What is the closing entry for outstanding amount?
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Answer Posted / anu
i agree with Mr. satyaki's answer
when expense incur entry will be-
Exp A/c 5000
To Creditor for Exp A/c 5000
when amount is paid entry will be-
Creditor for Exp A/c 5000
To O/s exp A/c 1000
To Bank / Cash A/c 4000
OK.................?
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