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Journalise the following Entries?
Outstanding salary of rs. 20000/-
Prepaid insurance of rs. 5000/-
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Answer Posted / areena
mr mudnoori, ihave a doubt, can we credit an expense?,as
insurence is an expense.here mr sajeer may be cosidering
insurence paid on march, which belongs to april so his
entry is correct,otherwise entry will be pass as follows
prepaid insurence a/c dr..........
to cash/bank........cr
(being insurece paid for one year)
then monthly entry is
insurence a/c dr.........
to prepaid insurence.......cr
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