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double entry

Forums › FIA Forums › FA2 Maintaining Financial Records Forums › double entry

  • This topic has 4 replies, 5 voices, and was last updated 11 years ago by lovesweety.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • December 23, 2013 at 12:59 pm #153383
    eisha
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    what is the double entry of bill received which is unpaid??

    December 23, 2013 at 2:29 pm #153390
    Farooq
    Member
    • Topics: 0
    • Replies: 1
    • ☆

    payable’s CR
    bank or cash DB

    December 23, 2013 at 6:28 pm #153393
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 1
    • ☆

    the double entry will be:

    I- if the purchased good/service was received:

    DR. PURCHASES / INVENTORY

    CR. ACCOUNTS PAYABLE

    II- if the purchases were not received:

    DR. GOODS IN TRANSIT

    CR. ACCOUNTS PAYABLE

    December 24, 2013 at 7:56 am #153414
    gingergirl
    Member
    • Topics: 1
    • Replies: 48
    • ☆

    Farooq – you are SO wrong!

    Abbas – I don’t think that I have ever come across a “Goods in Transit” account. If the goods have not yet been received, I think I would expect to just file the invoice until receeipt of the goods and then Debit Purchases and Credit Payables

    If that’s not right maybe Johnmoffat will put me right

    December 24, 2013 at 12:00 pm #153418
    lovesweety
    Member
    • Topics: 0
    • Replies: 5
    • ☆

    I THINK IT IS THE UTILITY BILL THAT HAS BEEN RECEIVED NOT THE INVOICE OF SOME GOODS ORDERED. SIMPLY DEBIT AS ACCRUED EXPENSE AND CREDIT THE PAYABLES.

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