preliminary expenses account debit
to cash account (if the amount has been paid in cash)
debit preliminary expenses
credit cash
There is no general entry for those expenses which are not belongs to company's normal operating business activities and no entry required.
Outstanding expenses are those which are yet to be paid in current financial year. Journal entry would be Expenses a/c dr to Outstanding expenses a/c Outstanding expenses should be crecdited because its a liability for the company.
[Debit] Outstanding expenses [Credit] Cash / bank
No journal entry for net income it is the difference between total expenses and total revenue and it is the balancing figure
Debit electricity expensesCredit expenses payable
[Debit] Amortization of Prelimenary expenses xxxx [Credit] Preliminary expenses xxxx preliminary expenses are amortized in equal amount intil it is fully write off.
[Debit] Preliminary expenses 20000 [Credit] Cash account 20000
Debit outstanding expensesCredit expenses payable
There is no general entry for those expenses which are not belongs to company's normal operating business activities and no entry required.
Outstanding expenses are those which are yet to be paid in current financial year. Journal entry would be Expenses a/c dr to Outstanding expenses a/c Outstanding expenses should be crecdited because its a liability for the company.
[Debit] Outstanding expenses [Credit] Cash / bank
No journal entry for net income it is the difference between total expenses and total revenue and it is the balancing figure
To record legal expenses in a journal entry, you would debit the Legal Expenses account and credit either Cash or Accounts Payable, depending on whether the expense was paid immediately or is still outstanding. This entry helps to accurately track and report legal costs incurred by the business.
Debit cash refundCredit expenses
Debit electricity expensesCredit expenses payable
debit food expenses / meals and entertainmentcredit cash / bank
As it is a advance receipt the journal entry would be cash dr. to deferred revenue