01 December 2010
1 For Example if AMC charges for 12 month =Rs37278 2 Amount Paid During the Year=Rs 18000 3 Prepaid Expenses for 10 month=37278/12*10=31065 so what is the Entry??
Expenses A/c dr 6213 Prepaid Expenses A/c dr 11787 Amount not due A/c 19278 To Bank A/c 18000 To Payble A/c 19278