what is outstanding expenses
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Answer / ravinder.sunkara
outstanding expenses are the expenses that "unpaid"at the end of the accounting period e.g.salaries rent so they all come to under nominal accounts which is debt all expenses and losses and credit all gains
since they are unpaid hence they must be credited
| Is This Answer Correct ? | 235 Yes | 35 No |
Answer / m. suryanarayana reddy
Outstanding Expenses are expenses that unpaid at the end of the given period or specific period or Accounting period. For example Rent paid for last month or last year as well as salaries paid for last month or last year so they are come under nominal Account debit site why because all the expenses and losses shown on debit site it is RULE from accounting rules or AICPA.
| Is This Answer Correct ? | 23 Yes | 7 No |
Answer / favas
In simply Outstanding expense is The Expense due but not paid.
Journal entry of Outstanding expense:
Expense a/c Dr xxx
Expense payable. xxx
| Is This Answer Correct ? | 19 Yes | 5 No |
Answer / kuldeep patidar
Outstanding expenses are the expenses in which the consideration is not paid and the service or the goods are purchased.
| Is This Answer Correct ? | 11 Yes | 5 No |
Answer / monish
Outstanding expenses are those expenses that are unpaid at the end of the given period.for example outstanding wages or outstanding rent etc
| Is This Answer Correct ? | 0 Yes | 0 No |
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DEAR ALL, HOW TO ACCOUNT THE SALARY ADVANCE A/c. I HAVE TAKEN AN ADVANCE OF Rs.25000/-. I HAVE DEBITED SALARIES ADVANCE A/c AND CREDITED THE PETTY CASH A/c in TALLY. I dont't know whether it is correct or not. If correct, in my individual ledger no entry is reflected. Alternatively, if I debit my self and credit petty cash a/c it is reflected in the P & L Account, but it is not an expense. and not reflected in the balance sheet, but reflected in P & L. I think I need to put a journal entry. Like debiting the salary account and crediting the salary advance account. Is this correct or not? Can any one help me please. my mail add: cdvijay100@yahoo.co.in or kmlnkml@live.com
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