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Journal entry for AMC

Sandeep Sharma (Accounts executive) (552 Points)

06 December 2018

Received a telephone bill for yearly subscripttion from 1 sept 2018 to 31 August 2019. What will be the journal entry in books?

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Bharat Bohra (154 Points)
Replied 06 December 2018

telephone charges Dr
prepaid Telephone charges Dr
to cash/bank

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Sandeep Sharma (Accounts executive) (552 Points)
Replied 06 December 2018

Right sir and please tell me if the bill amount is 10000 then how much will be prepaid exp and will be telephone exp??

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 07 December 2018

Divide the 10k to 365 days...
After getting the value then multiply the 1st September to 31st March (212 days) then book the value in Telephone expenses and balance will be transferred to Prepaid expenses...

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Sandeep Sharma (Accounts executive) (552 Points)
Replied 08 December 2018

Got it sir..thanks...

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 08 December 2018

You are welcome Dear...

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Journal entry for AMC

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