Insurance paid represents rs 500 relates to next year

Prepaid Expenses A/c...............Dr           500

    To Cash/Bank A/c                                               500

If u have already recorded journal entry earlier as

Insurance A/C...dr

     T Cash/ bankA/C

then, u need to pass

 Prepaid insurance A/c.....dr

        To Insurance A/c

Prepaid Insurance under which group..??

Originally posted by : neelesh
	Prepaid Insurance under which group..??

CURRENT ASSETS