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..
Menu
Prepayment
Replies (1)
yes it can be expensed for Jun month and balance shown as prepayment and amortized monthly
Recent Topics :
- Police Bandobost and GST Invoice
- Understanding where manual effort goes in audit wo
- Scanned purchase bills to Tally XML with GST check
- TDS applicability of foreign remittance to Oracle
- GSTR 9 LATE FEE
- Best Online Mock Test Series for CA Inter January
- COST OF IMPROVEMENT
- Pillows and Mattresses
- GST Applicability for Reg. / Un-Reg. Indian custom
- Amended GST Act & Rules
Related Topics :
CAclubindia
