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Accounting entry
if as on 1st October the company pay one year expenses , so when the entry for six months prepaid expenses is made whether on 1st October or 31st march......
Replies (3)
@ rohit
advance expense dr.(Accounting head)
To Bank
quarterly closing.
Relevant Expense head Dr.
to Advance Expense...
advance expense dr.(Accounting head)
To Bank
quarterly closing.
Relevant Expense head Dr.
to Advance Expense...
It is suggested you book properly at the time of payment. That is ---
Expense A/c Dr.
Pre-paid Expenses Dr.
To bank A/c
Expense A/c Dr.
Pre-paid Expenses Dr.
To bank A/c
@ rohit
generally this is the entry....
generally this is the entry....
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