Journalise the following Entries?
Outstanding salary of rs. 20000/-
Prepaid insurance of rs. 5000/-
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Answer Posted / mudunoori
Areena very good question put by you. Insurance is not
related to Aprils expenditure. Generally Genaral insurance
will be paid for a period of one year. It is quite usual to
pass an adjustment entry for the expenses which benifits
more than a year.More over to reduce the ependiture or
income we have to reverse the natural poostion of ledger
accounts.So crediting expenditure is quite justifiable. To
confirm my answer you can refer any practicing person or
our commerce books. Another example for recersing entry is
about fixed assets. The natural position of fixed assets
are always DEbit. While creating depreciation on asset we
are reversing the natural position into credit
I think you may be satisfied with my answer.Pl refer
if any thing thru this or with my mail
id.satyaki_raju@yahoo.co.in
| Is This Answer Correct ? | 1 Yes | 3 No |
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