Prepaid entry
This query is : Resolved
14 June 2014
Dear Sir,
WE HAVE PAID RS. 300000/- TO BSNL AGAINST BSNL LEASE LINE FEE AS ON 10.06.2014 FOR THE PERIOD OF 08.08.2014 TO 31.03.2015
PLEASE ADVICE HOW TO DO ENTRY.
ADVANCE OR PREPAID
WE HAVE PAID RS. 300000/- TO BSNL AGAINST BSNL LEASE LINE FEE AS ON 10.06.2014 FOR THE PERIOD OF 08.08.2014 TO 31.03.2015
PLEASE ADVICE HOW TO DO ENTRY.
ADVANCE OR PREPAID
Nikhil Kaushik
(Expert)
14 June 2014
divide the amount by number months. each month recognise the month's rent and keep the rest as prepaid expense
entry at the time of payment
Lease rent paid in advance A/c Dr
To Bank/Cash A/c
On month end
Lease rent Ac/ Dr
To Lease rent paid in advance A/c
entry at the time of payment
Lease rent paid in advance A/c Dr
To Bank/Cash A/c
On month end
Lease rent Ac/ Dr
To Lease rent paid in advance A/c
14 June 2014
but sir up to 7.8.2014 can i book all amount as a prepaid because policy period start from 08.08.2014
Vishnu Saboo
(Expert)
16 June 2014
yes, no doubt upto 07.08.2014 this is purely prepaid expenses.
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