hiii....
my query is tht at the end of the year wen a co closes the books how are the o/s liabilities supposed to be booked?
for eg: 1.if bill is recieved from a particular party on 31 march? how will it be accounted
2.if service is recieved in march but the bill is recieved after april 1st?however the co is certain abt the bill amount.
3.if a particular expense is nt recogniized as liability at the year end?
plz reply asap.
thanks a lot
1)Supplier To Bill Payable
2)Provision for the Service Bill amt can be made .
3)Prov for Exp. can be made on estimated bill amt to be recieved later and exp has been incurred.
couldn't understand the reply given
how can be debit the supplier ! !
1)Supplier To Bills payable>Plz note below Corrections
Oops Regrets
it should be Expense to Supplier(Creditor).
CAclubindia
