Prepaid expenses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 September 2013
SIR,
WHAT EFFECT ON PROFIT & LOSS A/C OF PREPAID EXPENSES
WHAT EFFECT ON PROFIT & LOSS A/C OF PREPAID EXPENSES
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.
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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