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Can somebody please tell that what will be the accounting entry from auditor's point of view, If a company receive a bill of Rs. 12000 for AMC of Software for the period from 01.08.2014 to 01.08.2015. bill dated 01.05.2015, Can somebody please tell that what will be the accounting entry from auditor's point of view, If a company receive a bill of Rs. 12000 for AMC of Software for the period from 01.08.2014 to 01.08.2015. bill dated 01.05.2015, what will be entry pass in 01.05.2015 in tally
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Answer Posted / ranjith moovari
Repairs and maintenance a/c ....Dr Rs.8000/-
Cash/Bank....Cr 8000/-
For 1-8-2014 to 31-3-2015 (8 months)
Prepaid expense.. Dr Rs.4000/-
To CashBank... Cr Rs.4000/-
For 1-4-2015 to 31-7-2015
Then on 1-4-2015 a reversing entry should be passed
Repair a/c
to Prepaid rrs.4000
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