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Pre Paid Expenses.

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(Querist)
09 March 2022 I have paid advance to supplier towards purchase of Suiting Shirting for my staff Uniform. advance paid in the month of March 22. While the uniform will be provided in next financial year i.e. FY 2022-2023

Can i treat above expenses as Prepaid Expenses in FY 2021-22.?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
09 March 2022 Keep it under advance as the material is not received.
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H Thakar

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H Thakar (Querist)
09 March 2022 Cant it be treated as Prepaid Expenses? This normally will be provided next year
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
09 March 2022 It's only advance not prepaid expenses.
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CA Puja Sharma

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CA Puja Sharma (Expert)
09 March 2022 It is better to report as advance paid to supplier.

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