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What is the closing entry for outstanding amount?
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Answer Posted / rohit sonare
FOR OUTSTANDING EXPENSES
Entry on 31 march:
'A' Expense a/c DR. ('A' is nature of exp. like salary)
To Outstanding 'A' a/c
Entry on payment:
(Make oppsite entry)
(i) Outstanding 'A' a/c DR.
To 'A' Expense a/c
then:
(ii) 'A' Expense a/c DR.
To cash/bank a/c
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