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im working in governmental agency . my insurance policy covers 1/6/2018 - 31/5/2019. lets say by 120K . payments terms are: the 70k covers the months of 2018 shall be paid cash at 1/6/2018. and the remaining 5 months of 2019 shall be paid at the end of the period at 31/5/2019.
what shall be my entry for 1/6/2018 ? shall i post the full 120k in 2018 and in what accounts ??
or as external auditor said in 2018 i shall only post 70k and the remaining 50k is off balance sheet accounts shall not be shown in my balance sheet as of 31/12/2018.
help please
what shall be my entry for 1/6/2018 ? shall i post the full 120k in 2018 and in what accounts ??
or as external auditor said in 2018 i shall only post 70k and the remaining 50k is off balance sheet accounts shall not be shown in my balance sheet as of 31/12/2018.
help please