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Question
What journal entry will be passed for prepaid insurance?
Journal Entry
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Solution
| Journal Entry | ||||
| Date | Particulars | L.F. | Debit (₹) |
Credit (₹) |
| - | Prepaid Insurance A/c ...Dr. | - | ||
| To Insurance A/c | - | |||
| (Being insurance paid in advance, treated as a prepaid expense.) | ||||
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