Accounts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 July 2010
Respected Sirs,
we have created a provision for teliphone exp of Rs 1000/- on dated 31 March 2010.
Now My two question is :-
What wil be journal entries in the month of 10th April 2010 .
1) If we received teliphone bill Of Rs 1500/-
2) If we received teliphone bill of Rs 800/-
Kindly explain in detail.
with regards,
we have created a provision for teliphone exp of Rs 1000/- on dated 31 March 2010.
Now My two question is :-
What wil be journal entries in the month of 10th April 2010 .
1) If we received teliphone bill Of Rs 1500/-
2) If we received teliphone bill of Rs 800/-
Kindly explain in detail.
with regards,
01 July 2010
Case 1
Telephone exp. A/c Dr. 1500
____To cash A/c 1500
Provision for telephone exp. A/c Dr. 1000
Profit and loss a/c Dr. 500
____To telephone exp. A/c 1500
.
Case 2
Telephone exp. A/c Dr. 800
____To cash A/c 800
Provision for telephone exp. A/c Dr. 1000
____To Profit and loss appropriation a/c Dr. 200
____To telephone exp. A/c 800
Telephone exp. A/c Dr. 1500
____To cash A/c 1500
Provision for telephone exp. A/c Dr. 1000
Profit and loss a/c Dr. 500
____To telephone exp. A/c 1500
.
Case 2
Telephone exp. A/c Dr. 800
____To cash A/c 800
Provision for telephone exp. A/c Dr. 1000
____To Profit and loss appropriation a/c Dr. 200
____To telephone exp. A/c 800
01 July 2010
In case 1,
You can direct one entry
Telephone Exp Payable Dr.1000/-
Telephone Exp Dr.500/-
To Cash/Bank 1500/-
Telephone expe is under the group of indirect exp of profit & loss a/c. There is no need to make entry for t/f any expense to profit & loss a/c
IF any expenses is debited itself it means
Profit & loss a/c is debited by that expenses.
Case2.
Telephone Exp Payable Dr. 1000
To Cash 800/-
To Profit & loss appropriation a/c 200/-
(for reversal for excess provision made)
You can direct one entry
Telephone Exp Payable Dr.1000/-
Telephone Exp Dr.500/-
To Cash/Bank 1500/-
Telephone expe is under the group of indirect exp of profit & loss a/c. There is no need to make entry for t/f any expense to profit & loss a/c
IF any expenses is debited itself it means
Profit & loss a/c is debited by that expenses.
Case2.
Telephone Exp Payable Dr. 1000
To Cash 800/-
To Profit & loss appropriation a/c 200/-
(for reversal for excess provision made)
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