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Accountancy Query

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(Querist)
14 September 2021 In the trial balance prepaid expenses are having both debit and credit balance.
How I should treat it for the preparation of financial statements?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
15 September 2021 Credit balance may be due to reversal. Net it off both balances.
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Arunima Haldar

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Arunima Haldar (Querist)
15 September 2021 And if by doing net I am getting credit balance then what should I do?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
15 September 2021 Debit this head and credit such expenses head.
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