how to pass journal entries for recivables & payables if
they are paid next asses year
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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 |
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