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Out standing income is an income which have not been received yet eventhoug the event been incurred
ex: 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 8000
outstanding income a/c dr 2000
To 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 received
Ex: Interest on Fixed deposits: on the day of investments fixed deposits a/c dr 10000
To Cash/Bank a/c 10000 end of the year Accrued interest 1000
tO income from Fixed Deposits 1000
(10%interest) Fixed deposit value at the end of year 11000
What else can I help you with?
How does computerized accounting differ from normal accounting?
Computerized accounting is done using accounting software packages and spreadsheets to compile data; traditional bookkeeping is done in long form using ledgers and accounts receivable and accounts payable forms.
Can allele differ between individuals?
Yes. That accounts for all of the diversity in living things.
You know that bank terms differ from bank to bank But you want to know when is the interest paid on business savings accounts on common banks?
Interest earned on your account is paid to the account on the last business day of the calendar quarter. If the account is closed during a quarter, the interest accrued is paid on the closing date.
How do he seasons differ between the uae and USA?
How do he seasons differ between the uae and USa?
How did Madame Du Pompadour die?
accounts differ but they seem to agree on some form of Cancer.
Accounts Payable related all information how to do the accounts payable?
Basically there are various methods of accounts payables and differ from company to company. most of the petty cash expenses are paid in cash and other payament is made through cheques.
What is the different between differ and different?
Differ is a verb and different is an adjective.
Why do historical accounts of slavery so widdely vary?
Historical accounts of slavery vary widely because different cultures treated slaves differently. Accounts of slavery within the same culture may also differ due to the sources' perception and beliefs regarding slavery coloring their accounts.
How do temporary accounts differ from permanent accounts?
Temporary accounts, also known as nominal accounts, are used to track financial activity over a specific period and are closed at the end of that period. Examples include revenue, expense, and dividend accounts. In contrast, permanent accounts, or real accounts, carry their balances into future periods and include assets, liabilities, and equity accounts. This distinction ensures that temporary accounts reset, allowing for accurate reporting of financial performance over distinct timeframes.
What year was the Oberlin College in Ohio started?
accounts differ as schools have lengthy start-up times, but l833 is usually given.
The limitation for CC accounts for overseas contingencies differ from the regular CC account limitation in that they allow for transactions up to 10000?
true
What the differ between divide and watershed?
i have on clue
