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ESI payable in the year 2010 was Rs.11000 but not accounted
for by mistake in that year.It was paid in the year
2013-14. Then what will be the journal entry?
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Answer / baahubali
First you pass the Journal entry in the year 2010 as below
Esi A/C----Dr 11000
To Accrued Expenses Year end A/C----Cr. 11000
Now this 11000 is Outstanding payment So, entry at the time
of Payment is
Accrued Expenses Year end A/C ----Dr 11000
To Cash/Bank A/c---------Cr 11000
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / srabani
but by mistake no entry passed in the year 2010, So in
2013-14 What i Will do? Please suggest me.Treat is very urgent.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / charuduth
Debit: Prepaid expenses-ESI A/c
Credit: Bank A/c
| Is This Answer Correct ? | 0 Yes | 0 No |
Why discount on issue of debenture is shown as ficitious assest in Balance sheet ..? same why preliminary expenses ia also shown as ficitious assets in Balance sheet :?
3 Answers Accenture, Cap Gemini,
From the following Trial Balance of Seema Garments as on 31st Dec., 2007, prepare Trading Profit and Loss Account and Balance Sheet: Dr. Rs. Cr. Rs. Opening Stock 15000 Purchases and Sales 109000 180000 Manufacturing Wages 8000 Fuel, Power and Lighting 12000 Salaries 11000 Income Tax 5500 Loan to Mr. X at 10% pa. 5000 Interest on Mr. X’s Loan 300 Apprentice Premium 4500 Rent 4000 Rent Owing 600 Furniture (includes furniture of Rs.1000 purchased on 1st July, 2007) 5000 B/R and B/P 6000 1600 Plant 72000 Debtors and Creditors 28000 13000 Capital 100000 Cash 19500 300000 300000 Informations: 1. Closing Stock was valued at Rs. 30,000. 2. Goodsworth Rs. 5000 was sold on 28th December, but no entry was passed to this effect. 3. Goods costing Rs. 7000 was purchased and included into Stock but no entry was passed to record the purchases. 4. Create a provision of 2% for discount on debtors. 5. Apprentice premium received on 1st January, 2007 was for 3 years. 6. Depreciate the furniture by 10% p.a. 7. Salaries for the month of December, 2007 are still outstanding.
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