Interested to Buy Any Domain ? << Click Here >> for more details...
how to pass journal entries for recivables & payables if
they are paid next asses year
- 3 Answers
- 37323 Views
- MAHINDRA, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Journal entries for receivable :
Debtors/Accounts receivable Dr. ****
To Sales ****
Next year payment entry would be
Cash/Bank Dr. ****
to Debtors ****
Journal entries for payable :
Expenses Dr. ****
To Creditors /Accounts payable ****
Next year payment entry would be
Creditors /Accounts payable Dr. ****
To Cash/Bank ****
| Is This Answer Correct ? | 46 Yes | 0 No |
Journal entries for receivable :
Debtors/Accounts receivable Dr. ****
To Sales ****
Next year payment entry would be
Cash/Bank Dr. ****
to Debtors ****
Journal entries for payable :
Suppliers a/c /O/s Expenses Dr. ****
To Creditors /Accounts payable ****
Next year payment entry would be
Creditors /Accounts payable Dr. ****
To Cash/Bank ****
| Is This Answer Correct ? | 9 Yes | 6 No |
Answer / yogendra.c
Receivable:
1. Credit Sales Entry:
Debtors A/c Dr.
To Sales A/c
2. Receiving a Bill as per Negotiable Instrument Act,1981:
Bills Receivable A/c Dr.
To Debtors Account.
3. Receiving Payment (Next Year)
Bank A/c Dr.
To Bills Receivable Account
Payable:
1. Credit Purchase:
Purchases A/c Dr.
To Creditors A/c
2. Bills Payable Accepted (B.P Drawn by Creditor is Accepted)
Creditors A/c Dr.
To Bills Payable A/c
3. Payment Entry (On the due Date)
Bills Payable A/c Dr
To Bank Account.
| Is This Answer Correct ? | 10 Yes | 7 No |
what journal entry pass in case of vat refundable and in case of vat payable?
How calculate holding company account?
How to prepare finalization accounts?
What is the accounting entries for future dated payment method
Dear sir , 1-what is diffrence local tax & vat 2 what is sales tax challan & return due date(monthly & quartly, annually) 3- what is service tax challan & return due tae
what are the entries for staff taken advance in tally? what are the ledgers to be created for this and under which group? and what are the voucher entries when the advance is refunded?
how to enter in tally ? its a running company but now start to accounts maintaining we rent paid in advance (valid 1/6/2015 to 31/05/2016
Alex’s Trial Balance at 31 December 2015 Dr (BWP) Cr (BWP) Capital 18 240 Bank overdraft 3 000 Fixtures and fittings 14 100 Provision for depreciation-fixtures and fittings 8 800 Inventory 14 200 Trade receivables 12 300 Trade payables 9 900 Revenue 110 000 Purchases 51 000 Discount received 1 800 Wages and salaries 26 000 Sundry expenses 34 000 Discount allowed 620 217 540 ======= 86 420 ======== Required: i Prepare the corrected trial balance at 31 December 2015. (7 marks) ii Show any difference you find as a balance on an appropriate account.
What are FCCB and IDR?
A is vendor of B. B owes him 50000/-. A asked B to conduct an event on his behalf and the expenses incurred by B was 25000/-. A issued a credit note in favour of B in full , stating that TDS done @10% on 25000/-. Now , B has to settle A's balance. 1.Entries in the books of B 2.How much B repaid to A for settlement and the Entry in his books.
a.what products does your firm produce? b.what costs are asssigned to the product produced? c.for particular product,what direct materials are used? d.what percentage of total manufactoring costs is direct labor? direct materials?overhead? e.how is overhead assigned to the products? f.do you now use or plane to use an activity_based management system?why or why not?
What is the Project Accounting in case of Real Estate or Construction Co`s ?
Audit 
