I confuesed with prepaid bank charges, how it will adjust in P & L and B/s, and what are the reason to pay bank charges in advance.
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Accounting entry
Replies (1)
(a) Prepaid Exp. A/c Dr (Show in Balancesheet)
To Bank A/c
(b) Bank Bank charges A/cDr. (amt. Related to current year)
To Prepaid exp.
(c) P&L a/c Dr (Amt. Related to current year)
To Bank charges
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