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What is the nature of Outstanding Expenses?
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Answer Posted / k.abinaya
Expenses which have been incurred but not yet paid during
the accounting period for which the final accounts are being
prepared are as called outstanding expenses.
Example: Trial balance shows salaries paid Rs.22000.
Adjustment : salary for march 2009,Rs.2000 not yet paid.
salaries a/c dr 2000
To salaries outstanding a/c 2000
| Is This Answer Correct ? | 84 Yes | 7 No |
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