Answer / siva

Payables creates two sets of accounting entries when you use future dated payment method.

1.Journal entries for the payment of an invoice which uses a future payment method

Liability Account Dr
Cash Clearing Account Cr

2.After you clear a future dated payment with bank to your customer it will create second set of accouting entries.

Cash Clearing Account Dr
Cash A/c(Asset A/c) Cr

Answer / venkata karthik

future dated payments means prepaid expenses like prepaid
insurance

Answer / durgesh kumar

There is no accouting entry passed for future dated payment
menthod. We will pass a Purchase a/c Dr
To Vendor a/c.
and once the entry is seen in any ERP we have a option to
go and change the payment method. But we do not pass any
accounting entry. And Payment method is always editable
field till the Invoice is closed

what is the last date of deposit TDS on liability for the assessment year 2010-11

0 Answers  

---

is we purchase any software like installation of MS Windows do we need to capitalize it or post it under head repair & maintenance A/c?

4 Answers  

---

The following are the transactions with respect to goods traded by Gopal- i) Purchased goods worth Rs.50,000 on 1-1-2005 for cash ii) Sold goods costing Rs.20,000 for Rs.30,000 on cash iii) Bought goods Rs.45,000 from Suresh & Co on credit iv) Paid Rs.30,000 to Suresh who gave us a discount of Rs1,000 v) Sold goods Rs.23,000 but their cost is Rs.12,000 for cash vi) Sold goods to Gangadhar for Rs12,000 on credit,(cost Rs 9000) vii) Received cash from Gangadhar Rs.11,500 in full settlement. viii) Paid carriage charges on the goods purchased Rs.2,000. Find out the closing stock as on 31 -1-2005. Also, find how much is still due to Suresh?

14 Answers   ICA,

---

what is the difference between proforma invoice , commercial invoice and invoice

5 Answers  

---

Goods destroy by fire-journal entry?

15 Answers   Syntel,

---

Briefly explain the difference between receipt & payment and income & expenditure account.

3 Answers  

---

What is finalization

3 Answers  

---

Wht is the differance between Trade discount and cash Discount?

6 Answers  

---

1.Which type of records maintaing for Hotels and provision Stores. 2.in Which type of returns we are going to file. tell me whos know brefiely,,

0 Answers  

---

plz can some one tel me "The concept of stock holder's equity and paid in capital".

1 Answers  

---

Distinguish between Profit and Loss Account and Profit and Loss Appropriation Account.

4 Answers   Genpact,

---

What is the Difference Between (A/c Payable / Receivable ) AND ( Bills payable / Receivable )................?

3 Answers   GTS,

---