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how to pass journal entries for recivables & payables if
they are paid next asses year
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Answer Posted / sangameswar reddy
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 :
Suppliers a/c /O/s Expenses Dr. ****
To Creditors /Accounts payable ****
Next year payment entry would be
Creditors /Accounts payable Dr. ****
To Cash/Bank ****
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