Accounting treatment of insurance

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Daya

Daya (Querist)
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31 May 2022 Accounting treatment of insurance of Fixed assets and stock,

CA Puja Sharma

CA Puja Sharma (Expert)
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31 May 2022 It will be revenue expenditure for your business.
If the insurance paid covers more than 1 financial year, the portion of premium which have been paid for the next FY shall be treated as prepaid insurance under current assets.
Otherwise treat as revenue expenditure in P/L A/c.

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