Expenses entry
This query is : Resolved
19 April 2014
If the bill date is after 31/03/2014 then what entry we have to pass in books of account i. e. in tally
19 April 2014
Transactions does not effected by date. If it is last date then book it in the same date.
19 April 2014
If the bill date after 1st April and the billing date from 1/3/14 to 31/3/14 of utility bills then what is the entry in books of account ?
19 April 2014
you can create a provision for the same as at 31 March.
19 April 2014
U can show it in the financial year in which the expense originate as payable expense. In Current Liability.
19 April 2014
well given that bill is dated after 1 April, it is not payable as on 31 March, hence it cannot parked as a current liability.
However, since the expense relates to the current year, you need to create a provision.
The entry would be:
Electricity Exp A/c (P&L) Dr
To Provision for Electricity Exp A/c (Balancesheet)
However, since the expense relates to the current year, you need to create a provision.
The entry would be:
Electricity Exp A/c (P&L) Dr
To Provision for Electricity Exp A/c (Balancesheet)
20 April 2014
On 31.3.2014
.
Dr.expense a/c
Cr.prov. for exp a/c
.
On bill date
.
Dr.prov. for exp a/c
Cr.creditor a/c
.
Dr.expense a/c
Cr.prov. for exp a/c
.
On bill date
.
Dr.prov. for exp a/c
Cr.creditor a/c
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