27 January 2012
We had paid Marine Insurance to Insurance Co.on Import Consignment ,now I want to know in which head it will be Debited i.e Purchase Imported Or Insurance Exp. A/c
27 January 2012
If the insurance is for Raw material than it should be included in the cost of raw material, and if it is for the Fixed asset than it should be capitalized and you can claim depreciation on the same.
CAclubindia
