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What is the Journal Entry for Prepaid Expenses and
OutStanding Salary?
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Answer / k.abinaya
prepaid expenses :
prepaid expenses a/c dr
To expenses a/c
outstanding salary:
salary a/c dr
To outstanding salary a/c
| Is This Answer Correct ? | 198 Yes | 25 No |
Answer / rajesh chawhan
prepaid expenses means part or full expenditure incurred
during the financial year but pertaining to next year.
First you should debit the expenses & thereafter transfer
portion of following years expenses to prepaid expenses viz
Expenses A/c. Dr
To Cash/Bank Cr
Prepaid Expenses Dr (exp pertaining to next year)
Expenses A/c. Cr
Please to refer answer posted above.
In case of certain expenses for current financial year but
yet to be paid as on 31st March. you have to provide for
such expenses if you are following mercantile system.
Therefore Salary for March 2010 not paid before 31st march,
the following entries to be passed
Salary A/c. Dr
To Outstanding Salary A/c. Cr
| Is This Answer Correct ? | 83 Yes | 10 No |
Answer / prabhu
1. Outstanding expenses:-
A) Journal Entry:-
Concerned Expenses A/C .....dr XXX
To Outstanding expenses .... XXX
B) Payment Entry:-
Outstanding expenses A/C ..... dr XXX
To Cash / Bank A/C ..... XXX
2. Prepaid Expenses :-
A) Journal Entry:-
Prepaid Expenses A/C ...... dr XXX
To Concerned Expenses A/C ..... XXX
B) Payment Entry:-
Concerned Expenses A/C .....dr XXX
To Cash / Bank A/C ..... XXX
| Is This Answer Correct ? | 53 Yes | 11 No |
Answer / d.vinay
for prepaid expense:
1.prepaid expense a/c dr
TO concerned expense a/c
eg:-for prepaid salary entry will be
prepaid salary account dr
TO salary account
for outstanding expenses :
1.expense a/c dr
TO outstanding expenses a/c
eg:- for out sanding salary
salary a/c dr
TO outstanding salary a/c
| Is This Answer Correct ? | 19 Yes | 5 No |
Answer / zaheer khan
1. Outstanding expenses:-
A) Journal Entry:-
Concerned Expenses A/C .....dr XXX
To Outstanding expenses .... XXX
B) Payment Entry:-
Outstanding expenses A/C ..... dr XXX
To Cash / Bank A/C ..... XXX
2. Prepaid Expenses :-
A) Journal Entry:-
Prepaid Expenses A/C ...... dr XXX
To Concerned Expenses A/C ..... XXX
B) Payment Entry:-
Concerned Expenses A/C .....dr XXX
To Cash /
| Is This Answer Correct ? | 15 Yes | 7 No |
Answer / jyoti
Salary A/C Dr. 1200
To outstanding salary A/C1200
| Is This Answer Correct ? | 0 Yes | 2 No |
Answer / arun mahali
Jan. 1 2010 salary outstanding 1,200
Dec. 31 2010 prepaid salary 1,000
Dec. 31 2010 Salary paid during the year 30,200
| Is This Answer Correct ? | 0 Yes | 3 No |
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