Answer Posted / tamijuddin

For closing a financial year, all expenses related to March month, to be paid subsequently in April, are accrued and shown as a liability in the balance sheet. Corresponding entries debited to Expenses account will be accounted to give a clean Profit & Loss figure. Mostly all the utility bills such as Telephone, Rent, Water, electricity fall under this category. Whereas an outstanding expense is either a whole amount or part amount which could either be paid or written off as per the Company's decision.

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