Journal entry...
This query is : Open
21 October 2011
Sir,
A company paid insurance premium of Rs.1000/-for the calendar year 2011 (Jan-Dec).During the book closing period of 31.03.2011 which journal entry I have entered for the 9 months. Please give me a reply...
A company paid insurance premium of Rs.1000/-for the calendar year 2011 (Jan-Dec).During the book closing period of 31.03.2011 which journal entry I have entered for the 9 months. Please give me a reply...
21 October 2011
Entry will be -
Insurance expense Dr (3 month expense)
Prepaid Expense Dr (9 month expense)
Bank Cr Rs.1000
Insurance expense Dr (3 month expense)
Prepaid Expense Dr (9 month expense)
Bank Cr Rs.1000
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