How to account licence fees paid.
This query is : Resolved
06 April 2012
In the FY 2011-12 we paid Rs.100,000 as Public Performance Licence, the period it covers is 01-12-2011 to 30-11-2012.
How to account this?
How to account this?
11 May 2012
Licence fees for the period 1.12.2011 to 31.03.2012 shall be booked as an expense and for the period 1.4.12 to 30.11.2012 shall be booked as prepaid expense
Entry:
Licence Fees A/c Dr 33,333
Prepaid Licence Fees 66,667
To Bank A/c 1,00,000
Entry:
Licence Fees A/c Dr 33,333
Prepaid Licence Fees 66,667
To Bank A/c 1,00,000
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