Dear All,
Pleas help for this,
Storage license fees paid To BMC Rs.8000/- for period 01-01-2015-31-12-2015,
whichh entry pass?? hos it is effected in our P & L and B/S.
Thanks
Saudagar K (accounts) (64 Points)
10 March 2015Dear All,
Pleas help for this,
Storage license fees paid To BMC Rs.8000/- for period 01-01-2015-31-12-2015,
whichh entry pass?? hos it is effected in our P & L and B/S.
Thanks
sesha
(accounts executive)
(1101 Points)
Replied 10 March 2015
itshould accounted as 1-1-2015 to 31-3-2015 account rs2000 and then fiancial yr 1-4-2015 to 31-12-2015 10000
Poornima G
(Articled Assistant)
(22 Points)
Replied 15 March 2015
Storage Liscense Fees (under Indirect Expenses) Dr. Rs. 2000
Cr Bank/Cash Rs. 2000
Prepaid Expenses (under Current Assets) Dr. 6000
Cr. Bank/Cash Rs. 6000
Impact on account of above transaction, Bank decreases by Rs. 8000, Prepaid expenses in asset side Rs. 6000 as on 31/3/2015. and Rs. 2000 charged to expenses.
Please note in the subsequent year, that is on 1.4.2015, pass the entry
Storage Liscense Fees Dr. Rs. 6000
Cr Prepaid expenses Rs. 6000
This entry is to recognise the portion of expense for FY 2015-16.
Anil Kumar
(Accountant)
(21 Points)
Replied 16 March 2015
Enty Shuld not book directly for Payment. First it should book for Payable then payment.
Poornima G
(Articled Assistant)
(22 Points)
Replied 16 March 2015
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India