What is the treatment you give for the prepaid insurance
created in the year end in the month of April
- 3 Answers
- 4597 Views
- Tax Time, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / saritha p.t
1.It will be deducted from concered expense(Insurance)in
Income Statement.
2. Show on the Asset side of Balance Sheet under the
heading "Insurance Prepaid"
Adjustment Entry:
Insurance Prepaid A/c DR.
To, Insurance A/c
| Is This Answer Correct ? | 9 Yes | 1 No |
Answer / mahendra rajput
Prepaid Insurance A/c... Dr.
To, Insurance A/c
And Prepaid Insurance is shown on Assets side in Balance sheet.
And when the time will occur to pay the same, below entry
would be passed.
Insurance Premium A/c... Dr.
To, Prepaid Insurance A/c
| Is This Answer Correct ? | 2 Yes | 0 No |
what is meaning NPA?
what is the journal?
Dear all, Could you suggest me that if got a job in a/cs in Big org but on payroll of Outsourcing company,What should to prefer the company payroll or job the ?
what is cash memo? and how it could be differentiated from tax invoice?
Dismissed the watchman after paying him Rs.200 towards his salary.? state whether the the following transcation is business transcation or non business transcation? with reson or explaination?
What is BRS? What is the use of BRS?
EXPAND_________SCB
E-1,E-2 form received against which sale?
EXPAND_________TAN
what is the entry for accumulated depreciation?n why it is used?when it is necessary?
What is a bad credit score?
What are the benefits ofparticipation in a depository?
Audit 
