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(Querist)
17 July 2014 i have received one bill for prepaid insurance for rs/12000.00 for jan to dec but it is paid 12000 and we have passed jv entry also but we need to close books in march do we need to pass any reactification entry and what will be entry for the above jv please tell me immeditely
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Nischit Sanghavi

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Nischit Sanghavi (Expert)
22 July 2014 The entry you made for 12000 is correct. No need to pass rectification entry. For book closing, expense for April to Dec will be shown as Prepaid expense. The entry will be

Insurance A/c Dr. 12000
To Insurance Company A/c Cr. 12000

Prepaid A/c Dr. 9000
To Insurance A/c Cr. 9000
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