Prepaid expenses

The prepaid expences comes in which account PERSONAL,REAL, OR NOMINAL

Questions by Mashhood Ek

Showing Answers 1 - 30 of 30 Answers

Shashank Jain

  • Aug 20th, 2014
 

Nominal Account because prepaid expense is an assets for a company because it is providing gain to the co... As per Nominal account rule Dr. All expenses and loss and Cr. All Income and Gain.

Joel

  • Nov 6th, 2014
 

Example : Prepaid Rent DR(Debit what comes in)/ Cash Cr (Credit What Goes out)- Real Account Principle Debit what comes in Credit What Goes out.Prepaid expense is a asset.

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rhondelln

  • Nov 14th, 2014
 

an amount of money paid in advance for rent or renting of an asset

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Pradeep Jadhav

  • Nov 21st, 2014
 

Its an Personal account. When u add any prefix or suffix to nominal account it becomes personal account. No doubt expenses is the Nominal account but when u add prepaid or outstanding verbiage it becomes personal.

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Manohar Kharatmal

  • Oct 29th, 2015
 

It is an asset, so its a real Account.

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Tanveer

  • Dec 16th, 2015
 

Expenses which are paid in advance are called prepaid or unexpired expenses

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Shafi

  • Dec 29th, 2015
 

Prepaid expense is not a Real Account. It is a Personal Account.

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Taha

  • Jan 11th, 2016
 

Prepaid expenses are those expenses which are paid in advance to the party. Which ideally comes under Assets side in balance sheet. Journal Entry : - PP exp A/c --- Dr to Cash/Bank A/c.

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Harish GM

  • Feb 27th, 2016
 

It is personal account.

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Tameez irfan

  • Mar 26th, 2016
 

The expense which is paid in advance whose benefit is available in the future.

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Naveen S

  • May 2nd, 2016
 

Its a representative personal account

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RAJU BOJJAGANI

  • May 30th, 2016
 

Prepaid Expense: It is current asset we can shown this under current assets in balance sheet also we call it as real account in P&L account we can shown this credit side

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ANAND

  • Jul 7th, 2016
 

1. Debit the receiver, Credit the giver
2. Debit what comes IN and Credit what goes OUT

Debit all incomes and gains
Credit expense and loss
This is nominal accounts personal accounts

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CM

  • Jul 12th, 2016
 

IT IS PERSONAL A/C

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Navdeep Rana

  • Jul 12th, 2016
 

Personal account

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Pintal Chauhan

  • Jul 23rd, 2016
 

Prepaid expenses are those expenses which are paid in advance.

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Vishal

  • Oct 17th, 2016
 

Personal account

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Sagar Nayak

  • Nov 1st, 2016
 

Prepaid are those expenses which are paid in advance i.e., Prepaid Rent, Prepaid Insurance

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saiyadav

  • Dec 9th, 2016
 

It comes under Real Account

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Swetha Sreenivasa

  • Jan 5th, 2017
 

Prepaid expense is a personal account. where personal account sub categorized as Natural artificial and representative account.

1. Natural account is an account opened in the ledger in the name of person ex ram account.

2. Artificial account is an account opened in the ledger in the name of college , firm etc.

3 Representative account: This account represent certain person behind them Ex: Rent payable, prepaid expense, outstanding income commission pre received etc.

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rachana

  • Jun 4th, 2017
 

Nominal

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Santosh Kumar Prusty

  • Jun 20th, 2017
 

Its Nominal in nature, Compound journal entry to be passed,
Debit Expanses account(Expanses Account P&L)
Debit Prepaid Expanses Account(Asset Account of B/S)
Credit Accounts Payable(Vendor Account)

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DEEPAK

  • Feb 17th, 2018
 

REAL A/C

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Sushant mahakul

  • May 3rd, 2018
 

Prepaid Expense is a Personal Account (Representative Personal Account)

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Bala Perambur

  • Jul 26th, 2018
 

Prepaid expenses means paid in advance for future expenses

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vijay

  • Oct 25th, 2018
 

it is a real account. prepaid expenses are future expenses that have been paid in advance

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Vinod kumar Reddy

  • Nov 22nd, 2018
 

prepaid expenses are future expenses paid in advance.
Prepaid expenses are comes under Current assets in balance sheet
Prepaid expenses are current assets so it come in real account

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CHITTELA MAHESH

  • Dec 12th, 2018
 

Prepaid Expense is a personal A/C. Because it represents a person who has already taken the money.

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Raghubabu

  • Jan 23rd, 2019
 

personal a/c

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NIMMI

  • Apr 8th, 2019
 

Real Account as it comes in Balance sheet under the Current Assets. The concerned prepaid expense will be deducted from the related expense in the profit & loss account in order to identify the actual expenses related to that year .

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