Journalise the following Entries?
Outstanding salary of rs. 20000/-
Prepaid insurance of rs. 5000/-
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Answer / sajeermoidu
staff salary a/c dr....20000
to salary payable a/c.........20000
here staffsalary are shown in p&l a/c and salary payable a/c
is shown in the liability side of the balace sheet as
current liability
prepaid insurence a/c dr......5000
to cash/bank.......................5000
here
prepaid insurence is shown in the asset side of the balance
sheet as current asset
| Is This Answer Correct ? | 10 Yes | 17 No |
Answer / venkata subbaiah
outstanding salary a/c---dr 20000
to salary a/c 20000
insurance a/c dr 5000
to prepaid insurance a/c 5000
| Is This Answer Correct ? | 21 Yes | 36 No |
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