As 10
This query is : Resolved
Anu Elizabeth Shaju
(Querist)
01 December 2012
HOW IS THE TREATMENT OF VEHICLE INSURANCE WHILE PURCHASING A BRAND NEW CAR.?
SHOULD THE INSURANCE AMOUNT BE CAPITALISED(ADDED WITH THE COST OF THE CAR) OR TREATED AS EXPENSE, PROVIDING FOR PREPAID INSURANCE?
IS THE FACT 'THAT THE CAR CANNOT BE USED WITHOUT INSURING IT' RELAVANT HERE?
SHOULD THE INSURANCE AMOUNT BE CAPITALISED(ADDED WITH THE COST OF THE CAR) OR TREATED AS EXPENSE, PROVIDING FOR PREPAID INSURANCE?
IS THE FACT 'THAT THE CAR CANNOT BE USED WITHOUT INSURING IT' RELAVANT HERE?
01 December 2012
The initial insurance expense shall be capitalised.
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