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What is the Journal Entry for Prepaid Expenses and
OutStanding Salary?
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Answer Posted / rajesh chawhan
prepaid expenses means part or full expenditure incurred
during the financial year but pertaining to next year.
First you should debit the expenses & thereafter transfer
portion of following years expenses to prepaid expenses viz
Expenses A/c. Dr
To Cash/Bank Cr
Prepaid Expenses Dr (exp pertaining to next year)
Expenses A/c. Cr
Please to refer answer posted above.
In case of certain expenses for current financial year but
yet to be paid as on 31st March. you have to provide for
such expenses if you are following mercantile system.
Therefore Salary for March 2010 not paid before 31st march,
the following entries to be passed
Salary A/c. Dr
To Outstanding Salary A/c. Cr
| Is This Answer Correct ? | 83 Yes | 10 No |
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