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What is the closing entry for outstanding amount?

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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