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how to pass journal entries for recivables & payables if
they are paid next asses year

Answer Posted / sangeethag

Journal entries for receivable :

Debtors/Accounts receivable Dr. ****
To Sales ****

Next year payment entry would be
Cash/Bank Dr. ****
to Debtors ****

Journal entries for payable :

Expenses Dr. ****
To Creditors /Accounts payable ****

Next year payment entry would be
Creditors /Accounts payable Dr. ****
To Cash/Bank ****

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