Accounting entry for next year of out. expenses if excess
This query is : Resolved
24 June 2015
Dear sir
kindly help about following matter---
If i booked expenses which is estimated basis (because as on date i don't know how it will actual) as on 31-03-2015 as
example
31.3.15 Expenses dr 100000
to out expenses 98000
to TDs provision 2000
(Being Expenses outstanding as on 31.3.2015 and TDS deducted @2 % ..)
So my question is what is the entry of next year ( i.e from 01.04.2015) if --
i)Party actual Expenses excess i.e Rs.120000 as on the date of 31.03.2015
ii)Party actual Expenses short i.e Rs 80000 as on the date of 31.03.2015
kindly help about following matter---
If i booked expenses which is estimated basis (because as on date i don't know how it will actual) as on 31-03-2015 as
example
31.3.15 Expenses dr 100000
to out expenses 98000
to TDs provision 2000
(Being Expenses outstanding as on 31.3.2015 and TDS deducted @2 % ..)
So my question is what is the entry of next year ( i.e from 01.04.2015) if --
i)Party actual Expenses excess i.e Rs.120000 as on the date of 31.03.2015
ii)Party actual Expenses short i.e Rs 80000 as on the date of 31.03.2015
24 June 2015
you have to take best estimate of exp., and if your b/s not make then you make diff entry in books,
otherwise in next year you have to books exp in
prior period/ exp./diff in estimate a/c
otherwise in next year you have to books exp in
prior period/ exp./diff in estimate a/c
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