After closing the financial year i.e. 31st march.,
you have received a teliphone bill on dated 1st april
( And the bill was for the month of 1 mar to 31st march
i.e closing year's last month)what treatment you will do in
current financial year and closing financial year.
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Answer / shankar
In the closing financial year
Telephone Charges Dr
Oustanding Liability Cr.
(Provision for Telephone charges .....)
In the Current financial year
Outstanding Liability Dr.
Cash / Bank account Cr.
(Telephone charges for the month of March paid)
| Is This Answer Correct ? | 5 Yes | 1 No |
Very simple my dear. simply debit telephone charges and
credit charges payable. This type of entry very common.
sankeerthanaannavaram@yahoo.in
| Is This Answer Correct ? | 6 Yes | 5 No |
a). The entry should be passed on 31/3/09 as follows:
Telephone Exp a/c. Dr.
To Expenses Payable a/c. Cr.
(Being provision for telephone exp. payable for the month
of March'09)
b.)and one more entry tobe passed on 01/04/09
Expenses Payable a/c.Dr.
To Bank a/c. Cr.
(chq. issued for telephone exp. for the month of March.09)
| Is This Answer Correct ? | 4 Yes | 4 No |
Answer / agboola oluwadare
DR Retained Earning B/f from the Preceeding Month.
CR Telephone Payable a/c (Sundry Creditors)
Note:Matching Concept.
DR the Telephone Charge in the Current Month can only
increase the liability for that month, whereas, the
liability is not enjoyed in that month.
| Is This Answer Correct ? | 1 Yes | 1 No |
Dear Mayank,
First Jurnal entry is:
Expenses payable a/c CR.
Telephone Expenses ac Dr. on dt 31march
Second Payment entry is:
Expenses payable a/c Dr.
To Bank/Cash a/c Cr. on dt. ever payment have to
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / madan
Telephone Charges Dr.
Telephone Payable cr. (Current liabitities)show in balance
sheet credit side
| Is This Answer Correct ? | 1 Yes | 4 No |
Answer / a.ahmedhussain
simple did create a account of outstanding in last year a/c
and opening for the next financial year
| Is This Answer Correct ? | 0 Yes | 3 No |
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