04-28-2009, 09:20 PM
you should treat it as follows
Agency Account to whom you give advance is Debited (i.e your purchase)
Credit Bank Account
with a narration of the customer on whom behalf you have given advance
at the time of receiving Visa from agency you should pass the following entry
Debit bank ( the amount received from your customer)
Credit Visa service / Sale
The difference between the payment made by you to agency and payment received from custmer will be charged to your profit and loss account
Agency Account to whom you give advance is Debited (i.e your purchase)
Credit Bank Account
with a narration of the customer on whom behalf you have given advance
at the time of receiving Visa from agency you should pass the following entry
Debit bank ( the amount received from your customer)
Credit Visa service / Sale
The difference between the payment made by you to agency and payment received from custmer will be charged to your profit and loss account
