Smart Prepaid Salary In Balance Sheet
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Prepaid expenses are initially.
Prepaid salary in balance sheet. Prepaid Salary is an example of Prepaid Expenses or Expenses Paid In Advance. Prepaid insurance is considered a business asset and is listed as an asset account on the left side of the balance sheet. 200000 -Prepaid Salaries.
In other words prepaid expenses are costs that have been paid but are not yet used up or have not yet expired. By the end of the year the full 24000 would show as various expenses on the income statement and there would be 0 left in the prepaid expense asset account shown in the current asset section of the balance sheet. The prepaid expense is shown on the assets side of the balance sheet under the head Current Assets.
Each month you reduce the asset account by the portion you use. Following accounting entry will be recorded in the year 2011. 25000 To Salaries Ac 25000 For salaries paid in advance for next year 2012-13 b Profit Loss Ac for MrX for the year ending31-3-2012 Particulars Amount Particulars Amount To Salaries.
Prepaid expenses are treated as an asset for the business. As the amount expires the current asset is reduced and the amount of the reduction is. Treatment of Prepaid Expenses in Final Accounts or Financial Statements.
Prepaid Rent Income Liability 10000. Under both methods the results should be the same. Refer to the first example of prepaid rent.
Some examples are prepaid rent prepaid insurance and prepaid salaries etc. In accounting it is defined as A type of asset that arises on a balance sheet as a result of business making payments for goods and services to be received in the near future. This is going to be represented as Prepaid Rent under the Current Assets.
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