Prepaid exp amortization query

Sandeep Sharma (Accounts executive) (552 Points)

25 February 2024  
I received a insurance policy of 11803/- from 03/01/2024 to 03/01/2025 against which made Down payment by cash for rs. 3743 on 22/01/2023. How will the journals entries be passed in books from 31.01.2024 as per monthly financials. and what would be the initial entry while marking payment?