Account entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 June 2012
if we take an insurance policy on 31 dec 2011 for one year.and pay the insurance premium for one year. what will be the accounting entry for this pls explain.
22 June 2012
Insurance A/c Dr (Note 1)
Prepaid Insurance A/c Dr (Note 2)
To Bank A/c
Note 1: For the period Dec 2011 to March, 2012
Note 2: For the period April 2012 to Dec, 2012
Prepaid Insurance A/c Dr (Note 2)
To Bank A/c
Note 1: For the period Dec 2011 to March, 2012
Note 2: For the period April 2012 to Dec, 2012
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