prepaid expenses rupees 2000
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On the date of Payment:
Debit Prepayment (Prepaid Insurance) Rs. 2,000
Credit Mode of Payment (Cah or Bank cheque) Rs. 2,000
On The date of realization of the prepaid insurance:
Debit Insurance Expense Rs. 2,000
Credit Prepayment (Prepaid Insurance) Rs. 2,000
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