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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.
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Answer Posted / s. mahesh
a). The entry should be passed on 31/3/09 as follows:
Telephone Exp a/c. Dr.
To Expenses Payable a/c. Cr.
(Being provision for telephone exp. payable for the month
of March'09)
b.)and one more entry tobe passed on 01/04/09
Expenses Payable a/c.Dr.
To Bank a/c. Cr.
(chq. issued for telephone exp. for the month of March.09)
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