Question

What is outstanding expenses liabilities or assets single entry?

Answer 1

It is an expense that has been incurred but has not been paid . For example, an audit it has been conducted by a firm of Chartered Accountants against which audit fee of rs. 60000 is payable .It means a liability of rs.60000 has been incurred, which is yet to be paid .It is termed as outstanding expense. It is debited to profit and loss account and also shows under the head current liabilities in the balance sheet .

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