banner_ad

Accounting of insurance premuim

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
13 April 2013 Dear Experts,

We have taken a vehicle Insurance for a period starting from 20/11/2012 to 19/11/2013 by paying a premium of Rs. 4060. But on 28/01/2013, we have sold the vehicle. Now we have to do the accounting for the same. How the Premium amount will be recorded in the books of Accounts. Whether we need to account for prepaid for the period from 01/04/2013 to 19/11/2013? What if we should not do prepaid as the vehicle is not with us. Shall we expense the complete amount in the year 2012-13 as Insurance Expenses?

Please Guide me on the same.

Waiting to the response of experts.
Profile Image

Rupesh

Profile Image

Rupesh (Expert)
26 April 2013 You can treat the whole amount paid as Expense for the year.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details