Question
State the meaning of:
Outstanding expenses.
Outstanding expenses.
✓
Answer
Outstanding Expenses: These refer to those expenses which belong to and are incurred in the current accounting period but are left unpaid. In other words, we can say that the services in exchange of these payments have been realised but the payments are not made. For example, if ₹ 1000 wages are outstanding, then this means that labour worth ₹ 1,000 has been used but has not been paid for till the end of the year.
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Similar questions
Operating profit earned by M/s Arora & Sachdeva in 2016-17 was ₹ $17,00,000$. Its non-operating incomes were $₹ 1,50,000$ and non-operating expenses were ₹ $3,75,000$. Calculate the amount of net profit earned by the firm.
→Calculate Closing Stock and Cost of Goods Sold:
Opening Stock ₹ 5,000; Sales ₹ 16,000; Carriage Inwards ₹ 1,000; Sales Returns ₹ 1,000; Gross Profit ₹ 6,000; Purchase ₹ 10,000; Purchase Returns ₹ 900.
Opening Stock ₹ 5,000; Sales ₹ 16,000; Carriage Inwards ₹ 1,000; Sales Returns ₹ 1,000; Gross Profit ₹ 6,000; Purchase ₹ 10,000; Purchase Returns ₹ 900.
What is meant by Adjustment Entry?
Why is it necessary to pass adjusting entries when final accounts are prepared?
Calculate cost of goods sold from the following:
| ₹ | ₹ | ||
| Opening Stock | 40,000 | Wages & Salaries | 10,000 |
| Net Purchases | 50,000 | Rent Paid | 15,000 |
| Net Sales | 1,90,000 | Closing Stock | 15,000 |
Find out the Credit Purchases from the details given below:
From the following balances taken from the books of Simmi and Vimmi Ltd. for the year ending March 31, 2017, calculate the gross profit.
|
|
₹
|
|
Closing stock
|
2,50,000
|
|
Net sales during the year.
|
40,00,000
|
|
Net purchases during the year.
|
15,00,000
|
|
Opening stock.
|
15,00,000
|
|
Direct expenses.
|
80,000
|
Is it possible to prepare a Trial Balance and check the arithmetical accuracy of the books of account under Single Entry System?
Amrit prepared his Trial Balance on 31st March, 2019, which did not match. What step should he take to proceed further?
On 31st March, 2019, the balance as per the Bank Statement was ₹ 10,000 debit. On the same date, outstanding cheques amounted to ₹ 30,000 and outstanding deposits amounted to ₹ 50,000. Also, there was a dishonoured cheque from a customer of ₹ 5,000 recorded in the Bank Statement but not in the Cash Book. On the basis of the above information, determine the balance as per the Cash Book.