WebOn 1st October, 2011, a municipal tax of Rs. 1,000 may be paid for one year. If accounts are made up-to 31st March, 2012, taxes for six months (from 1st April, 2012 to 30th … The outstanding expenses journal entry involves two accounts: the “Outstanding Expense Account” and the related “Expense Account”. They are an obligation for the business and therefore treated as a liability. The accounting rule applied is “credit the increase in liability” and “debit the increase in expense” (modern … See more A rent which is past its due date is called outstanding rent. Such an obligation is included in the list of current liabilities for a business and the account is treated as … See more Salaries and wages differ slightly. Part-time jobs, assignments with variable hours, and jobs with repetitive duties are commonly referred to as wages instead of … See more It is also known as accrued interest. An outstanding interest journal entry is required to record the amount of interest owed by the business on a loan obligation. … See more
Prepaid Expenses Journal Entry How to Record Prepaids?
WebQuestion 11: Give journal entries for the following adjustments in final accounts: (i) Salaries Rs. 5,000 are outstanding. (ii) Insurance amounting to Rs. 2,000 is paid in advance. (iii) … WebFrom the following information pass the necessary journal entries relating to the items of expenses and incomes. Also, show their treatment in the Trading and Profit and Loss A/c … the the good guys
Journal Entries MCQ [Free PDF] - Objective Question Answer for …
WebSalary Payable Example #2. Continuing with the above example and details, consider now that Vanilla Bond Pvt Ltd pays its employee’s salary every 29 th month via NEFT from the … WebJan 28, 2012 · b) In case of outstanding salaries:-Type of voucher to be prepared:-Journal Voucher. Entry to be made:-Debit:- Salaries Account. Credit:- Outstanding Expenses … WebJul 1, 2024 · Pass Journal entries in the books of Puneet, Delhi for the following: (i) Received an order from Karan & Co. for supply of goods of ₹ 50,000. (ii) Received an order from AK … the the great twitch breach