Answer / sagar

Accrued expenses are the expenses for the period whether paid or not.
eg. monthly rent is $1000 and payment made is $800 in this case accrued expenses will be $1000 and not the amount that has actually being paid $800.

Answer / lokesh

Accrued expenses is expenses related to the current accounting period but will pay next accounting period. It's called Accrued expenses.
Ex:- House rent, Salaries

ENTRY FOR PREPAID INSURENCE AND ENTRY FOR OUTSTANDING RENT

1 Answers  

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Is electricity charges are direct or indirect expenses

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1. During the current period, ABC Ltd sold 60,000 units of product at Rs. 30 per unit. At the beginning for the period, there were 10,000 units in inventory and ABC Ltd manufactured 50,000 units during the period. The manufacturing costs and selling and administrative expenses were as follows: Total cost Number of units Unit cost Rs. Rs. Beginning inventory: Direct materials 67,000 10,000 6.70 Direct labour 1,55,000 10,000 15.50 Variable factory overhead 18,000 10,000 1.80 Fixed factory overhead 20,000 10,000 2.00 Total 2,60,000 26.00 Current period costs: Direct materials 3,50,000 50,000 7.00 Direct labour 8,10,000 50,000 16.20 Variable factory overhead 90,000 50,000 1.80 Fixed factory overhead 1,00,000 50,000 2.00 Total 13,50,000 27.00 Selling and administrative expenses: Variable 65,000 Fixed 45,000 Total 1,10,000 Instructions: 1. Prepare an income statement based on the variable costing concept. 2. Prepare an income statement based on the absorption costing concept. 3. Give the reason for the difference in the amount of income from operations in 1 and 2.

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When will the cash Book have a Credit Balance?

20 Answers   Accenture,

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i am normally accountant. i am not a CA. then i learn a account maintain

0 Answers   Airtel, State Bank of Mysore SBM,

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Please help me in this entries Pass accounting entries for the following transaction in the books of XYZ company. A rendered professional service to company XYZ and sent an invoice dated 01/01/2016 for Rs 1,00,000/- + service tax Q1. Pass journal entry for the invoice received considering the service tax and TDS. Q2. Payment was made on 01/02/2016 by cheque. Pass payment entry.

0 Answers   R D Traders,

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