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Q. Explain about Prepaid insurance?
The two accounts recitations to insurance are Prepaid Insurance (an asset) and Insurance Expense (an expense). Subsequent to posting this entry the Prepaid Insurance account has a USD 2400 debit balance on 2010 December 1. The Insurance Expense account contains a zero balance on 2010 December 1 for the reason that no time has elapsed to use any of the policy's benefits.
By 2010 December 31 one month of the year enclosed by the policy has expired. Thus part of the service potential or benefit obtained from the asset has expired. The asset at this time provides less future services or benefits than when the company acquired it. We are acquainted with this reduction by treating the cost of the services received from the asset as an expense. For the Micro Train Company illustration the service received was one month of insurance coverage. Ever since the policy provides the same services for every month of its one-year life we assign an equal amount (USD 200) of cost to each month.
ERS is a business process among trading partners that conduct commerce without invoices. In an ERS transaction the supplier ships goods based upon an Advance Shipping Notice (ASN)
Company took loans of rs 400000from mbl and issued 8% debentures of rs 500000b as collateral security pass journal entries regarding issue of debentures if any and show the loan in
contributed her $10000 in exchange for $1000 of the shares. this was deposited into a new corporate bank account she set up with TD canada trust
WHAT IS ACCOUNTING STANDARDS
FINANCIAL STATEMENT ANALYSIS Following the preparation of the Financial Statements, they are examined by the business for the reason of analyzing the presentation of the compan
Q. Explain about Long-term investments? A long-term investment habitually consists of securities of another company held with the intention of (a) obtaining control of another
on 1 april,2007,X Ltd. makes an issu of 10,00,000 equity shares of rs.10 each payable as follows: on application-rs.3;allotment-rs.5;on first call rs.2(3 month after allotment). ap
The Dividends account increases (debited) as well as an asset cash decreases (credited) by USD 3000. Transaction 15 brings to a close the analysis of the Micro Train Company transa
The net cash provided by operating activities is affected by
State the classified balance sheet ASSETS Current Assets are cash and any other assets which are expected to be realized in cash, sold, used up or expire within one year.
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