the total losses for the year ...
no
yes it do effect it should be credited in your profit and loss a/c
Usually accrued Loss related to: 1) collectibility of receivables 2) obligations related to product warranties and product defects 3) premiums offered to customers
[Debit] Accrued income receivable [Credit] Accrued income
[Debit] Accrued income receivable [Credit] Accrued income
loss before income tax affect accrued expenses is to avoid the billing of credit
of Accrue
no
yes it do effect it should be credited in your profit and loss a/c
Usually accrued Loss related to: 1) collectibility of receivables 2) obligations related to product warranties and product defects 3) premiums offered to customers
what is the meaning of loss making company
* periodically accumulated over time; "accrued interest"; "accrued leave" * That which has accumulated over a period of time such as accrued depreciation, accrued interest or accrued expenses. * The total income that remains after all the costs (expenses, taxes, etc.) have been deducted. * grown to maturity * Accumulated, as interest due and unpaid.
[Debit] Accrued income receivable [Credit] Accrued income
[Debit] Accrued income receivable [Credit] Accrued income
[Debit] Accrued income receivable [Credit] Accrued income
this would reduce your net income thereby understating your profits or increasing your loss .
[Debit] Accrued traveling expenses [Credit] Accrued expenses payable