On finalizing of P/L of FY 19-20 our CA had put an entry for x+18% amount in expenses and the same is shown as expenses payable in B/s. In FY 20-21 he has raised an invoice for x+18%.
Now how will it be shown in journal of 20-21.
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Late raising of invoice by CA
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The same entry will need to be passed for FY 2020-21 also.
The expense payable seen in balance sheet as on 31.03.2020 will be debited to bank as and when the same is paid. Likewise for the provision as on 31.03.2021 as per the entry above.
The expense payable seen in balance sheet as on 31.03.2020 will be debited to bank as and when the same is paid. Likewise for the provision as on 31.03.2021 as per the entry above.
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