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Entry for prepaid expenses?
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Prepared Expenses A/c
To Cash / Bank
while paying the exp in advacne
Respective exp A/c
To Prepared Expenses
At the time when have to actual pay.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / raghavender
Prepaid Expenses A/c Dr
To Concerned Expense A/c
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / pravin kamble
Profit & Loss a/c ........Dr.
To B/S Prapaid Asset a/c....Cr.
Explanation :- when we are paying any expenses in advance,
that time it becomes asses for us. Because when we pay for
anything that time we receive something against that
payment.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / sumitra.raghavan
related expense A/c dr
to cash
prepaid expense A/c dr
to related expense
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / madhu naidu
prepaid expenses a/c dr
To, various expenses a/c
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / priya
Time of accrual:
Profit and loss account dr.
To expense account
Prepaid expense
To cash
{cash being paid}
Expense account dr.
To prepaid account
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / muneeb chauhan
Prepaid Exp. A/c Dr
To Respective Exp. A/c
Being exp. paid as Advance
| Is This Answer Correct ? | 2 Yes | 3 No |
Answer / venugopal redddy
Prepaid exp(or) Income account Dr
To Income received in advance account
The two fold effect is
1. It is shown on Cr side of P "N" Loss a/c
2. Showed in Liabilities in the Balance Sheet
This is Verified with Pankaj Publications.
| Is This Answer Correct ? | 0 Yes | 8 No |
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