Adjusting year end entries
This query is : Resolved
01 August 2013
sir,
at the year we pass some of the adjusting entries like for salaries, outstanding expenses incomes, prepaid expenses etc.
Do we reverse all the adjusting entries on the starting of the next year or only few.
i think we dont reverse the salaries due entry.
please answer its urgent.
thanks in advance
at the year we pass some of the adjusting entries like for salaries, outstanding expenses incomes, prepaid expenses etc.
Do we reverse all the adjusting entries on the starting of the next year or only few.
i think we dont reverse the salaries due entry.
please answer its urgent.
thanks in advance
01 August 2013
You can reverse all the entries and pass entries in the next year on actual bookings
Salaries payable if on payment will be debited to salary payable a/c then this need not be reversed
Salaries payable if on payment will be debited to salary payable a/c then this need not be reversed
01 August 2013
Are there any other adjusting entries like salaries for which reversal is not required
02 August 2013
All entries will be reversed related to expenses and passed actual entries after year end. Bonus payable entry not need to reverse because, provision for bonus you will pay in actual during the current year.
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