Journal Entry for Receiving an Order and Advance Payment:

To record the transaction of receiving an order for ₹1,00,000 from Ashok and receiving a bank draft for ₹50,000 as an advance against the order, the following journal entry is made:

1. Date and Description:
Date: [Date]
Description: Received an order from Ashok for supply of goods and received a bank draft as an advance payment.

2. Debit and Credit Accounts:
Debit: Accounts Receivable - Ashok ₹1,00,000
Credit: Sales ₹1,00,000

3. Explanation:
The debit entry is made to the "Accounts Receivable - Ashok" account, representing the amount owed by Ashok for the goods to be supplied. This account is classified as a current asset on the balance sheet.

The credit entry is made to the "Sales" account, representing the revenue generated from the sale of goods. This account is classified as an income statement account.

4. Debit and Credit Accounts:
Debit: Bank ₹50,000
Credit: Accounts Receivable - Ashok ₹50,000

5. Explanation:
The debit entry is made to the "Bank" account, representing the increase in cash due to the receipt of the bank draft as an advance payment. This account is classified as a current asset on the balance sheet.

The credit entry is made to the "Accounts Receivable - Ashok" account, reducing the amount owed by Ashok by the advance payment received. This adjustment ensures accurate recording of the outstanding balance.

6. Debit and Credit Accounts:
Debit: Bank ₹50,000
Credit: Cash in Advance ₹50,000

7. Explanation:
The debit entry is made to the "Bank" account, representing the increase in cash due to the deposit of the bank draft. This account is classified as a current asset on the balance sheet.

The credit entry is made to the "Cash in Advance" account, representing the liability owed to Ashok for the advance payment received. This account is classified as a current liability on the balance sheet.

Summary:
In summary, the journal entries for receiving an order for ₹1,00,000 from Ashok and receiving a bank draft for ₹50,000 as an advance against the order are as follows:

1. Debit: Accounts Receivable - Ashok ₹1,00,000
Credit: Sales ₹1,00,000

2. Debit: Bank ₹50,000
Credit: Accounts Receivable - Ashok ₹50,000

3. Debit: Bank ₹50,000
Credit: Cash in Advance ₹50,000

By recording these journal entries, the company accurately reflects the increase in accounts receivable, sales revenue, and cash assets, as well as the decrease in the liability for the advance payment received.

Selling of goods
dr. 100000 to cash accounts 50000