Pre payment
This query is : Resolved
Gurvinder Singh
(Querist)
27 May 2014
Pls adv, if we make telephone payments for a lumpsum amount for subsequent months in advance, which entries should be passed. Pls explain the ledger name to be debited under which main tally head. Also, how will the entries be written off in the subsequent months. Pls explain dr and cr with example.
Thnx and regards
Gurvinder Singh
Thnx and regards
Gurvinder Singh
Nikhil Kaushik
(Expert)
27 May 2014
at the time of payment:
Prepaid Telephone Charges A/c
To Bank A/c
at each bill due date:
Telephone Charges A/c
To Prepaid Telephone Charges A/c
Prepaid Telephone Charges A/c
To Bank A/c
at each bill due date:
Telephone Charges A/c
To Prepaid Telephone Charges A/c
28 May 2014
if at the year end any bal in prepaid telephone charges lying then disclose it in balance sheet under current assets under other current assets.
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