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Answer Posted / 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.)
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