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prepaid expense ,how to treat in profit & loss a/c
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Answer Posted / i.c. maurya
the prepaid exp. directly not charged from P/L A/c At the
time of payment we should pass the entry
Dr. prepaid exp
Cr. cash/bank
(being prepaid exp. paid)
when exp. exactly Due we pass the entry
Dr. exp.
Cr prepaid exp.
(being prepaid exp. due and reversed)
this entry effect the P/L(reduce) A/c
| Is This Answer Correct ? | 17 Yes | 11 No |
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