When oustanding expense is give in the TB and corresponding
expense is not then how will we the same?
Eg.: Outstaning salary 100 given in the TB and salary for
the month is not there to add oustanding with the same. In
this situation how will we treat the same. Only in profit &
loss account or in balance sheet or both or?
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Answer Posted / sankar
The system we are following is Double entry system & in this
case the Expense incurred involves cash outflow. so, entered
in P&L alone. Whereas already reduces the cash balance in
Current asset in BS.
Now here as per Question the Outstanding Expense or Prepaid
Incomes were no yet paid or received. So, it must be
mentioned in P&L as well as BS. Then only the Both side of
BS will tally.
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