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what is the Entry for Prepaid expenses? which side it come
in balance sheet?
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Answer Posted / karthic.v phone:9884655491
for instant :rent for the month of jan - dec each month is
1000 INR ...
now we are going to pay the rent for the 12 month in jan
month itself so, 1000*12=12,000
first entry:
prepaid rent a/c DR 12,000 BALANCE SHEED INCREASE CUR ASSET
CASH/BANK CR 12,000 BALANCE SHEET DECREASE CUR ASSET
NOW WE ARE GOING TO AMORTIZE IT FOR EVERY MONTH:
REND A/C DR 1,000
PREPAID RENT A/C CR 1,000
(BEING RENT AMORTIZED FOR THE MONTH OF JAN MONTH)
REND A/C DR 1,000
PREPAID RENT A/C CR 1,000
(BEING RENT AMORTIZED FOR THE MONTH OF FEB MONTH)
AT THE END OF THE DECEMBER PREPAID WILL GET "0" IN CURRENT
ASSET AND FINALLY RENT WILL BE 12,000 IN P&L DEBIT SIDE.
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