What is the closing entry for outstanding amount?
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Answer Posted / 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.
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