What is the closing entry for outstanding amount?

Question Posted / madhukarnaidu

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What is the closing entry for outstanding amount?..

Answer / pankaj

correct me if m wrong, see O/S means which is not yet properly done so as per our GLDN RULZ.-------DR. All loss nd expenses......in final account we do as adding to concernside and and second effect ll be on liability.......suppose for an example..........
O/S SALARY..........ENTRY-----
P&L a/c dr
to liability

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What is the closing entry for outstanding amount?..

Answer / 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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What is the closing entry for outstanding amount?..

Answer / karthik

Agree with iqabal

thanks for giving answer..

but we can pass the entry like;

cash or bank a/c.........dr
To Outstandingexpeses a/c
(being the O/s Expenses cleared)

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