If the financial year is Jan till Dec then would we make
any entry for the telephone bill of Dec, whose invoice/bill
would generate in Jan of next year.
If yes what would be the amount as bill is still not
received and what would be the adjusting entereis. Also how
to rectify the same in next year?
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Answer Posted / vivek bahety
Yes, as the expense belong to dec (last financial year) we have to make a provision on accrual basis n debit the telephone expense and an outstanding expense a/c shall be credited which stand in liability side.
Again in Jan we shall make the payment for the same , here we have to debit the outstanding Expense a/c and credit the cash / bank a/c (the mode of payment).
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