What is the closing entry for outstanding amount?
- 13 Answers
- 17241 Views
- IBM, I also Faced
- E-Mail Answers
Answer Posted / radhika
Ok Mr.Satyaki send me the answer.
But I will give you the answer. If it is wrong please
correct me.
See outstanding amount may be Asset or Liability.
So, Closing entry would be:
Outstanding amt from the party may be closed by:
Bank A/c............. Dr.
Amount outstanding......... Cr.
Outstanding amt to the party may be closed by:
Amount outstanding...... Dr.
Bank / Cash A/c ......... cr.
| Is This Answer Correct ? | 3 Yes | 0 No |
Post New Answer View All Answers
• What are the types of cash flows?
what is meant by qurum
How you implemented a chargeback system?
what is the difference between financial accouning and financial management?
what do you meant auction? what is F & o segment?
Entrance Exam question & Answer required
Expand---------PCDB
WHAT IS THE DIFFERENCE BETWEEN PUBLIC COMPANY AND PRIVATE COMPANY? MUTUAL FUNDS? GOOD WILL? ABOUT YOUR PROJECTS?
is advance against FD or RD is treated as NPA .if EMI is not in scheduled . or classification of npa as per day is is made from sanction date or last payment date of repayment . please suggest me
EXPAND_________SEB
Short Answer on ______Amortization
respected sir,i am doing II b.com(CA) in a reputed college..i want to know about the ideas and ways to shine in future.i am doing ICWAI also sir.i want to know what shall i study more in this field to shine...
why did rbi hiked repo and reverse ratio and how it will effect the market
WHAT IS BANK RECONCILIATION STATEMENT? DIFFERENCE BET PUBLIC COMPANY AND PRIVATE COMPANY? MEMBERS IN PUBLIC CO AND PRIVATE COMPANY? WHAT IS DEPRECIATION?
what is balance sheet, capital budgeting, financial statements, current ratio, profit maximization?
