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Reversal of expenses in normal case or statutory case

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(Querist)
19 September 2023 When expenses payable to be reversed
In the case of statutory payment
In the case of normal case ( Trade payable or Expenses Payable)
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
29 September 2023 In case of creating an accruals of expenses payables, these are reversed in the next month and create fresh accruals based on latest month provisions. In case of any excess creation of liability under any head should be corrected with a reversal entry subsequently.
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