Advertisements
Advertisements
प्रश्न
State the meaning of Outstanding expenses
उत्तर
Outstanding Expenses: These refer to those expenses which belong to and are incurred in the current accounting period but are left unpaid.
In other words, we can say that the services in exchange of these payments have been realised but the payments are not made.
For example, if ₹ 1000 wages are outstanding, then this means that labour worth ₹ 1,000 has been used but has not been paid for till the end of the year.
APPEARS IN
संबंधित प्रश्न
Give the word / term or phrase which can substitute the following statement.
Expenses which are due but not paid at the end of the year.
State whether the following statement is True or False.
Outstanding expenses are shown on the liability side of the Balance Sheet.
Give the journal entries for the following adjustments:
(a) Outstanding salary ₹ 3,500.
(b) Rent unpaid for one month at ₹ 6,000 per annum.
(c) Insurance prepaid for a quarter at ₹ 16,000 per annum.
(d) Purchase of furniture costing ₹ 7,000 entered in the purchases book.
