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Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2010 What is the Difference between Accrued income and outstanding income?

Rahul Gupta

Rahul Gupta (Expert)
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17 June 2010 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

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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17 June 2010 AGREE, GOOD EXPLANATION,

Querist : Anonymous

Querist : Anonymous (Querist)

23 January 2011 Thanks Sir

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