Please Help: Deffered Tax Assets
Posted Date : 24-Sep-2013 , 12:53:53 am | Posted By Satyanaryan Agrawal
How to Treat Deferred Revenue Assets in Balance Sheet ant its Journal Entries
Category : Accounts | Answers : 8 | Comments : 0 | Hits : 181
Answers
Answer By: shankygarg
DEFFERED REVENUE MEANS CASH RECEIVED IN ADVANCE IN RESPECT OF A FUTURE INCOME. IT IS NOT RECORDED IN P&L A/C.IT IS SHOWN IN LIABILITIES SIDE AS - "UNEARNED INCOME".AN ADJUSTMENT ENTRY IS REQUIRED TO BE MADE WHEN THE INCOME IS EARNED.
ENTRIES:
1.FOR RECORDING AS UNEARNED INCOME
CASH/BANK A/C Dr.
TO UNEARNED INCOME A/C
2.ADJUSTMENT ENTRY
UNEARNED INCOME A/C Dr.
TO REVENUE A/C
ENTRIES:
1.FOR RECORDING AS UNEARNED INCOME
CASH/BANK A/C Dr.
TO UNEARNED INCOME A/C
2.ADJUSTMENT ENTRY
UNEARNED INCOME A/C Dr.
TO REVENUE A/C
Answer By: shankygarg
DEFFERED REVENUE MEANS CASH RECEIVED IN ADVANCE IN RESPECT OF A FUTURE INCOME. IT IS NOT RECORDED IN P&L A/C.IT IS SHOWN IN LIABILITIES SIDE AS - "UNEARNED INCOME".AN ADJUSTMENT ENTRY IS REQUIRED TO BE MADE WHEN THE INCOME IS EARNED.
ENTRIES:
1.FOR RECORDING AS UNEARNED INCOME
CASH/BANK A/C Dr.
TO UNEARNED INCOME A/C
2.ADJUSTMENT ENTRY
UNEARNED INCOME A/C Dr.
TO REVENUE A/C
ENTRIES:
1.FOR RECORDING AS UNEARNED INCOME
CASH/BANK A/C Dr.
TO UNEARNED INCOME A/C
2.ADJUSTMENT ENTRY
UNEARNED INCOME A/C Dr.
TO REVENUE A/C
Answer By: shankygarg
DEFFERED REVENUE MEANS CASH RECEIVED IN ADVANCE IN RESPECT OF A FUTURE INCOME. IT IS NOT RECORDED IN P&L A/C.IT IS SHOWN IN LIABILITIES SIDE AS - "UNEARNED INCOME".AN ADJUSTMENT ENTRY IS REQUIRED TO BE MADE WHEN THE INCOME IS EARNED.
ENTRIES:
1.FOR RECORDING AS UNEARNED INCOME
CASH/BANK A/C Dr.
TO UNEARNED INCOME A/C
2.ADJUSTMENT ENTRY
UNEARNED INCOME A/C Dr.
TO REVENUE A/C
ENTRIES:
1.FOR RECORDING AS UNEARNED INCOME
CASH/BANK A/C Dr.
TO UNEARNED INCOME A/C
2.ADJUSTMENT ENTRY
UNEARNED INCOME A/C Dr.
TO REVENUE A/C
Answer By: shankygarg
DEFFERED REVENUE MEANS CASH RECEIVED IN ADVANCE IN RESPECT OF A FUTURE INCOME. IT IS NOT RECORDED IN P&L A/C.IT IS SHOWN IN LIABILITIES SIDE AS - "UNEARNED INCOME".AN ADJUSTMENT ENTRY IS REQUIRED TO BE MADE WHEN THE INCOME IS EARNED.
ENTRIES:
1.FOR RECORDING AS UNEARNED INCOME
CASH/BANK A/C Dr.
TO UNEARNED INCOME A/C
2.ADJUSTMENT ENTRY
UNEARNED INCOME A/C Dr.
TO REVENUE A/C
ENTRIES:
1.FOR RECORDING AS UNEARNED INCOME
CASH/BANK A/C Dr.
TO UNEARNED INCOME A/C
2.ADJUSTMENT ENTRY
UNEARNED INCOME A/C Dr.
TO REVENUE A/C
Answer By: shankygarg
DEFFERED REVENUE MEANS CASH RECEIVED IN ADVANCE IN RESPECT OF A FUTURE INCOME. IT IS NOT RECORDED IN P&L A/C.IT IS SHOWN IN LIABILITIES SIDE AS - "UNEARNED INCOME".AN ADJUSTMENT ENTRY IS REQUIRED TO BE MADE WHEN THE INCOME IS EARNED.
ENTRIES:
1.FOR RECORDING AS UNEARNED INCOME
CASH/BANK A/C Dr.
TO UNEARNED INCOME A/C
2.ADJUSTMENT ENTRY
UNEARNED INCOME A/C Dr.
TO REVENUE A/C
ENTRIES:
1.FOR RECORDING AS UNEARNED INCOME
CASH/BANK A/C Dr.
TO UNEARNED INCOME A/C
2.ADJUSTMENT ENTRY
UNEARNED INCOME A/C Dr.
TO REVENUE A/C
Answer By: shankygarg
DEFFERED REVENUE MEANS CASH RECEIVED IN ADVANCE IN RESPECT OF A FUTURE INCOME. IT IS NOT RECORDED IN P&L A/C.IT IS SHOWN IN LIABILITIES SIDE AS - "UNEARNED INCOME".AN ADJUSTMENT ENTRY IS REQUIRED TO BE MADE WHEN THE INCOME IS EARNED.
ENTRIES:
1.FOR RECORDING AS UNEARNED INCOME
CASH/BANK A/C Dr.
TO UNEARNED INCOME A/C
2.ADJUSTMENT ENTRY
UNEARNED INCOME A/C Dr.
TO REVENUE A/C
ENTRIES:
1.FOR RECORDING AS UNEARNED INCOME
CASH/BANK A/C Dr.
TO UNEARNED INCOME A/C
2.ADJUSTMENT ENTRY
UNEARNED INCOME A/C Dr.
TO REVENUE A/C
Answer By: Vaneet Gupta
Being at first Instance one might had booked revenue i.e. Debtor A/c Dr
To Sale A/c
Bank A/c Dr
To Debtor A/c
Now for deferred revenue one need to pass below mentioned entry
Revenue A/c Dr...
To Deferred Revenue.
In Balance sheet, in case there is any debtor lying pertaining to deferred revenue, same need to be net off.
To Sale A/c
Bank A/c Dr
To Debtor A/c
Now for deferred revenue one need to pass below mentioned entry
Revenue A/c Dr...
To Deferred Revenue.
In Balance sheet, in case there is any debtor lying pertaining to deferred revenue, same need to be net off.
Answer By: Vaneet Gupta
Being at first Instance one might had booked revenue i.e. Debtor A/c Dr
To Sale A/c
Bank A/c Dr
To Debtor A/c
Now for deferred revenue one need to pass below mentioned entry
Revenue A/c Dr...
To Deferred Revenue.
In Balance sheet, in case there is any debtor lying pertaining to deferred revenue, same need to be net off.
Hope this is clear. Please do comment.
To Sale A/c
Bank A/c Dr
To Debtor A/c
Now for deferred revenue one need to pass below mentioned entry
Revenue A/c Dr...
To Deferred Revenue.
In Balance sheet, in case there is any debtor lying pertaining to deferred revenue, same need to be net off.
Hope this is clear. Please do comment.
Comments