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sakina (student)     19 June 2021

Reversal of excess unbilled revenue

what is the journal entry to be passed for reversal of excess unbilled revenue recorded in previous year ?


 3 Replies

Asha Kanta Sharma

Asha Kanta Sharma (Manager - Finance & Accounts)     20 June 2021

Deferred Revenue - Dr. 

Revenue - Cr. 

 

 

Hope this helps/

sakina

sakina (student)     20 June 2021

Thanks. but I need an entry for reversal... revenue was already credited to P&L last year
Asha Kanta Sharma

Asha Kanta Sharma (Manager - Finance & Accounts)     20 June 2021

1. When you have revenue the below is the JV : 

AR/Cash/Bank - Dr. 100

To Revenue - Cr. 100

 

2. To transfer part of Deferred to subsequent FY

Revenue - Dr. 50

Deferred Reveneu - Cr. 50

 

Now if you say that Deferred Revenue was Rs. 30 and by mistake we made an entry of Rs. 50

 

Then the JV given below should  be used for reversal of excess Deferred Revenue Booked

 

Deferred Revenue - Dr. 20

Revenue - Cr. 20

 

 

Hope this helps. 

Thanks

 

 

 


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