Prepaid expense related query
This query is : Resolved
29 January 2015
let ABC co release a payment of training fees on 1jan 15 against the invoice raised by concerned institute which will be execute in june 15.is this expense need to reclass in prepaid account.
CA Sandeep Kumar
(Expert)
29 January 2015
Yes, if amt is paid in advance for which service has not been taken, it will be classified under prepaid exp.
30 January 2015
Since it is paid in advance , it must be classified as prepaid.
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