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What to do when insurance rs 3000 is paid upto 31mar. 17 but year end on 31dec16 in NPO

Posted by Manik Vij 6 years, 10 months ago

CBSE > Class 12 > Accountancy

1 answers

Pragati Aggarwal 6 years, 10 months ago

In this situation, the premium is paid up from middle of the year to middle of the year . So there were prepaid of rs.750 is for year 2017and it will be shown at assets side of closing balance sheet. But same amount was also appearing in as prepaid in opening balance sheet because premium is always paid for a year. Thus prepaid expenses rs. 750 will apper in both balance sheets and rs. 3000 (3000-750+750) will appear in expenditures.

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