Expenses entry

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Hari Gaud

Hari Gaud (Querist)
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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

Sandeep Dharar

Sandeep Dharar (Expert)
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19 April 2014 Transactions does not effected by date. If it is last date then book it in the same date.

Hari Gaud

Hari Gaud (Querist)
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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 ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 April 2014 you can create a provision for the same as at 31 March.

Sandeep Dharar

Sandeep Dharar (Expert)
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19 April 2014 U can show it in the financial year in which the expense originate as payable expense. In Current Liability.

Hari Gaud

Hari Gaud (Querist)
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19 April 2014 How to do the entry in tally ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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)