Entry for prepaid expenses?

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Question Posted / pawan

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Entry for prepaid expenses?..

Answer / abdul qayyum

Prepared Expenses A/c
To Cash / Bank

while paying the exp in advacne

Respective exp A/c
To Prepared Expenses

At the time when have to actual pay.

Is This Answer Correct ?

1 Yes

0 No

Entry for prepaid expenses?..

Answer / raghavender

Prepaid Expenses A/c Dr
To Concerned Expense A/c

Is This Answer Correct ?

1 Yes

1 No

Entry for prepaid expenses?..

Answer / pramod

prepaid expenses dr.
to expenses payable

Is This Answer Correct ?

1 Yes

1 No

Entry for prepaid expenses?..

Answer / pravin kamble

Profit & Loss a/c ........Dr.
To B/S Prapaid Asset a/c....Cr.

Explanation :- when we are paying any expenses in advance,
that time it becomes asses for us. Because when we pay for
anything that time we receive something against that
payment.

Is This Answer Correct ?

0 Yes

0 No

Entry for prepaid expenses?..

Answer / sumitra.raghavan

related expense A/c dr
to cash
prepaid expense A/c dr
to related expense

Is This Answer Correct ?

0 Yes

0 No

Entry for prepaid expenses?..

Answer / madhu naidu

prepaid expenses a/c dr
To, various expenses a/c

Is This Answer Correct ?

0 Yes

0 No

Entry for prepaid expenses?..

Answer / priya

Time of accrual:
Profit and loss account dr.
To expense account

Prepaid expense
To cash
{cash being paid}

Expense account dr.
To prepaid account

Is This Answer Correct ?

0 Yes

0 No

Entry for prepaid expenses?..

Answer / muneeb chauhan

Prepaid Exp. A/c Dr
To Respective Exp. A/c

Being exp. paid as Advance

Is This Answer Correct ?

2 Yes

3 No

Entry for prepaid expenses?..

Answer / 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.

Is This Answer Correct ?

0 Yes

8 No