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

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

Answer / sriram

Dr.Insurance charges
Cr.Prepaid Insurance

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