Urgent
This query is : Resolved
06 April 2013
what do u mean by prepaid expenses and what's the entry in case of sales return ?
06 April 2013
A payment for an expense shall be said to be prepaid expense if the expense accrues over two different accounting periods.
For example insurance premium paid for the period Jan, 13 to Dec, 13.
In this case, premium for the period April, 13 to Dec, 13 shall be said to be prepaid expense.
For example insurance premium paid for the period Jan, 13 to Dec, 13.
In this case, premium for the period April, 13 to Dec, 13 shall be said to be prepaid expense.
17 April 2013
thanks sidd ji ........:)
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