Posted by Soni Tiwari 3 weeks, 6 days ago
It may so happen that we may earn some incomes during the current accounting year but not receive them in the same year. Such income is accrued income.Thus, these incomes pertain to the current accounting year. Therefore, we need to record them as current year’s incomes.
The Accrued Income A/c appears on the assets side of the Balance Sheet. While preparing the Trading and Profit and Loss A/c we need to add the amount of accrued income to that particular income.
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