About reversal entries
This query is : Resolved
12 February 2015
Dear Experts,
I want to ask what are the reversal entries in indian accounting pleas clarify with suitable example.
Regards
Pawan Kumar
I want to ask what are the reversal entries in indian accounting pleas clarify with suitable example.
Regards
Pawan Kumar
12 February 2015
Reversal entries are passed mostly in April/May of the current year for liability created at the year end(March).
If payments are made against liabilities created no such reversal entries are required, only for excess liability reversal is required.
If payments are made against liabilities created no such reversal entries are required, only for excess liability reversal is required.
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12 February 2015
thanks Mr. Seetaraman could you please elaborate this with a suitable example
Regards
Pawan Kumar
Regards
Pawan Kumar
12 February 2015
Liability created for Expenses relating to March like salary, rent, and other bills paid in April will be reversed if such expenses are booked under natural head while making payment.
12 February 2015
Thank You so much Mr SEETHARAMAN for your kind information
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