Accounts
This query is : Resolved
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.
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
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
17 September 2009
absolutely. Prashant explained the entries very well. Basically no treatment, u just carry forward.
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