HSC Commerce (Marketing and Salesmanship) 12th Board ExamMaharashtra State Board
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Expenses Which Are Due but Not Paid at the End of the Year. - HSC Commerce (Marketing and Salesmanship) 12th Board Exam - Book Keeping and Accountancy

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Question

Expenses which are due but not paid at the end of the year.

Solution

Outstanding expenses
Explanation: Expenses which are due but not paid at the end of the year are outstanding expenses. The benefit of such expenses has been derived in the current year but the payment of these has not been made yet. Outstanding expenses are classified under personal accounts because they represent those persons to whom the payment is to be made. Such expenses are shown on the Liabilities side of the Balance Sheet.
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APPEARS IN

 2013-2014 (October) (with solutions)
Question 1.2.3 | 1.00 mark
Solution Expenses Which Are Due but Not Paid at the End of the Year. Concept: Effects of Adjustments-Outstanding Expenses.
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