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what is the entry for accrual expense and accrual income.
And how they are treated.
Thanks.
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Answer / manoj kumar pramanik
By Expenses a/c dr.
To Expenses Payable a/c cr
By Income Receivable a/c dr.
To Income a/c cr.
| Is This Answer Correct ? | 18 Yes | 1 No |
Answer / p. vedha
accured expenses means expenses paid in advance
example : prepaid expenses a/c dr
to concerned expenses a/c cr
accured income means income received in advance
example : concerned income a/c dr
to income received in advance a/c
| Is This Answer Correct ? | 19 Yes | 15 No |
Answer / maya krishnakumar
Accrued income
Itis the income accrued but not received as on the date of preparing final accounts
the entry is Accrued Income A/c Dr
to Concerned Income
Treatment
It will be added to the concerned income And shown as asset side of Balnce sheet as amount yet to be received
Accrued Expenses
It is the expenses already due but not paid
Concerned Expenses A/c Dr
to Accrued Expenses
Treatment
It shall be added with the Concerned expenses and shown as liability side of the balance sheet as outstanding expenses
| Is This Answer Correct ? | 3 Yes | 0 No |
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