what is the meaning of prepaid insurance and outstanding
salary? please explain with example.
Answer Posted / lakshmi
prepaid insurance:actually if u paid insurance premium for
the year say sept2010 to aug2011 rs 20000/-.but ur
accounting year will be closed on march 31st 2011.so u have
to account ur premium up to 31 march.if up to 31 mar u r
getting 10000/-,the remaining 10000/- will be ur prepaid
insurance for this year.u must deduct 10000 in this years
p&la/c and as u paid in advance it is an asset for u.
outstanding salary:actually salaries,rent are paid in the
first of next month.accounting year will be closed on
31mar.31 march salary will be paid in april month.obviously
it will be due for mar month.so it is o/s salary.add to
salaries of this year in p&la/c.
Is This Answer Correct ? | 5 Yes | 3 No |
Post New Answer View All Answers
WHAT TYPES OF ESSAYS ARE GIVING IN BANK OF AMERICA? CAN ANY ONE HELP ME
Assets are held in the Business for the purpose of____________________
Dear all We have purchases the dialer & loger with all equipement for setup new call center from simens ltd. i taken to in our books as plant & machinary under fixed assets .So we want the rate of deprecation. Please answered me .
how Mis reports are used?n why it is used ? explain
Straight line method to using Indian company names
difference between vat 47 & vat 49
What is a Balance Sheet & Profit & Loss Account?
you went outside to purchase vegetagles, suddently big rain came then what you will do
What are write off entries to be passed say if im having payable of Rs. 400 standing in the balance sheet and I want to write it off...
discounted our own note 60-18% for 4,500 note. the proceeds will be directly credited to bank account. what is the entry of this?
Expand----------CMST
Since minority interest is balance sheet item, and got brought foward figure, how to disclose brought forward figure in consolidation work sheet instead of we make adjustment on current year to show their share in subsidiary.
hey! i have an interview for PO in union bank on 11th feb. can anyone please tell me what major topics should i prepare for? of course npa is there. also cibil and basel basics. is there anything else i should prepare?
WHAT IS THE PROFILE OF FINANCE EXECUTIVE IN TEXTILE INDUSTRY
post pscwb question and answer for accounting paper I & II for govt.officers departmental examination.