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
- 37207 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 IS INTERIM BUDGET
What is cost accountancy?
What are depreciation and amortization?
1.an Asset costs $ 10,000 and has a net book value of $ 100, and an estimated life of ten (10) years, what would be the annual depreciation using the straight line method?
Payment Blocks . What is "A" and "R" Blocks in Account payables.. ??
what is an accured account ?
Explain what is bad debt expense?
What is Deferred tax? What is the difference between current tax and deferred tax.give some example of deferred tax.
what is insurance? And Type of insurance?
we have a bill for billing software modification, i want to know that which head post this entry in tally & also tds applicable or not.
why closing stock is not shown in trail balance
under which head should be the p & l appropriation a/c should be opened in tally 9? and how to preapare and display it?
Audit 
