debtor

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Querist : Anonymous

Querist : Anonymous (Querist)

28 January 2011 DEAR SIR
WHAT U MEAN BY DEBTOR FOR EXPENSES PLEASE GIVE ONE EXAMPLE

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 January 2011 I thinks you want to know about Creditor for Expenses. There is nothing such as debtor for expenses.

Example of Creditor for expenses is---

Amount due to...Fabricators, Transporters, etc.

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Querist : Anonymous

Querist : Anonymous (Querist)

29 January 2011 DEAR SIR
I HAVE EXPENSES FOR ONE ANOTHER COMPANY RS2000/- ON 31/12/10 BUT THEY ALREADY CLOSE THERE A/C.I CAN CHARGE THIS AMT TO THEM ONLY 01/01/11.
SO AS ON 31/12/10 WHERE I WILL KEEP THIS AMT IN MY A/C
PLEASE GIVE ME THE ENTRY.
THANKS

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 January 2011 QUESTION IS NOT QUITE CLEAR. LIKE WHO IS THE PAYER AND WHO IS PAYEE.

SIMPLY, IF ITS LIABILITY KEEP IT IN OTHER CURRENT LIABILITY AND IF IT IS AN AMOUNT RECEIVABLE THEN KEEP IT IN OTHER CURRENT ASSETS.

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Querist : Anonymous

Querist : Anonymous (Querist)

29 January 2011 DEAR SIR
BEFORE I MAKE ENTRY LIKE THIS 31/12/10
MODERS(CO NAME) A/C DR (OTHER CURRENT ASSETS)
TO
SUPPLIER A/C (PAYABLE A/C)

BUT NOW THEY CLOSE THERE A/C FOR 31/12/10 AND I HAVE SOME AMOUNT FOR THEM ON 31/12/10 (I CAN'T CHARGE TO THERE A/C BEACUSE THEY CLOSE TEHE A/C FOR 31/12/10)AND WHERE I WILL KKEP THIS AMOUNT IN MY A/C UNDER WHICH HEAD (31/12/10)AND SAME I CAN CHARGE TO THEM ON 01/01/11
PLEASE HELP ME

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 January 2011 MODERS(CO NAME) A/C DR (OTHER CURRENT ASSETS)
TO
SUPPLIER A/C (PAYABLE A/C)

Why you made this entry. Why MODER will be debited what service/goods was supplied to them.

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Querist : Anonymous

Querist : Anonymous (Querist)

29 January 2011 DEAR SIR
MODERN IS OUR SISTER CONCERN AND WE ARE PAYING FOR THEM SOME AMOUNT(FOR THERE SUPPLIERS) AFTER THAT THEY WILL RETURN THIS AMOUNT(NOT EXPENSES ONLY SOME CASH TRANSACTIONS)THAT IS WHY I MAKE ENTRY (AGREED AMOUNT)
BUT THE PROBLEM IS THAT AFTER THEY CLOSE THERE A/C FOR 2010 WE GET ANOTHER SOME TRANSACTION FOR THEM (BEACUSE THEY ARE LATE(SUPPLIER)AND WE HAVE TO PASS THIS TRANS ON 31/12/10.AND WE CAN'T CHARGE THIS AMT TO THERE A/C DIRECTLY)BEACUSE THEY TOOK CONFIRMATION FROM US FOR AUDITING PURPOSE.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 January 2011 Pass this entry...

Moder A/c Dr....
To Expenses Payable a/c

on 1st

Expenses payable A/c Dr ...
to Supplier A/c.

Querist : Anonymous

Querist : Anonymous (Querist)

29 January 2011 DEAR SIR
I UNDERSTAND ABOUT SUPPLIER A/C BUT I DIDN'T GET THE IDEA ABOUT EXPENSES PAYABLE A/C (UNDER WHICH HEAD I WANT TO CREATE THIS IN SYSTEM)AND UR FIRST ENTRY IS LITTLE CONFUSED.
PLEASE HELP ME.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 January 2011 Under Current Liabilities.

Querist : Anonymous

Querist : Anonymous (Querist)

29 January 2011 DEAR SIR

1 ENTRY (31/10/10)

Expenses payable A/c Dr ...
to Supplier A/c.

2 ENTRY (01/01/11)

Moder A/c Dr....
To Expenses Payable a/c

AM I RIGHT SIR.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 January 2011 Yes. It means Moder had closed their books.

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