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When oustanding expense is give in the TB and corresponding
expense is not then how will we the same?
Eg.: Outstaning salary 100 given in the TB and salary for
the month is not there to add oustanding with the same. In
this situation how will we treat the same. Only in profit &
loss account or in balance sheet or both or?
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Answer / kalyan
directly we have to post in balancesheet.how means bcoz
there is no salary mentioned in trialbalance for that
particular month so how we can post this in profit and loss
a/c...........
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / mudunoori
Shaan saab you didnt take proper care in preparing the
question.There are two types One TB without taking
provisions or adjustment entries and TB after taking
adjustment entries into consideration. All the adjustment
entries whether related to income or expenditure they will
be placed both in Trading Profit and loss a/c and Balance
Sheet.So be careful in posting question and Answer
Chavan and Kalyan you both without proper understanding
answered the question.So you both also take proper care as
I said above
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / sankar
The system we are following is Double entry system & in this
case the Expense incurred involves cash outflow. so, entered
in P&L alone. Whereas already reduces the cash balance in
Current asset in BS.
Now here as per Question the Outstanding Expense or Prepaid
Incomes were no yet paid or received. So, it must be
mentioned in P&L as well as BS. Then only the Both side of
BS will tally.
| Is This Answer Correct ? | 0 Yes | 0 No |
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