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in reply of sreedapa answer ,suppose for the m/o march
telephone expense is Rs.800 and for the m/o april Rs.200
For this we will pass tthis entry :
Telephone expenses Dr 800
To Tel expenses payable 800
Telephone Expenses Payable Dr 800
to Bank/cash 800
(For the m/o march)
And for the m/o april, we will make the provision in the
m/o March
Telephone expenses Dr. 200
To Telephone Expenses Payable 200
Plz advice
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Answer Posted / vairamani natarajan
If we are closing our financial accounts on 31st March, then we need not consider the phone bill of april month in March.
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