even if the payment is "made up" and the creditor can exercisewhatever options might apply under the original agreement, including repossession of the item.
Debit Loan and credit Capital Reserve
Visit the creditor's website and you should find instructions for that particular creditor.
what is the entry for an excess payment from customer
I believe the answer is as follows: If payment not made : No action If payment made : Dr Purchases Cr Bank Can someone verify this? Thanks!
Debit drawings accountCredit cash
cash book