Answer / pankaj

correct me if m wrong, see O/S means which is not yet properly done so as per our GLDN RULZ.-------DR. All loss nd expenses......in final account we do as adding to concernside and and second effect ll be on liability.......suppose for an example..........
O/S SALARY..........ENTRY-----
P&L a/c dr
to liability

Answer / rohit sonare

FOR OUTSTANDING EXPENSES
Entry on 31 march:

'A' Expense a/c DR. ('A' is nature of exp. like salary)
To Outstanding 'A' a/c

Entry on payment:
(Make oppsite entry)

(i) Outstanding 'A' a/c DR.
To 'A' Expense a/c

then:

(ii) 'A' Expense a/c DR.
To cash/bank a/c

Answer / karthik

Agree with iqabal

thanks for giving answer..

but we can pass the entry like;

cash or bank a/c.........dr
To Outstandingexpeses a/c
(being the O/s Expenses cleared)

Expand---------CRD

1 Answers  

---

what is the system of accounting and banking in cooperative bank?

0 Answers  

---

In Accounting how many types of formulaes?

3 Answers  

---

Kindly solve the following problem. Financial accounting. 1. Bheema does not maintain his book in the double entry system . His books showed following facts. Receipts for the year ended 31.12.2007 from sundry Debtors 17625.00 Cash sales 4125.00 paid by bheema (proprietor) 2500.00 total 24250.00 payments made for the year ended 31.02.2007 new machinery purchased 625.00 drawings 1500.00 wages 6725.00 salaries 1125.00 interestpaid 75.00 telephone 125.00 Rent 1200.00 lighting 475.00 sundry expenses 2125.00 sundry creditors 7625.00 total 21600.00 Assets and Liabilities As on 31.12.2006 As at 31.12.2007 sundry creditors 2525.00 2400.00 sundry Debtors 3750.00 6125.00 Bank 625.00 ? stock 6250.00 3125.00 plant 7500.00 7315.00 from the Above data , prepare TRADING A/C, PROFFIT & LOSS A/C for the year ended 31st december 2007 and the BALANCE SHEET as on on that date. Kindly solve the problem

3 Answers  

---

What is fixed liabilities

0 Answers  

---

---

employee contribution towards PF can be taken as expenses or not

1 Answers  

---

expand I T C

7 Answers  

---

company prepares accounts sometimes on cash basis , sometimes on accural basis A)TRUE B)FALSE C)SOMETIMES TRUE D)SOMETIMES FALSE

11 Answers   Genpact,

---

Expand---------MNOP

0 Answers  

---

hi, what type of questions are asked in capital iq interview .plz let me know. thanks... venkat...

0 Answers   Capital IQ,

---

what is payroll

3 Answers  

---

How can i do the entry of of service tax in tally.

0 Answers  

---