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prepaid expense ,how to treat in profit & loss a/c
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Answer Posted / sreedhaam
If prepaid expenses are given in the trial balance they are
recorded in the assets side of Balance sheet only. But if
they are given in the adjustments they are subtracted from
concerned expenses in the debit side of profit and loss
account and again are shown in the assets side of Balance
Sheet.
| Is This Answer Correct ? | 60 Yes | 3 No |
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