O/s liability

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

Replies (3)

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 Bill Payable

Read more at: /forum/details.asp?mod_id=265359&offset=0#.Ujx9439JSUk

1)Supplier To Bills payable>Plz note below Corrections

Oops Regrets

it should be Expense to Supplier(Creditor).

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