ACCOUNTING ENTRIES

Question 1

ACCOUNTING ENTRY FOR ACCURAL WHEN THE EXPENSE IS ACCURAL INCURRED

Answer 1

DR- EXPENSES A/C
CR- ACCURAL A/C( LIABILITY A/C)

WITH THE ESTIMATE VALUE OF THE ACCURAL

Question 2

ACCOUNTING ENTRY FOR WHEN THE ACCURAL IS PAID

Answer 2

DR- ACCURAL A/C( LIABILITY)
CR- BANK A.C

WITH THE AMOUNT PAID

Question 3

ACCOUNTING ENTRY FOR PROVISIONS WHEN PROVISION IS CREATED

Answer 3

DR- EXPENSES A.C
CR- PROVISION LIABLITY A/C ( C.A./N.C.A)
WITH THE VALUE OF PROVISION ESTIMATED BY THE PROFESSIONAL IN THAT FIELD

Question 4

ACCOUNTING ENTRY FOR WHEN PROVISION ID PAID

Answer 4

DR- PROVISION LIABILITY A/C
CR- BANK A/C
WITH THE ACTUAL AMOUNT PAID

Question 5

ACCOUNTING ENTRY FOR WHEN THERE IS AN OVER PROVISION

Answer 5

DR-PROVISION LIABILITY A/C
CR- EXPENSES A/C
WITH VALUE OF THE OVER PROVISON CALCULATED

Question 6

ACCOUNTING ENTRY FOR WHEN THERE IS AN UNDER PROVISON

Answer 6

DR- EXPENSE A/C
CR- PROVISON LIABILTY A/C
WITH THE VALUE OF THE UNDER PROVISON CALCULATED.