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How to pass entry on 31.3.22

Minalal Bhansali (72 Points)

02 June 2022

1. fright charges for goods not rec'd before 31.3.22 and probable vehicle charges both payable after 1.4.22

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3 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14169 Points)
Replied 02 June 2022

For Fright Charge and vehicle charges pass entry on ,31-3-22 as follows

1.Fright Charges receivable A/c Dr
To Fight chrges A/c Cr
( Being fright Charges receivable)

2 . Vehicle Charges receivable A/c Dr
To Vehicle charges A/c Cr
( Being vehicle charges receivable )

Note- Show Fright and vehicle charges receivable under current Assets (others) in balance sheet , same You have to carry forward to the next year , when you received in the next year pass entry as follows.

Bank A/ Dr
To Fright charges receivable A/c Cr
( Last year income received in the current year)

Similarly when you receive Vehicle charges next year pass similar entry as above.