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Question: Travelling Advance Journal Enteries
Answer: What journal enteries will come for the following
Travelling Advance given----- Rs. 10,000
Spent--- 8,000
Returned--- 2,000 |
| February 02, 2008 10:43:53 |
#1 |
| mukunthaniyer |
Member Since: February 2008 Total Comments: 1 |
RE: Travelling Advance Journal Enteries
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Travelling Advance given----- Rs. 10,000
Spent--- 8,000
Returned--- 2,000
Jrnl 1 At the time of Despatch of Advance:
Conveyance Advance a/c Dr 10,000
To Bank/Cash/etc... 10,000
(conveyance advance balance retained beyond periodical closure has to be shown in the B/S Assets side as Prepaid Expense).
Jrnl 2 At the time of Entering actual expenses/refund:
Conveyance a/c Dr 8,000 (transfer to the expense acct)
Bank/Cash a/c Dr 2,000 (entry for refund)
To Conveyance Advance a/c 10,000 (balancing the previous debit)
Hope this is clear... Get bac to me if there's something wrong with it!!!
Bye... |
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