Its a personal account
debit unexpired rentcredit prepaid rent
debit unexpired interestcredit interest paid
since the bill of exchange is a negotiable instrument, the holder of a bill can sell it to a bank, whenever should be stand in need of money before its due date. This is called discounting the bill. The discounting charge made by the bank is the interest on the amount of the bill for the unexpired period of the bill. Such charge is known as banker's discount. It is calculated at a certain rate of interest per Annam on the amount of the bill for the unexpired period.
unexpired
Yes. Unexpired insurance, or prepaid insurance, represents value to the business since it has utility and is owned by the business (the company has claim to the policy). Therefore by definition, unexpired insurance is an asset.
an asset, which is debited!
expired cost - benefit has been received unexpired cost- benefit may or may not be received
expired cost - benefit has been received unexpired cost- benefit may or may not be received
those expenses which have been paid in advance and whose benefit will be available in future are called unexpired or prepaid expenses. e.g. insurance premium
Election
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