Answer Posted / h.r. sreepada bhagi
Expenses which relate an accounting period but paid in a
subsequent year are accrued ecpenses. Accrued expense need
not be due for payment.
These expenses will be debited to the Profit & Loss A/c of
the year to which they relate and shown on the liabilities
side of the Balance under Current Liabilities & Provisions
(In horizontal Balance Sheet). In vertical Balance Sheet
format, Current Liabilities & Provisions are deducted from
Current Assets and Net Current Assets is shown.
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