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ESI payable in the year 2010 was Rs.11000 but not accounted
for by mistake in that year.It was paid in the year
2013-14. Then what will be the journal entry?
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Answer / baahubali
First you pass the Journal entry in the year 2010 as below
Esi A/C----Dr 11000
To Accrued Expenses Year end A/C----Cr. 11000
Now this 11000 is Outstanding payment So, entry at the time
of Payment is
Accrued Expenses Year end A/C ----Dr 11000
To Cash/Bank A/c---------Cr 11000
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / srabani
but by mistake no entry passed in the year 2010, So in
2013-14 What i Will do? Please suggest me.Treat is very urgent.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / charuduth
Debit: Prepaid expenses-ESI A/c
Credit: Bank A/c
| Is This Answer Correct ? | 0 Yes | 0 No |
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