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is outstanding items (either expences or incomes) comes in
trial balance? if so how to treat them in financial
statements
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Answer / shoukatali
Outstanding expences are shown in liabilities
| Is This Answer Correct ? | 6 Yes | 0 No |
Answer / swami madhvendra awasthee
in this case in financial statements outstanding items is
shown only in liability side of balance sheet not in trading
or profit and loss account.
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / ramesh.c
Outstanding items not comes in trail balence,it is only
adjustment entries.
Treatement: outstanding expences add to expences in
p&laccount(debit),and showned in liabalities side.
outstanding incomes credit in p&l account,asset side in
balence sheet
| Is This Answer Correct ? | 2 Yes | 3 No |
Answer / devyani
Outstanding expences add to expences in
p&laccount(debit),and showned in liabalities side.
Outstanding incomes credit in p&l account,asset side in
balence sheet
| Is This Answer Correct ? | 0 Yes | 1 No |
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