Accounting cycles

General Accounting Principles

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Ram paid rent 50000 in the year. But actual rent was 4000 pm. Here

2000 is outstanding expenses

Accrued expense

Prepaid expense

None of the above

Explanation:

total rent - 4000x12 = Rs.48000 to be recorded in profit & loss account while rest 2000 rupees are assets for the entity and will be shown on the assets side.

By: NIHARIKA WALIA

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