Question { DLF, 8212 }

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.

Answer

Dear Mayank,

First Jurnal entry is:

Expenses payable a/c CR.

Telephone Expenses ac Dr. on dt 31march

Second Payment entry is:

Expenses payable a/c Dr.

To Bank/Cash a/c Cr. on dt. ever payment have to