PREPAID EXPENSES

When a trader expenses excess amount than determined amount then it is called Prepaid Expenses.

Example:-

                         I.     Insurance Premium due Rs. 20,000 on 31-03-2015.

                      II.     Insurance Premium paid till Rs. 30,000 on 31-03-2015.

                   III.    Prepaid Insurance Rs. 10,000.

To maintain:-

First of all we create a company.

After creating a company, create ledger as follow:-

Path for Ledger Creation:- G.O.T. (Gateway of Tally) --> accounts info --> ledger --> create(single).

Now do voucher entry as follow:-

Path for Voucher Creation:- G.O.T.(Gateway of Tally) --> accounting voucher --> press F5 (Payment Voucher).

Now view the profit & loss report:

Path for view Profit & Loss a/c:- G.O.T. (Gateway of Tally) --> Profit & loss a/c.

Now we will create ledger entries as follow:-

Path for Adjustment Ledger Creation:- G.O.T. (Gateway of Tally) --> accounts info --> ledger --> create (single).

Now do voucher entry as follow:-

Path for Adjustment Voucher Creation:- G.O.T.(Gateway of Tally) --> accounting voucher --> press F7 (Journal Voucher).

Now view profit & loss report as follow:-

Path for view Profit & Loss a/c:- G.O.T.(Gateway of Tally) --> Profit & loss a/c.

Now view the Balance Sheet report as follow:-

Path for view Balance Sheet report:- G.O.T.(Gateway of Tally) --> Balance Sheet.

Press “Alt + F1” for more details.