debtor
Querist : Anonymous
WHAT U MEAN BY DEBTOR FOR EXPENSES PLEASE GIVE ONE EXAMPLE
Example of Creditor for expenses is---
Amount due to...Fabricators, Transporters, etc.
Querist : Anonymous
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
SIMPLY, IF ITS LIABILITY KEEP IT IN OTHER CURRENT LIABILITY AND IF IT IS AN AMOUNT RECEIVABLE THEN KEEP IT IN OTHER CURRENT ASSETS.
Querist : Anonymous
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
TO
SUPPLIER A/C (PAYABLE A/C)
Why you made this entry. Why MODER will be debited what service/goods was supplied to them.
Querist : Anonymous
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.
Moder A/c Dr....
To Expenses Payable a/c
on 1st
Expenses payable A/c Dr ...
to Supplier A/c.
Querist : Anonymous
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.
Querist : Anonymous
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.
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