p & L
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 January 2011
while preparing p and l statement what is the treatment of expenses of previous year paid current year and expenses of this year paid in next year and expenses of next year paid this year.
like wise income also
pl. let me know clearly withut any confusion as i am science student i am unable to understand this.
pl give me clear idea
like wise income also
pl. let me know clearly withut any confusion as i am science student i am unable to understand this.
pl give me clear idea
06 January 2011
Make a provision in currect year for next year payment.
Eaxample
Current year
Rent paid Dr Indirect Exp
Rent payable CR Provisions
Next year
Rent payable Dr Provisions
Cash or Bank DR Current Asset
Current year
Interest accrued DR Current asset
Interest Received CR Indirect income
Next year
Cash or Bank Dr Current assests
Interest Accured Cr Current assests
Dont get confuse go through you can understand..............
Eaxample
Current year
Rent paid Dr Indirect Exp
Rent payable CR Provisions
Next year
Rent payable Dr Provisions
Cash or Bank DR Current Asset
Current year
Interest accrued DR Current asset
Interest Received CR Indirect income
Next year
Cash or Bank Dr Current assests
Interest Accured Cr Current assests
Dont get confuse go through you can understand..............
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