ESI payable in the year 2010 was Rs.11000 but not accounted
for by mistake in that year.It was paid in the year
2013-14. Then what will be the journal entry?
Answer Posted / baahubali
First you pass the Journal entry in the year 2010 as below
Esi A/C----Dr 11000
To Accrued Expenses Year end A/C----Cr. 11000
Now this 11000 is Outstanding payment So, entry at the time
of Payment is
Accrued Expenses Year end A/C ----Dr 11000
To Cash/Bank A/c---------Cr 11000
Is This Answer Correct ? | 3 Yes | 1 No |
Post New Answer View All Answers
Explain me your track record in previous jobs, specifically speaking to any mistakes you may have made. There is little room for error in accounting?
Did you use accounting applications at your previous companies or prefer working manually??
List out some of the accrued expenses and the accounts in which you would record them?
By saying, perpetual or periodic inventory system; what do we mean?
what is the difference between cash book(cash coloumn) and cash book(bank coloumn)?
WHAT ARE THE DIFFICULT ELEMENT OFF JOB
Plant and machinery destroyed for 50000
what are the different methods of teaching share and debenture to pre degree students
can we credit depreciation of the year to the general reserves in a balance sheet of that year? and also enlist some relevant documents or standards?
6. Your grandfather is 75 years old. He has total savings of Rs.80,000. He expects that he live for another 10 years and will like to spend his savings by then. He places his savings into a bank account earning 10 per cent annually. He will draw equal amount each year- the first withdrawal occurring one year from now in such a way that his account balance becomes zero at the end of 10 years. How much will be his annual withdrawal?
what do you maen by Expected rate of return ? Is there any formula for expected rate of return? what is systematic & unsystematic risk ? how to calculate both the risk?
Is it mendatory to provide deferred tax asset, where the management not expecting taxable profit in the subsequent financial years.
Time limit for payment of divident for listed limited companies & Unlisted public limited companies are? 30 or 45 or 60 or 90
What is the difference between deferred revenue and accrued revenue?
Explain the accounts payable cycle