is outstanding items (either expences or incomes) comes in
trial balance? if so how to treat them in financial
statements
Answers were Sorted based on User's Feedback
Answer / shoukatali
Outstanding expences are shown in liabilities
Is This Answer Correct ? | 6 Yes | 0 No |
Answer / swami madhvendra awasthee
in this case in financial statements outstanding items is
shown only in liability side of balance sheet not in trading
or profit and loss account.
Is This Answer Correct ? | 4 Yes | 0 No |
Answer / ramesh.c
Outstanding items not comes in trail balence,it is only
adjustment entries.
Treatement: outstanding expences add to expences in
p&laccount(debit),and showned in liabalities side.
outstanding incomes credit in p&l account,asset side in
balence sheet
Is This Answer Correct ? | 2 Yes | 3 No |
Answer / devyani
Outstanding expences add to expences in
p&laccount(debit),and showned in liabalities side.
Outstanding incomes credit in p&l account,asset side in
balence sheet
Is This Answer Correct ? | 0 Yes | 1 No |
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