What is the closing entry for outstanding amount?
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Answer / iqbal
for outstanding amount, no closing entry required becoz
closing entries are required for only nominal accounts
(revenues and expenses)whereas outstanding expenses are
liability type and outstanding revenues are asset type
accounts.
| Is This Answer Correct ? | 6 Yes | 2 No |
Answer / radhika
Ok Mr.Satyaki send me the answer.
But I will give you the answer. If it is wrong please
correct me.
See outstanding amount may be Asset or Liability.
So, Closing entry would be:
Outstanding amt from the party may be closed by:
Bank A/c............. Dr.
Amount outstanding......... Cr.
Outstanding amt to the party may be closed by:
Amount outstanding...... Dr.
Bank / Cash A/c ......... cr.
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / satyaki_raju@yahoo.com
Mr Nitin Dwivedi Balnces will be appeared in balance sheet
only when closing entries passed for outstanding
entries,and MR Karthik You conveyed your thanks to Iqbal
for giving answer I dont know what you understand from his
answer and more over you wrote a wrong answer .The question
is regarding closing entry but you wrote the payment
entry.both you are lacking and not involved so far in the
interesting subject. I am a practising Tax consultant. I
will guide you and help you if interested . If interested
please give your e-mail address
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / anu
i agree with Mr. satyaki's answer
when expense incur entry will be-
Exp A/c 5000
To Creditor for Exp A/c 5000
when amount is paid entry will be-
Creditor for Exp A/c 5000
To O/s exp A/c 1000
To Bank / Cash A/c 4000
OK.................?
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / nitin dwivedi
ANY OUTSTANDING AMOUNT WITH THE COMPANY IS EITHER ASSET OR
LIABILITY.IT WILL COME ONLY IN BALANCE SHEET.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / madhulika2011
CLOSING ENTRY WILL BE...
OUTSTANDING EXP A/C.....DR.
TO BANK OR CASH A/C
| Is This Answer Correct ? | 0 Yes | 0 No |
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