 Related Questions If i have paid for something why cant i expense the entire amount on the income statement?why do we need to make an adjustment to the insurance policy at the end of the year? wouldn't it have easier to record the entire balance as an expense in November when the policy was ?purchased?why do I need to take an inventory count of my supplies at the end of the year?If I receive the Hydro bill on August 5th, why don't we record the transaction for the next fiscal period rather then include Read Answers (1) | Asked by : Nick How will you treat pre-paid insurance in balance sheet? Latest Answer : The words "pre-paid insurance" are self explanatory.What is pre-paid insurance? The insurance that is paid in advance, before due date. This is treated like current asset. The exact treatment is like this:Whatever amount that is spent on insurance ... What is authorised capital and How different it is from paid up capital? What is its importance while analysing a balance sheet of a firm? Latest Answer : Authorised capital is the capital which a company is authorised to issue to the general  public, it cannot issue more than that limit. Paid up capital is the actual amount of capital  which the public has subscribed. ... What is the difference between authorised capital and paid-up capital? Latest Answer : Authorized capital is the capital to which an organization is authorised to use in the business and maximum amount that can be used for the working of organization. Paid-up capital is a part of authorised capital which is fully paid by shareholders. ... ...
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