Mahendra

• Jul 17th, 2012

 

Accrued Income- Dr. Accrued Interest Receivable
Cr. Interest Income

at the time of Interest posting: Dr. Customers Account
Cr. Accrued Interest Receivable

Accrued Expenses- Dr. Interest Expenses
Cr. Accrued Interest Payable

at the time of Interest posting: Dr. Accrued Interest Payable
Cr. Customers Account

Nagaraj

• Jul 11th, 2013

 

1. Accrued Income
Income recievable A/C Dr
To Intrest A/C
(Recording Intrest income before received)

2. Once received
Cash/Bank A/C Dr
To Interest Receivable A/C
(When we received Interest)

3. Accrued entry for Expense

Salary Expense A/C Dr
To Salary Payable A/C
(Accrued expense)

4. At Payable time

Salary Payable A/C Dr
To Cash/Bank A/C
(Salary paid)