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What is the closing entry for outstanding amount?
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Answer Posted / om. maliya
Expenses A/c Dr.
To Payable A/c. Cr.
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Please do tell me about the questions which are asked at BACS FINAL ROUND.
Q5 Prepare a Balance sheet from the following particulars: Gross profit =Rs.80,000 Gross profit to cost of goods sold =1/3 Stock velocity =6 times Opening stock =Rs.36,000 Accounts receivable velocity =72 days (year=360 days) Current assets=Rs.1,50,000 Account payable velocity=90 days Bills receivable =Rs.20,000 Bills payable=Rs.5,000 Fixed assets turnover ratio (on cost of goods sod)=8 times
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