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Incompetent account

Accountancy

Why fire insurance paid is not shown in profit and loss account but the prepaid is shown in the balance sheet

Susai Yappan

Susai Yappan

CA Inter

★ 12K+

20-Sep-21 17:50

569

Answers (1)

It is shown in profit and loss account (debited) if it is related to business

Himanshu Somani

Himanshu Somani

CA Final

★ 97K+

20-Sep-21 19:11

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