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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 Posted / 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.
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