Journalise the following Entries?
Outstanding salary of rs. 20000/-
Prepaid insurance of rs. 5000/-
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Answer Posted / nidheesh
1, SALARY A/C DR 20000
TO SALARY OUTSTANDNG 20000 , HERE SALARYIS
OUTSTANDING SO THIS IS CURRENT LIABILITY , SALARY WILL GO
TO P&L A/C EXPENSE
2, PREPAID INSURANCE A/C DR
TO BANK / CASH , PREPAID INS. IS CURRENT ASSET
| Is This Answer Correct ? | 19 Yes | 3 No |
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