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?
Answers were Sorted based on User's Feedback
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 |
What is general entry credit purchase with discount?
Pl's confirm me this entry how to pass in Tally 9.0 & Tally ERP.9 that if I purchase 20 mobile,30 phone,20 LCD,15 laptop from mangesh @ Rs.7000,Rs.200,Rs.17000 and Rs.14000 respectively on each. But I purchase by cash and 15 days later I sold half of the thing to priya margin of Rs.100 on each by cheque and rest i sold to minal on cash margin of Rs.200 on each. But I received cash 1 month later. so calculate how much profit I got by selling the products.
under the modified cash basis of accounting, most revenues and expenses are recognized on the cash basis. Which one of the following items is an EXCEPTION to this accounting practice? a.Advertising b.Professional Fees. c.Supplies d.Rent
what is the finalisation of accounts,
Describe the advantages and disadvantages of the different accounting packages/systems you have used recently in your accountant jobs
How to create a Interest Invoices
how can i settle the party ac with cr & dr
What are a debit note and credit note with an example?
if company give the purchase order worth of 10,000 (INR) in advance, but the seller only sell around 8,000 (INR)and remain ing Rs 2000 return to the company, so how to deal with this scenario in accounts payable in oracle, can u hide to me
IRR and NPV
Explain what does the standard journal entry includes?
what is the difference b/w provision for baddebts,reserve for baddebts? pls explain me with example