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what is the entry for accrual expense and accrual income.
And how they are treated.
Thanks.

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what is the entry for accrual expense and accrual income. And how they are treated. Thanks...

Answer / manoj kumar pramanik

By Expenses a/c dr.
To Expenses Payable a/c cr


By Income Receivable a/c dr.
To Income a/c cr.

Is This Answer Correct ?    18 Yes 1 No

what is the entry for accrual expense and accrual income. And how they are treated. Thanks...

Answer / p. vedha

accured expenses means expenses paid in advance

example : prepaid expenses a/c dr
to concerned expenses a/c cr


accured income means income received in advance

example : concerned income a/c dr
to income received in advance a/c

Is This Answer Correct ?    19 Yes 15 No

what is the entry for accrual expense and accrual income. And how they are treated. Thanks...

Answer / maya krishnakumar

Accrued income
Itis the income accrued but not received as on the date of preparing final accounts
the entry is Accrued Income A/c Dr
to Concerned Income

Treatment
It will be added to the concerned income And shown as asset side of Balnce sheet as amount yet to be received

Accrued Expenses
It is the expenses already due but not paid
Concerned Expenses A/c Dr
to Accrued Expenses
Treatment
It shall be added with the Concerned expenses and shown as liability side of the balance sheet as outstanding expenses

Is This Answer Correct ?    3 Yes 0 No

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