Plz answer quickly...If outstanding expense is written off then does it affect the p/l a/c or just the balance sheet? If yes then explain with journal entry

Dear Student


Outstanding Expenses are liabilities to be paid, they are not the expenses, therefore when we pay them then it does not affect profit and loss account.
It would only affect the balance sheet because liability, as well as asset, is reduced on payment of Outstanding expenses.


Regards

 

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I think so it only effects balance sheet
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It means O/S exp. Pay off so entry would be= O/s exp....dr. To Cash a/c
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What are you looking for?