what is the Entry for Prepaid expenses? which side it come
in balance sheet?
- 36 Answers
- 71309 Views
- Accenture, BNY Mellon, TATA, Wipro, I also Faced
- E-Mail Answers
Answer Posted / ihtisham
if you purchased a machinery for 100,000 on account the entry should be recorded which is below.
machinery a/c 100,000 (Dr)
creditor a/c 100,000 (Cr)
so after a week you want to pay it in advance before its due date the will pass
prepaid expenses (Dr) 100,000
cash /bank a/c (Cr) 100,000
this balance will appear on the asset side of statement of financial position ( balance sheet)
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
what is Rectification of Errors ?
What is Going Concern, What is Dual Entry , What is Business entity and what are the names of Stock exchanges and currency of some countries, stock market related questions, Exchange rates, Banks and other informations
Expand-------URM
what is purchase consideration? How does it come about and how is it treated in the books?
honararium for the month of march 2013 can be paid on 31 mar 2013
please give the sbi bank clerk exam paper model in last five years?
where we have file E-returns in SAP FICO-CIN/Wtax?
What is the due date for filing monthly & annual sales tax returns in karanataka
What is EBITDA
Please tell me about service tax, tds, vat & ITR return with A to Z completely detail.
i am called for interview but im getting confused wt sort of questions i wd have to face,its a bank job and post is cash ofiicer please help me.
paid two years rent N1200, bought Motor van for cash N3000
Can you explain about the distinction of Book-Keeping and Accounting
AN ESTIMATE OF ASSETS AND LIABILITIES ON AGIVEN DATE
explain the financialand economic meaning of investment?
