Impres account,expense payable
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 June 2013
please tell me what is imprest account nad its journal entry.
what is the purpose for making expense payabl entry and its benefit.please explain it with example.
what is the purpose for making expense payabl entry and its benefit.please explain it with example.
Rupesh Jain
(Expert)
26 June 2013
imprest a/c is personal a.c in which some money given to some one
and after receiving bills we debit th exp head and credit the imprest a/c from who's bill receive
and after receiving bills we debit th exp head and credit the imprest a/c from who's bill receive
Rupesh Jain
(Expert)
26 June 2013
expenses payable is made for accural accounting method
like march bill recd in april then
we make
exp a/c dr.
to expense payable a/c cr.
with exp amount
for exm. 500 bill of telephone out of which rs. 400/- for march and 100 for april
then we make entry in 31.3.2013
telephone exp. a/c dr 400
to telephone exp payable 400
when mae payabele
then
exp payable 400
telephoine exp. 100
to bank a/c
like march bill recd in april then
we make
exp a/c dr.
to expense payable a/c cr.
with exp amount
for exm. 500 bill of telephone out of which rs. 400/- for march and 100 for april
then we make entry in 31.3.2013
telephone exp. a/c dr 400
to telephone exp payable 400
when mae payabele
then
exp payable 400
telephoine exp. 100
to bank a/c
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