Suppose, 15-march-2016 to 15-April2016 Electricity Bill Genrate and Due date is 20-april-2016 then Explain the Journal Entry regarding This Transaction with Example also.
Suppose, 15-march-2016 to 15-April2016 Electricity Bill Genrate and Due date is 20-april-2016 then Explain the Journal Entry regarding This Transaction with Example also.
You can split this into two equal parts first is upto 31/3/16 and second is from 1/4/16 to 15/4/16.
make one entry for year ended 31.3.16
second is for April 16
Electricity Exp. A/c Dr.
To Provision for Expenses
entry pass on 31.3.16
Correct.. Agree with Mr. Anil.
and reverse the same when u made payment of bill.
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