prepaid insurance
This query is : Resolved
17 February 2011
if my company pay prepaid insurance what entries will be pass by me in our company's books
18 February 2011
If part is for current year and part for next year then, entry at the time of payment,
Insurance Dr
Prepaid Insurance Dr
To Bank Cr
If totally prepaid, then, entry at the time of payment,
Prepaid Insurance Dr
To Bank Cr
If at the time of payment, insurance has been debited by full amount of payment, then at the end of the year a JV is to be passed as follows,
Prepaid Insurance Dr
To Insurance
Insurance Dr
Prepaid Insurance Dr
To Bank Cr
If totally prepaid, then, entry at the time of payment,
Prepaid Insurance Dr
To Bank Cr
If at the time of payment, insurance has been debited by full amount of payment, then at the end of the year a JV is to be passed as follows,
Prepaid Insurance Dr
To Insurance
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