Here I have explained the concept of Outstanding Expense and it's accounting treatment in Profit and Loss Account and Balance Sheet in a simple way.

Outstanding Expense is also known as Accrued Expense. ( Accrual )

I have shown how to pass Adjusting Entry and Reversing Entry with complete logical understanding.

⏱TIMESTAMPS
00:00 - Intro
01:05 - Recap of Previous Video
04:14 - Open Transactions
09:10 - Outstanding Expense
17:28 - Practical Example with Financial Statements
38:05 - Format of EXPENSE A/C with Outstanding Expense & Prepaid Expense

Previous Video : Adjusting Entries Concept
https://youtu.be/Z0LACfnMRds

Download Adjusting Entries PDF
https://t.me/sahebacademy7/361

Basic Accounting Playlist
https://youtube.com/playlist?list=PLVjZhvcpvcGpzX-2re8U3MCVYbQzBWd06&si=oMk1Omek4cvA1Ios

This is for the students of CLASS 11, B.COM, BBA, CA FOUNDATION, CA INTER, CMA, ACCA and any other accounting courses.

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#Accountancy #FinancialAccounting #Class11