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Prepaid expenses

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 September 2013 SIR,

WHAT EFFECT ON PROFIT & LOSS A/C OF PREPAID EXPENSES
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
30 September 2013 If prepaid expenses are given in the trial balance they are recorded in the assets side of Balance sheet only.
But if they are given in the adjustments they are subtracted from concerned expenses in the debit side of profit and loss account and again are shown in the assets side of Balance Sheet.
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