how to pass journal entries for recivables & payables if
they are paid next asses year
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's the difference between impress cash account and petty cash account
What is the difference between accrual
steps for finalisation of accounts and related entries
What is field status variant in SAP FI Module?
1.Which type of records maintaing for Hotels and provision Stores. 2.in Which type of returns we are going to file. tell me whos know brefiely,,
Outstanding bills entered under which groups in tally ?
Tell me what is project implementation?
bonus provision entry
can you give me debit n credit rules
X of Kolkata sends out goods costing 300,000 to Y of Mumbai at cost + 25%. Consignor’s expenses Rs 5000. 1/10th of the goods were lost in transit. Insurance claim received Rs 3000. The net loss on account of abnormal loss is (a) Rs.27,500 (b) Rs.25,500 (c) Rs.30.500 (d) Rs.27,000
what is liability? give some entry
how to pass an entry for expenditure by deducting tds for customer