Accountancy Query
This query is : Resolved
Quick Summary
Arunima Haldar
(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?
How I should treat it for the preparation of financial statements?
CA R SEETHARAMAN
(Expert)
15 September 2021
Credit balance may be due to reversal. Net it off both balances.
Arunima Haldar
(Querist)
15 September 2021
And if by doing net I am getting credit balance then what should I do?
CA R SEETHARAMAN
(Expert)
15 September 2021
Debit this head and credit such expenses head.
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