entries of Bills in advance and bills in arrears?
- 1 Answers
- 2987 Views
- IBM, I also Faced
- E-Mail Answers
Answer Posted / vinay kumar
For bills In advance entry will be
Let's the expenses is for rent then if at one time all the 12 month rent is paid in 1st of July,2016 then for july month the entry will be
Rent account Dr.1/12th of rent
Prepaid rent account Dr.11/12th of rent
To bank/cash account
For bills in arrear
Rent of 3 month due in financial year but paid only for 1 month then
Rent a/c Dr.3 month rent
To cash/bank. 1month rent
To outstanding rent 2 month rent
I hope ,u got ur answer
| Is This Answer Correct ? | 1 Yes | 0 No |
Post New Answer View All Answers
Is advance paid wages has credit balance?
Data flow of Accounts payable to General ledger?
How do we return the loan in equal installments with interest in tally
Received credit note for Rs 3500 towards transport charges on the goods supplied from Vinod traders. The transport charges were already paid at the time of delivery. Pass entries at the time of payment of transport and for credit note
What is cash clearing account
whether unsecured loans written off can be transferred directly to capital reserve without crediting it to profit and loss account
Lets suppose X sold goods to Y on credit basis and after the due date is over Y could not make the payment due to Y became insolvent, so In X books he will show the uncollectible as Bad debts expense but in Y account under which account Y will show this while journalizing this transaction in his books of accounts?
please tell me short cut method in maths as well as in english for correcting the error for the post of clerck in bank exam
Comments Elements in accounting
what are the steps used in UAT in Oracle Apps?
MAY I PREPARE TAX INVOICE FROM MFG UNIT TO RETAILER DIRECTLY?
what is the main difference between nse & bse operations
what are micro-cap, small-cap, mid-cap, large-cap companies?
What is the use of final account?
What is written off?
