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Journal entry...

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(Querist)
21 October 2011 Sir,
A company paid insurance premium of Rs.1000/-for the calendar year 2011 (Jan-Dec).During the book closing period of 31.03.2011 which journal entry I have entered for the 9 months. Please give me a reply...
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CA Neha Jain

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CA Neha Jain (Expert)
21 October 2011 Entry will be -

Insurance expense Dr (3 month expense)
Prepaid Expense Dr (9 month expense)
Bank Cr Rs.1000
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SANISH.KS

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SANISH.KS (Querist)
22 October 2011 Thanks for reply
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