Interested to Buy Any Domain ? << Click Here >> for more details...
prepaid expense ,how to treat in profit & loss a/c
- 4 Answers
- 37017 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / sreedhaam
If prepaid expenses are given in the trial balance they are
recorded in the assets side of Balance sheet only. But if
they are given in the adjustments they are subtracted from
concerned expenses in the debit side of profit and loss
account and again are shown in the assets side of Balance
Sheet.
| Is This Answer Correct ? | 60 Yes | 3 No |
Answer / sampada
We deduct from respective expenses value in P & l A/c
| Is This Answer Correct ? | 38 Yes | 12 No |
Answer / sushil27284
No prepaid expenses will not touch the profit & loss A/c if this will appear in trail balance, but if this prepaid expenses is additional information related to any expenses head then the said prepaid expenses amount will be less from the related expenses head from profit & loss A/c
| Is This Answer Correct ? | 8 Yes | 1 No |
Answer / i.c. maurya
the prepaid exp. directly not charged from P/L A/c At the
time of payment we should pass the entry
Dr. prepaid exp
Cr. cash/bank
(being prepaid exp. paid)
when exp. exactly Due we pass the entry
Dr. exp.
Cr prepaid exp.
(being prepaid exp. due and reversed)
this entry effect the P/L(reduce) A/c
| Is This Answer Correct ? | 17 Yes | 11 No |
What is mean by Asset area?
How we can write in figure RS (Eleven Lacs Eleven Thousand Eleven Hundred and Eleven rupees). Please suggest me write answer.
In india i did MA BE.d but now i am applying for student visa in australia in masters of professional accounting will i face any problem in interview call that why u change ur course how i ill support my answer
what is difference between company and firm
pls can any body give me detail journal entries for stock of amanufaturing company?
What is a Pay Group
What is a trial balance in accounting?
what is finance
what is tds,pf and vat?
Explain what knowledge should financial accountant have?
When we paid TDS on commission how will journal entry come
Journal entry for interest received
Audit 
