What is the treatment you give for the prepaid insurance
created in the year end in the month of April

Answer Posted / 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



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