What is the treatment you give for the prepaid insurance created in the

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Question

What is the treatment you give  for the prepaid insurance 
created in the year end in the month of April

Question Submitted By :: Jakkaram

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Re: What is the treatment you give for the prepaid insurance created in the year end in the month of April

Answer
# 1

1.It will be deducted from concered expense(Insurance)in 
Income Statement.
2. Show on the Asset side of Balance Sheet under the 
heading "Insurance Prepaid"

Adjustment Entry:

Insurance Prepaid  A/c  DR. 
     To, Insurance A/c

Is This Answer Correct ?

6 Yes

1 No

Saritha P.t

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