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प्रश्न
State whether the following statement is True or False.
Outstanding expenses are shown on the liability side of the Balance Sheet.
पर्याय
True
False
उत्तर
True
Explanation: The expenses that have been incurred during the current year but have been left unpaid until the date of preparation of final accounts are called outstanding expenses. These are shown on the Liabilities side of the Balance Sheet. So, outstanding expenses represent a firm’s obligations.
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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 the meaning of Outstanding expenses
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.
