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What is the treatment you give for the prepaid insurance
created in the year end in the month of April
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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
| Is This Answer Correct ? | 9 Yes | 1 No |
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
| Is This Answer Correct ? | 2 Yes | 0 No |
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