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Entry for prepaid expenses?
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Answer Posted / 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.
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EXPAND______________ICC
Raj & Raj Ltd purchased a machinery on 01.01.1996 for Rs.88,000.The life of the machine estimated to be 5 Yrs.It was calculated that the old machinery would fetch Rs.8000 at the end of its useful life.it was decided to replace the machinery at the end of the 5th year by setting up depreciation fund and invest the annual depreciation (along with interest earned each year) in gilt edged securities carrying interest at 5% p.a. At the end of the 5th Year the securities were sold for Rs.9000.As per the sinking fund table Rs.14,478 is to be invested every year.A new machine was purchased on 01.01.2001 for Rs.1,00,000.pass the journal entries and show the ledger accounts
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