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Accounting Entry electricity bill

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629 Points Posted on 15 May 2021
|Dear Sir

Please suggest below entry in books of account is correct or wrong.We have received electricity bill. Rs.9400 days 66 bill period 1 March to 5 May 2021.
Entry in books

Electricity exp Dr.4415 up to March
Prepaid electricity Dr. 4985 Current assets
ELECTRICITY payable Cr. 9400
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On 15 May 2021 at 18:36 Report
Replies (4)
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Chartered Accountant
24588 Points Posted on 15 May 2021
You should seperately pass entries on two dates in March and in April and May
129 Reply
On 15 May 2021 at 19:24
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629 Points Posted on 15 May 2021
As suggested some one entry is correct
in May month entry
Electricity exp 4985/- Dr.
prepaid Electricity 4985/-Cr
1 Reply
On 15 May 2021 at 19:53
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Chartered Accountant
24588 Points Posted on 15 May 2021
In March month balance sheet such rent should be shown as current assets under prepaid expenses. And in April and May you should pass payment entries
129 Reply
On 15 May 2021 at 22:35
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Account Supervisor
129 Points Posted on 04 June 2021
You can not book in prepaid expenses as the bill date is in next year so you can not book whole bill in March.
however you can crate expenses payable for rs 4985/- to book march expenses only.
and reverses payable account in the month when bill actually received.
Reply
On 04 June 2021 at 00:49


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