Tags Accounts Payable

Animals & Plants Arts & Entertainment Auto Beauty & Health Books and Literature Business Electronics Engineering & Technology Food & Drink History Hobbies Jobs & Education Law & Government Math People & Society Science Social Studies Sports Travel & Places

0

Subjects>Business>Accounting

What is the journal entry for settlement of advance?

Updated: 9/14/2023

Wiki User

∙ 8y ago

Best Answer

Suppose "A" Gives Rs 100000 as an Advance to "B"

what will be the Journal Entry of Advance given to B and latter the Advance settling entry after the B give a bill to A

Wiki User

∙ 8y ago

This answer is:

More answers

Wiki User

∙ 9y ago

Debit expenses / settlement account
Credit advances account

This answer is:

Add your answer:

Earn +20 pts

Q: What is the journal entry for settlement of advance?

Write your answer...

Submit

Still have questions?

imp

Continue Learning about Accounting

What is the Journal entry for advance?

Debit advance paidCredit cash / bank

What is the accounting journal entry to record settlement charges?

Debit settlement chargesCredit cash /bank

What is the journal entry of payment received in advance?

Debit advance cash receivedCredit unearned revenue

What is the journal entry for cash advance to employee's pay?

Debit advance salaryCredit cash / bank

What is the Journal entry for purchase of asset by advance payment?

Debit advance payment for assetCredit cash / bank

Related questions

What is the Journal entry for advance?

Debit advance paidCredit cash / bank

What is the journal entry of rent recieved in advance?

cash debit rent in advance credit

What is the accounting journal entry to record settlement charges?

Debit settlement chargesCredit cash /bank

What is the journal entry in granting the travel in cash advance?

debit advance cashcredit cash / bank

What is the journal entry for cash advance to employee's pay?

Debit advance salaryCredit cash / bank

What is the journal entry of payment received in advance?

Debit advance cash receivedCredit unearned revenue

What is the Journal entry for purchase of asset by advance payment?

Debit advance payment for assetCredit cash / bank

What is the journal entry for deferred revenue?

As it is a advance receipt the journal entry would be cash dr. to deferred revenue

How do you apply cash advance in journal entry?

debit advances accountcredit cash

What is the journal entry for advance received from X in the form of cheque?

Bank a/c DrTo Advance from the party A/c

What is the journal entry for Advance Salary paid to ram through Bank?

advance salary a/c dr to cash

What is the Journal entry for collected 770 in advance from a customer?

A cash advance received from customer journal entry is required when a business receives a cash payment from a customer in advance of delivering goods or services.

Trending Questions

On this year's income tax can you file dependents? How can aafes offset your husband's tax refund for something you did when you did not have an income? What is the amount owed to a business that are on a credit basis are considered a current asset on the book? What check does not require a payee? How do you draw a demand draft? 3 examples of non profit organisation? Why would corporate financial officers be concerned about their stock values? Is there no difference between the recording of cash sales and the recording of MasterCard or Visa sales True or false? You arrive at the front desk just in time to meet the tax deadline which government agencies are you least likely to have encountered on your journey? What is the importance of accounting voucher? How do you cash outdated money orders? What is ceded revenue? What is the explanation for the components of prime cost? What are the main responsibilities of quantity surveyor? Causes material usage variance? What does the Line Tech at ja biztown do? How much tax will you pay if you live in Colorado? Do you have to send a 1099 misc for health insurance payments? Can you claim four kids on a Federal Tax return? What is internal document reference?

Still have questions?

imp

Previously Viewed

What is the journal entry for settlement of advance?

Resources

Top Categories

Product

Company

Copyright ©2024 Infospace Holdings LLC, A System1 Company. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Answers.