Unearned Income
Income received during a period but applicable to the next period is termed unearned income.Suppose for example,a company received on April 1 2016 apprentice premium amounting to 60000 for three years. Though the trail balance drawn up at March 31st 2017,Shows 60000 against apprentice premium the whole amount should not be treated as Income for the… (0 comment)
What is accrued Income?
An income which is due but not received on the date of closing the books is known as accrued income. For example,when the books are closed on 31st march March 2016,Interest on certain securities has fallen due. 2500. But the  interest received is only 2000; So the accrued  interest amounts to 500.Before the books are closed,the… (0 comment)
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