Outstanding income refers to income that has been earned but not yet received.

• Outstanding income is also known as accounts receivable.

• It is recorded as an asset on the balance sheet.

• Examples include u...read more

Outstanding income means the income that is earned but not yet received.

Pass the accounting entry:-

Outstanding income Account Dr

To Income Account

Outstanding income means there is a amount in due but not received and there is a legal right to receive the amount from other party in immediately.