Answer / rakesh

Some times some part of amount paid for expenses relates to
next financial year that amount is called prepaid expenses.
exampe.

vehicle insurance amt.to be paid 3000/- ( from 15.02.08 to
15.04.08)
Rs.3000/- to be paid for two month but it include 15 days
for next f/y. hence Rs. 750/ is prepaid expenses.

vehicle insurance Dr. 2250/-
prepaid exp. Dr. 750/-
Bank A/c Cr 3000/-
(being amt. paid for insurence charges from 15.02.08 to
31.03.08 and 15 days of april.)

Answer / deepak

Costs such as rent, interest, insurance premium, etc., that
are paid in advance of actually incurring them.

Answer / priyank

Expenses which are not of current year means expenses which
are of next year but paid in current year is called prepaid
expenses.

Answer / raman kumar

Prepaid expense are those expenses which are paid in
advance like our prepaid mobile connection's basicly its
related to next accounting year.

EXPAND______________IASB

2 Answers  

---

what is bank reconcilietion

18 Answers   WNS,

---

what is cnc machine hour rate? how it is calculated?

0 Answers   Greaves,

---

What Will Be The Journal Entry In Case Of Credit Note In The Books Of The Sender?

1 Answers  

---

where do u get credit opening balance?

3 Answers  

---

Hi frnds, can any one tell me how much funds has to be there to convince financially sound during the visa interview and what supporting documents has to be produced. What is backlogs means.....hope the best known will answer.

0 Answers  

---

What is the difference between absorption, amalgamation and liquidation of companies? And why realisation account is being prepared ?

2 Answers  

---

what is automatic payment in sap fico

0 Answers  

---

What is combination?

0 Answers  

---

In which account does tea and xerox will be taken into consideration

2 Answers  

---

Expand---------MDTR

2 Answers  

---

diff. between accounts & finance

1 Answers  

---