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Accounts

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(Querist)
14 September 2009 suppose you are going to start new financial year then What treatment you will do of previous year balence sheet ( like previous year prepaid,provision etc) in current financial year.
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Prashant

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Prashant (Expert)
16 September 2009 In last year u have to make entry :

I] Prepaid Expenses
Prepaid A/c (Under Current Asset Group)
To Expenses A/c Dr. (Under Expenses Group)

II] Provision
Expenses A/c Dr. (Under Expenses Group)
To Repective Provision A/c (Under C. Liability)

and in Current Year :

I} Prepaid Expenses
Book current yr Expenses and credit to Prepaid Expesnes A/c

II} Provision
Repective Provision A/c Dr. and credit Cash or Bank When u paid the expenses
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Kaustuv

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Kaustuv (Expert)
17 September 2009 absolutely. Prashant explained the entries very well. Basically no treatment, u just carry forward.
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