Clarification

M.SATHISHKUMAR (Audit) (68 Points)

17 September 2017

Hi Team,

How to pass the journal entries for 1. Prepaid Income and 2. Outstanding Income.

with detail explaination.

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4 Replies

Ashiwini Ballodia (Managing Partner at TAXounting) (8727 Points)
Replied 17 September 2017

1 Prepaid Income
Bank A/c DR
To Advanve from vendor

Ashiwini Ballodia (Managing Partner at TAXounting) (8727 Points)
Replied 17 September 2017

2 outstanding income
vendor a/c Dr
To Income

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 17 September 2017

Income A/c Dr
To Prepaid Income

O/S Income A/c Dr.
To income A/c

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 17 September 2017

prepaid income
Bank account Dr
to customers account

o/s income
customers account Dr
to sale

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