Pre paid expenses
This query is : Resolved
10 July 2010
friends,
In case of payment for reneval of any licence related to business , for the period of 2 or 3 years , is it necessary to segregate current year expenses and pre paid expenses.
In case of payment for reneval of any licence related to business , for the period of 2 or 3 years , is it necessary to segregate current year expenses and pre paid expenses.
10 July 2010
YES.
THE ENTRY WOULD BE---
RENEWAL LICENSE FEE A/C DR (INDIRECT EXP IN P/L)
PREPAID RENEWAL LICENSE FEE DR(CURRENT ASSETS)
TO BANK/PARTY
THE ENTRY WOULD BE---
RENEWAL LICENSE FEE A/C DR (INDIRECT EXP IN P/L)
PREPAID RENEWAL LICENSE FEE DR(CURRENT ASSETS)
TO BANK/PARTY
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