journal entry of outstanding
Question Submitted By :: Accounting-General
I also faced this Question!! Answer Posted By
EXPENCES A/C DR
TO O/S EXPENCES Alok Patkar
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
to outstanding rent a/c Rasheed
Party's A/c .........Dr.
To Outstanding Expenses A/c. Samrat Das
outstanding expences a/c .....dr.
to expences a/c Shahid Raza, Pgdm,l.b.s,g.noid
Outstanding indicates both thing whether Receivable or Payable
if its Telephone charges Payable for the month of march,
Telephone a/c Dr
Telephone charges payable a/c
Because Expenses always shown dr balance and Liabilti always
shown Cr Balance
Raghu.aps Eveing V B.com
profit and loss a/c..dr
to outstandind exp a/c P.vijendra