journal entry of outstanding
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Answer / rasheed
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
Rent a/c..............dr
to outstanding rent a/c
| Is This Answer Correct ? | 24 Yes | 0 No |
Answer / samrat das
Party's A/c .........Dr.
To Outstanding Expenses A/c.
| Is This Answer Correct ? | 15 Yes | 5 No |
Answer / raghu.aps eveing v b.com
Outstanding indicates both thing whether Receivable or Payable
if its Telephone charges Payable for the month of march,
than
Telephone a/c Dr
Telephone charges payable a/c
Because Expenses always shown dr balance and Liabilti always
shown Cr Balance
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / kaleem
The actual question is Journal entry for Outstanding ??
and the Answer is
Expenses(Audit fee) A/c ----Dr.
To Outstanding expenses (Audit fee)A/c---Cr
and at the time of clearing Outstandings..
Outstanding expenses(Audit fee) A/c----Dr.
To Cash/Bank A/c----Cr
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / p.vijendra
profit and loss a/c..dr
to outstandind exp a/c
| Is This Answer Correct ? | 2 Yes | 3 No |
Answer / shahid raza, pgdm,l.b.s,g.noid
outstanding expences a/c .....dr.
to expences a/c
| Is This Answer Correct ? | 9 Yes | 11 No |
How did you chose your university?
A firm had the following Balances on 1 January 1994: (i) Provision for bad and doubtful debts Rs 2,500 (ii) Provision for discounts on debtors Rs 1,200 (iii) Provision for discounts on creditors Rs 1,000 During the year, bad debts amounted to Rs 2,000, discounts allowed were Rs 100 and discounts received were Rs 200. During 1995 bad debts amounting to Rs l,000 were written off while discounts allowed and received were Rs 2,000 and Rs 5,000 respectively. Total debtors on 31 December, 1995 were Rs 48,000 before writing off bad debts, but after allowing discounts. On 31 December, 1995, this amount was Rs 19,000 after writing off the bad debts, but before allowing discounts. Total creditors on these two dates were Rs 20,000 and Rs 25,000 respectively. It is the firm’s policy to maintain a provision of 5% against bad and doubtful debts and 2% for discount on debtors and a provisions of 3% for discount on creditors. Show the accounts relating to provisions on debtors and provisions on creditors for the year 1994 and 1995.
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