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Journalise the following Entries?
Outstanding salary of rs. 20000/-
Prepaid insurance of rs. 5000/-
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Answer Posted / surabhi gupta
1
Salary A/C Dr. 20000
To Outstanding Salary A/C 20000
Note-
bcoz this salary relates to the current year, but not paid
during the C.Y so our liability increases and increase in
liability must be credited, therefore i have credited
outstanding salary a/C.
2.
Prepaid Insurance A/C Dr. 5000
To Insurance A/C 5000
Note-
This insurance exp. relates to the next year but we have
paid it in current yr in advance,so our asset increases and
increase in asset must be debit therefore I have debited
Prepaid Insurance A/C
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