Interested to Buy Any Domain ? << Click Here >> for more details...
If the financial year is Jan till Dec then would we make
any entry for the telephone bill of Dec, whose invoice/bill
would generate in Jan of next year.
If yes what would be the amount as bill is still not
received and what would be the adjusting entereis. Also how
to rectify the same in next year?
- 3 Answers
- 5469 Views
- Infosys, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / vivek bahety
Yes, as the expense belong to dec (last financial year) we have to make a provision on accrual basis n debit the telephone expense and an outstanding expense a/c shall be credited which stand in liability side.
Again in Jan we shall make the payment for the same , here we have to debit the outstanding Expense a/c and credit the cash / bank a/c (the mode of payment).
| Is This Answer Correct ? | 11 Yes | 1 No |
Answer / sajid khan
for the Dec telephone bill made a provision, and debit the
profit and loss account and credit the telephone bill
account.
| Is This Answer Correct ? | 3 Yes | 3 No |
Answer / rabi
Entry would be Telephone Exp. Dr and Telephone Expanses payable Cr. (Telephone Expanses payable should be stand in the group of Current Liblty ) and Next Month in Jan expanses payable will Adjust with cash / bank
| Is This Answer Correct ? | 0 Yes | 0 No |
Explain dual aspect term in accounting?
what is a finance
Can salary paid to promoters before incorporation be taken as a part of pre-incorporation expense? If yes how is the TDS part to be dealt with?
Could you tell someting Use's of Trial Balance and where we get the details.
Where is the reserve
Pls let me know Job profile for Account Manager.
What is partnership accounting?
what is the diffrence between bank o/d & bank occ?
how much cash transaction to single transport company per day and also per year
I m entering much more than 500-700 sales vouchers per month. But I m getting a problem while entering sale voucher is that If I have entered a sale voucher in the middle of a date then the voucher no is being changed. So how can enter a sale voucher in the middle of a date so that i can adjust the voucher nos from changing.
Do you know what is a cpa?
Tell me different branches of accounting?
Audit 
