prepaid insurance
insurance premium paid for fy2019-20 on 30th mar-19...how to treat in tally?
Replies (8)
pass entry for prepaid Insurance as follows
Prepaid Insurance A/c Dr
To Insurance A/c Cr
( Being insurance expense prepaid for next F.Y )
Show prepaid Insurance a/c under asset side in balance sheet
Next year you reverse the entry at time of insurance premium payment .
i already paid the premium on 26th mar,2019
what is the period of insurance. if it pertains only a part for March then show the whole as prepaid expenses and show the actual expenses on 01.04.2019
it pertains to the fy-2019-20.premium paid on 26th march,2019
so on payment date post the below entry
prepaid insurance. Dr
To Bank
On 01.04.19 post the below entry
Insurance. Dr
To Prepaid Insurance
prepaid insurance. Dr
To Bank
On 01.04.19 post the below entry
Insurance. Dr
To Prepaid Insurance
thanks sir
welcome
itc on insurance premium is acceptable under GST?
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