What is accrued expenses .and what is differance between
accrued Expenses & Accrued Income?
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Answer / h.r. sreepada bhagi
Accrued expenses refers to the expenses incurred or related
to a particular accounting period but paid for want of
bills. For example telephone for March, 2010, bill not
received in that month (due in the next month) & hence not paid.
Accrued Income refers to the income related to a particular
accounting period but not received
Both the accrued income & expense should be taken in to the
Profit & Loss Account of the period to which it relates.
Accrued income is receivable when it becomes due & likewise
accrued expense is payable when they become due.
When the money is received or paid, it will be entered to
Cash or Bank A/c & Customer's, Creditors or the outstanding
liabilities a/c as the case may be.
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Answer / dahlia
Acrrued Expenses and Accrued Income are an entity's
expenses and incomes or revenues that accumulate
throughout an accounting period.
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Answer / dhamu
Accured income and expenses is mercantile systems, This
income/expenses are not yet received in that particular
financial perion,it will be received in future
| Is This Answer Correct ? | 0 Yes | 1 No |
A and V enter into a joint venture to sell a consignment of biscuits sharing profits and losses equally. A provides biscuits from stock Rs 10000. He pays expenses amounting to Rs 1000. V incurs further expenses on carriage Rs 1000. He receives cash for sales Rs 15000. He also takes over goods to the value of Rs 2000. The profit on joint venture is 7 (a) Rs.3000 (b) Rs.5000 (c) Rs.6000 (d) Rs.3500
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