How would I show a prepayment on the income statement and SoFP for month of June 2015 for the following:
Prepaid insurance costing £6,000 starts on 16th June 2015 and runs to 15th June 2016.
Do I show only half a month expense on the income statement for month of June 2015 or do i show an expense for a full month?
Prepaid insurance costing £6,000 starts on 16th June 2015 and runs to 15th June 2016.
Do I show only half a month expense on the income statement for month of June 2015 or do i show an expense for a full month?