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Prepaid entry

This query is : Resolved 
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(Querist)
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
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Nikhil Kaushik

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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
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Accounting Home Services

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Accounting Home Services (Querist)
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
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Vishnu Saboo

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Vishnu Saboo (Expert)
16 June 2014 yes, no doubt upto 07.08.2014 this is purely prepaid expenses.
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