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Q. > Please Help: Deffered Tax Assets
How to Treat Deferred Revenue Assets in Balance Sheet ant its Journal Entries
answered Sep 24, 2013 by shankygarg , Karnal
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
answered Sep 24, 2013 by shankygarg , Karnal
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
answered Sep 24, 2013 by shankygarg , Karnal
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
answered Sep 24, 2013 by shankygarg , Karnal
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
answered Sep 24, 2013 by shankygarg , Karnal
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
answered Sep 24, 2013 by shankygarg , Karnal
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
answered Sep 25, 2013 by Vaneet Gupta , Delhi
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.
answered Sep 25, 2013 by Vaneet Gupta , Delhi
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.
Experts Panelist
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