Question

Expenses which are due but not paid at the end of the year.
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write one word​

Answer 1

Answer:

Outstanding expenses..

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Answer 2

Answer:

Outstanding Expenses

Explanation:

These are those expenses which are due but are not paid yet.

For example, 100 people work under Mr. A and Mr. A gives each of them a salary of Rs. 10,000 on the last date of each month.

Now, for example, let's say that today is March. 31 and the salary was to be given today but due to some problems, the salary couldn't be given today and Mr. A gave salary to his employees on April 7.

So, On March 31, the expenses (salaries) were due but Mr. A hadn't payed it before April 7. So, it is an outstanding expense.

The journal Entry for outstanding expense will be like:

Salaries A/c - Dr                           10,00,000

     To Outstanding Expenses A/c              10,00,000

This is because salaries are expenses from the point of view of business. And, increase in expenses is debited.

And, outstanding expense is a liability for the business. And, increase in liabilities is credited.