of the asset? Hi can someone help me with the accounting entries that need to be made in the accrual method during the following points,
1. Customer gives 50% advance payment to get an item imported?
Dr-
Cr-
Where to show in P&L and Balance Sheet?
2. Item is cleared and is brought to the warehouse to keep as stock
Dr-
Cr-
Where to show in P&L and Balance Sheet?
3. Item is sold to the customer who gave the 50% advance.
Dr-
Cr-
Where to show in P&L and Balance Sheet?
Thanks a lot!
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