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whether postpaid telephone expenses can be taken under prepaid
expenses when advance payment made by a/c payee cheque for the
month of march.
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Answer / gagan saini
Advance is being paid for March month, means expense is being booked on provisional basis, may be for provisional Balance Sheet hence such expense could not be consider under prepaid expense head while can be shown into provisional balance sheet under prepaid telephone expenses.
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State which of the following are Cash transactions, and which are credit transactions: Questions Answers 1. Anil commenced business with Rs.10,000 2. Bought goods for cash Rs. 2000 3. Bought goods from Balaji on account Rs. 4000 4. Paid Balaji on account Rs. 500 5. Commission received Rs. 50 6. Commission due to Raj Rs. 100 7. Took Loan from Bank Rs. 20,000 8. Interest on loan due to the bank Rs. 200 9. Paid salaries Rs. 200 10. Sold goods for Rs. 1000 11. Sold goods to Eshwar on account Rs. 2000 12. Received from Eshwar on account Rs. 100
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Expand---------RDES
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Audit 
