Question

Journalise the following transaction
1. Salaries remaining unpaid Rs 10,000 and rent due to landlord Rs.2,000​

Answer 1

Answer:

Salaries remaining unpaid Rs 10,000 and rent

Explanation:

Answer 2

Explanation:

There are various adjustment entries need to be passed at the end of financial year as there are certain expenses which are either paid in advance or not paid.

Outstanding expenses are those expenses which are due but not paid but services are already provided for. This is actually a liability of the business against the services taken.

In such cases, respective expenses account to be debited and outstanding expenses liability account to be credited.

Accounting entry will be as under:

Rent A/c Dr.

To Outstanding Rent A/

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