hi, if the prepayment invoice dated to 7th June19, for the period 1-06-19 to 31-05-20. and book entry date was 14-06-19. Compnay books close date is 28-06-19.
please advise whether June month cost can be Expense off and rest of the cost can be taken to prepayment account.
what does prepayment concept say in this case..
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Prepayment
Replies (1)
yes it can be expensed for Jun month and balance shown as prepayment and amortized monthly
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