What is the closing entry for outstanding amount?
Answers were Sorted based on User's Feedback
Answer / iqbal
for outstanding amount, no closing entry required becoz
closing entries are required for only nominal accounts
(revenues and expenses)whereas outstanding expenses are
liability type and outstanding revenues are asset type
accounts.
Is This Answer Correct ? | 6 Yes | 2 No |
Answer / radhika
Ok Mr.Satyaki send me the answer.
But I will give you the answer. If it is wrong please
correct me.
See outstanding amount may be Asset or Liability.
So, Closing entry would be:
Outstanding amt from the party may be closed by:
Bank A/c............. Dr.
Amount outstanding......... Cr.
Outstanding amt to the party may be closed by:
Amount outstanding...... Dr.
Bank / Cash A/c ......... cr.
Is This Answer Correct ? | 3 Yes | 0 No |
Answer / satyaki_raju@yahoo.com
Mr Nitin Dwivedi Balnces will be appeared in balance sheet
only when closing entries passed for outstanding
entries,and MR Karthik You conveyed your thanks to Iqbal
for giving answer I dont know what you understand from his
answer and more over you wrote a wrong answer .The question
is regarding closing entry but you wrote the payment
entry.both you are lacking and not involved so far in the
interesting subject. I am a practising Tax consultant. I
will guide you and help you if interested . If interested
please give your e-mail address
Is This Answer Correct ? | 2 Yes | 0 No |
Answer / anu
i agree with Mr. satyaki's answer
when expense incur entry will be-
Exp A/c 5000
To Creditor for Exp A/c 5000
when amount is paid entry will be-
Creditor for Exp A/c 5000
To O/s exp A/c 1000
To Bank / Cash A/c 4000
OK.................?
Is This Answer Correct ? | 2 Yes | 0 No |
Answer / nitin dwivedi
ANY OUTSTANDING AMOUNT WITH THE COMPANY IS EITHER ASSET OR
LIABILITY.IT WILL COME ONLY IN BALANCE SHEET.
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / madhulika2011
CLOSING ENTRY WILL BE...
OUTSTANDING EXP A/C.....DR.
TO BANK OR CASH A/C
Is This Answer Correct ? | 0 Yes | 0 No |
what is differred tax liability? explain in detail with some example.
EXPAND______________IGNOU
After closing the financial year i.e. 31st march., you have received a teliphone bill on dated 1st april ( And the bill was for the month of 1 mar to 31st march i.e closing year's last month)what treatment you will do in current financial year and closing financial year.
Rams due of Rs 32500/- was settled thru adjustment of security deposit Rs 12000/-and the balance in cash.pass necessary entry
EXPAND___________NAC
Expand---------TDCB
how to do finalisation of accounts
Expand-------GDR
WHAT IS GENERAL LEDGER HOW MANY TYPES OF IT, AND WHEN GL WILL USE IN WHICH SITUATIONS DESCRIBE ME
why you want to join in BPO,tell about something BPO
what is Accrual ?
Expand ------HH