I am a science side student. So my basic accounts is weak. Can anyone help me in making journal entry for the following question?
Insurance of 24000/- has been paid on 10.12.15 for period 1 jan 16 to 31 dec 16 pass journal entries on 10.12.15, 31.12.15, 31.01.16, 28.02.16, 31.03.16, 30.06.16 if co follows-
a) Month end accounting
b) Quarter end accounting
c) Year end accounting
4 Replies
Nitin Mahale
(CA Student)
(88 Points)
Replied 28 July 2018
There are different insurances are there. Tell me which insurance? i will journalise the entry for that & will explain correctly
Dixit Kothari
(Article)
(71 Points)
Replied 28 July 2018
the above expense is a prepaid expense, so first we need to journalise the entire 24000 as prepaid expenses and then expense it of on the respective dates mentioned in your query based on no. of days
1. Prepaid expense a/c dr 24000
to cash/bank 24000
2. Expense a/c dr (ammortised amount)
to prepaid expense a/c
1. Prepaid expense a/c dr 24000
to cash/bank 24000
2. Expense a/c dr (ammortised amount)
to prepaid expense a/c
Sakshi Aggarwal
(Student CA Final )
(28 Points)
Replied 29 July 2018
@ Dixit kothari.. I want to know the diff b/w entries fir month end accounting, quarter end accounting and year end accounting
Dixit Kothari
(Article)
(71 Points)
Replied 29 July 2018
There is no difference between the entries for month, quarter and year end accounting.....all u have to do is calculate the days and ammortise it
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