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entries of Bills in advance and bills in arrears?
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Answer Posted / vinay kumar
For bills In advance entry will be
Let's the expenses is for rent then if at one time all the 12 month rent is paid in 1st of July,2016 then for july month the entry will be
Rent account Dr.1/12th of rent
Prepaid rent account Dr.11/12th of rent
To bank/cash account
For bills in arrear
Rent of 3 month due in financial year but paid only for 1 month then
Rent a/c Dr.3 month rent
To cash/bank. 1month rent
To outstanding rent 2 month rent
I hope ,u got ur answer
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