Accrued Income is income that is earned by provided a service or the sale of a product but hasn't been received yet. Outstanding income is income that is yet to be earned.
Accrued income is that where income is earned but amount is not received while income in advance is reverse of accrued income where amount is received in advance but services not provided yet.
we dont have an idea either. thanks wharton
[Debit] Accrued income receivable [Credit] Accrued income
[Debit] Accrued income receivable [Credit] Accrued income
Accrued Income is an income already incurred but no payment is received yet.
Accrued income is that where income is earned but amount is not received while income in advance is reverse of accrued income where amount is received in advance but services not provided yet.
we dont have an idea either. thanks wharton
[Debit] Accrued income receivable [Credit] Accrued income
[Debit] Accrued income receivable [Credit] Accrued income
[Debit] Accrued income receivable [Credit] Accrued income
Accrued Income is an income already incurred but no payment is received yet.
no its the opposite Accrude income Dr. Sales Cr. Accrued income is income that has incurred but not yet invoiced.
income receivable
the difference between income and consumption
Accrued income is income which the company has earnd but not yet received and shown as a current asset in balance sheet.
Out standing income is an income which have not been received yet eventhoug the event been incurredex: mr A is agree to pay the sum of 1000Rs every month as a commission , he actually paid for 10 months, still he required to pay 2 months at the year end eventhough he not paid yet. balance of rs 2000 becomes an out standing income(current asset)cash a/c dr 8000outstanding income a/c dr 2000To Commission A/c 10000 Accrued income is an income which has been accumulated or accrued irrestpective to actual Receipt, which means event incurred but cash not yet receivedEx: Interest on Fixed deposits: on the day of investments fixed deposits a/c dr 10000To Cash/Bank a/c 10000 end of the year Accrued interest 1000tO income from Fixed Deposits 1000(10%interest) Fixed deposit value at the end of year 11000
no