Prepayment in Trial Balance

Posted by ali11 PM | on Tue, 17/04/2012 - 11:32 763 3 comments | report

I have inherited a set of accounts with a prepayment value in the trial balance which has not been reverse since before 2004 and I cannot trace it back further. How do I treat it?

Comments

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I would credit prepayment and

charlb | Tue, 17/04/2012 - 12:03

It depends what it relates to

alattax | Tue, 17/04/2012 - 14:50

Is it material?

Kent accountant | Tue, 17/04/2012 - 15:00