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Prepaid expenses

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 June 2014 If the telephone bill (Airtel)is rs. 1000 and the company makes a payment of rs.5000, rs 1000 will be expensed and the balance rs 4000 will be prepaid expense? advance? in current assets? or i will create airtel as a sundry creditor?

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CA Madhvi

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CA Madhvi (Expert)
05 June 2014 Yes it will be treated as prepaid telephone expenses under the head Current assets
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Guest

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Guest (Expert)
05 June 2014 you can do both dear.. either as an prepaid expense

or as an advance to party dear

both will be current assets
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Querist : Anonymous

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Querist : Anonymous (Querist)
05 June 2014 ok got it. Thanks a lot !
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Amol Gopal Kabra (CA,CS,DISA)

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Amol Gopal Kabra (CA,CS,DISA) (Expert)
06 June 2014 It will be prepaid expenses. It wont be under sundry creditors.
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