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Journalise the following Entries?
Outstanding salary of rs. 20000/-
Prepaid insurance of rs. 5000/-
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Answer Posted / mudunoori
Sajeer saab You did a mistake in the second answer. Prepaid
insurance is an adjustment entry to be passed in the year
end. Insurance was already paid and entry was passed . with
your entry cash will be unnecessarily reduced to the tune
of 5000. So once again verify your answer and question. The
right answer is
Prepaid Insurance a/c Dr
Insurance a/c
(Prepaid insurance was created and reduced from insurance )
| Is This Answer Correct ? | 8 Yes | 3 No |
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