Purchase bills of the previouse year received in financial
year explain treatment.
Answer Posted / saji
The purchase bill entry must be brought forward in the
balance sheet of the previous year. the same should be
nullified in the current year balance sheet by reverse entry
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Suppose My received Interest Income is 24934.59 And for the same time my Bank Charge total is 7785.19. Now the total Bank Charge will be deducted from Interest Income and the amount of (24934.59-7785.19)=17149.40 will be withdrawn to deposit in govt. Account.What will be the Journal Entry for 17149.40. Here, Already Bank Charge 7785.40 is Already Debited and 24934.59 is already credited in Journal.