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what is the meaning of prepaid insurance and outstanding
salary? please explain with example.
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Answer Posted / lakshmi
prepaid insurance:actually if u paid insurance premium for
the year say sept2010 to aug2011 rs 20000/-.but ur
accounting year will be closed on march 31st 2011.so u have
to account ur premium up to 31 march.if up to 31 mar u r
getting 10000/-,the remaining 10000/- will be ur prepaid
insurance for this year.u must deduct 10000 in this years
p&la/c and as u paid in advance it is an asset for u.
outstanding salary:actually salaries,rent are paid in the
first of next month.accounting year will be closed on
31mar.31 march salary will be paid in april month.obviously
it will be due for mar month.so it is o/s salary.add to
salaries of this year in p&la/c.
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The following Trial Balance was extracted from the books of Chetan.Do you think that it is correct? If not,rewrite it in the correct form. Debits Rs Credits Rs ------------------------------------------------------------ Stock |8250 | Capital |10000 Purchases |12750 | Sales |15900 Returns outward |700 |Returns inwards |1590 Discount received|800 |Discount allowed |800 Wages & salaries |2500 |Scooty |1750 Rent and rates |1850 |Carriage charges |700 Sundry debtors |7600 |Sundry Creditors |7250 Bank Overdraft |2450 |Bills payable |690
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