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Querist : Anonymous

Querist : Anonymous (Querist)

23 October 2015 PLEASE EXPLAIN IN DETAILS PREPAID EXPENSES, ACCRUED INCOME, ACCRUED EXPENSES WITH JOURNAL ENTRY AND EXAMPLES

Amol S Joglekar

Amol S Joglekar (Expert)
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23 October 2015 Financial year 2014-15.
01. Prepaid expenses. : Insurance for the period 01/03/2015 to 29/02/2016 paid on 01/03/2015, Rs. 12,000/-
11 months' insurance is said to be PREPAID as on 31/03/2015
Debit Prepaid Expenses (Insurance) 11,000
Credit Insurance Expenses

02. Accrued Income. : An amount of 100,000 is invested on 01/01/2015 for a period of 1 year, earning interest at 12& per annum, to be paid at the time of maturity.
Interest for a period of 01/01/2015 to 31/03/2015 ;on this deposit is said to be accrued.
Debit Investment 3,000
Credit Interest Accrued 3,000

03. Accrued Expenses : Please try to generate an example of this by yourself.

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