Whenever insurance premium is given in trial balance... do we hv to consider it as premium for one year or for any time period??
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Prepaid expenses are expenses which have been paid in advance and not yet used. Prepaid insurance is the part of insurance which is already paid but the time period for use is not expired till the date of balance sheet. It is a part of current asset which has not been used. Thus it is written on the asset side of balance sheet until it is utilised.
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I'm frm Delhi..
& I'm in 10th standard..
Explanation:
now, I have to go for study n...
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