Check sibling questions
Receipt Voucher is to be issued in case Advance received from Customer
Refund Voucher is to be issued in case Advance is to be returned to Customer
 

Example 1

Suppose A Makes sales to B of 20000+5% GST on 1 Nov

Money Received in Advance from B of 5000 on 1 OCT

Remaining 16000 Received on 1 Dec

What invoices to be issued?

View Answer

Example 2

Money Received in Advance from B of 5000 on 1 OCT

Sales not made

Money Returned on 1 Nov

What invoices to be issued?

View Answer

 

 

Note
We have already studied that we have to pay GST on advance in case of only Services (not goods)
However
Concept of Receipt Voucher and Refund Voucher is applicable in case of both goods and services

 

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 12 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.