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Categories >> Accounting >> Accounting General
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
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 Accounting General interview questions  Accounting General Interview Questions (2844)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4376)
Question
journal entry of outstanding
 Question Submitted By :: Accounting-General
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
EXPENCES A/C DR
TO O/S EXPENCES
 
Is This Answer Correct ?    13 Yes 2 No
Alok Patkar
 
Answer
# 2
MR.Alok Patkar is correct

EXample: outstanding rent is 2000/-

outstanding is liability to the business and liability always shows credit balance....so it should be credit and respective account should be debit...
for above example entry will

Rent a/c..............dr
to outstanding rent a/c
 
Is This Answer Correct ?    11 Yes 0 No
Rasheed
 
 
 
Answer
# 3
Party's A/c .........Dr.

To Outstanding Expenses A/c.
 
Is This Answer Correct ?    12 Yes 4 No
Samrat Das
 
Answer
# 4
outstanding expences a/c .....dr.
to expences a/c
 
Is This Answer Correct ?    8 Yes 5 No
Shahid Raza, Pgdm,l.b.s,g.noid
 
Answer
# 5
Outstanding indicates both thing whether Receivable or Payable
if its Telephone charges Payable for the month of march,

than

Telephone a/c Dr
Telephone charges payable a/c
Because Expenses always shown dr balance and Liabilti always
shown Cr Balance


 
Is This Answer Correct ?    1 Yes 0 No
Raghu.aps Eveing V B.com
 
Answer
# 6
The actual question is Journal entry for Outstanding ??

and the Answer is

Expenses(Audit fee) A/c ----Dr.
To Outstanding expenses (Audit fee)A/c---Cr

and at the time of clearing Outstandings..

Outstanding expenses(Audit fee) A/c----Dr.
To Cash/Bank A/c----Cr
 
Is This Answer Correct ?    0 Yes 0 No
Kaleem
 
Answer
# 7
profit and loss a/c..dr
to outstandind exp a/c
 
Is This Answer Correct ?    1 Yes 2 No
P.vijendra
 

 
 
 
Other Accounting General Interview Questions
 
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Under which head the cleaning expenses will come in accounts   3
Can we transfer balance on gl a/c to another Gl a/c if what is the process steps and tr code? TCS 1
what is addition of Opening Balance and net profit transfered from profit and loss account called?   1
1.Closing Inventory consists of 1,100 units. What would be the cost of Closing Inventory under FIFO and LIFO methods? Opening Inventory 1000 units @ $ 10 $ 10,000 Purchase (1) 800 units @ $ 11 $ 8,800 Purchase (2) 500 units @ $ 14 $ 7,000 Purchase (3) 400 units @ $ 12 $ 4,800 Purchase (4) 300 units @ $ 13 $ 3,900 ------------ ----------- Totals 3000 units $ 34,500 ======= ======   1
when we give to payment for contractor what entry pass with tds?   2
exchanged old furniture for new,the value of old furniture was rs 350 while the vaue of new furniture was rs 900 balance paid in cash what will be the journal entry according to you Chartered-Accountant 2
 
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