please tell me the entry for telephone expenses with proper explanation
Dear student
Please recheck your question as it seems to be incomplete or unclear. Please be little more specific so that we can provide you with meaningful help.
Though following points may help you.
As we given that books are prepared for the year ending 31 March . And telephone expenses include 3000 as a rent up to 31st May.
Which means rent for 2 months is prepaid that is for April and May.
So as given in the question 3000 is quarterly rent which means rent for 1 month out of 3 months is Rs. 1000.
Therefore amount of rupees 2,000 will be deducted from the expense and will be shown on the asset side in the balance sheet.
Keep posting
Regards
Please recheck your question as it seems to be incomplete or unclear. Please be little more specific so that we can provide you with meaningful help.
Though following points may help you.
As we given that books are prepared for the year ending 31 March . And telephone expenses include 3000 as a rent up to 31st May.
Which means rent for 2 months is prepaid that is for April and May.
So as given in the question 3000 is quarterly rent which means rent for 1 month out of 3 months is Rs. 1000.
Therefore amount of rupees 2,000 will be deducted from the expense and will be shown on the asset side in the balance sheet.
Keep posting
Regards