Accounts
Querist : Anonymous
ex: mr A is agree to pay the sum of 1000Rs every month as a commission , he actually paid for 10 months, still he required to pay 2 months at the year end eventhough he not paid yet. balance of rs 2000 becomes an out standing income(current asset)
cash a/c dr 8000
outstanding income a/c dr 2000
To Commission A/c 10000
Accrued income is an income which has been accumulated or accrued irrestpective to actual Receipt, which means event incurred but cash not yet received
Ex:
Interest on Fixed deposits:
on the day of investments
fixed deposits a/c dr 10000
To Cash/Bank a/c 10000
end of the year
Accrued interest 1000
tO income from Fixed Deposits 1000
(10%interest)
Fixed deposit value at the end of year 11000
Querist : Anonymous
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