Capitalisation of insurance charges
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 May 2010
Dear Sir
Whether insurance charges at the time of purchase of vehicle be capitalised
Whether insurance charges at the time of purchase of vehicle be capitalised
CMA Ramesh Krishnan
(Expert)
13 May 2010
Yes. Insurance on purchase can be capitalised ,renewal premium be treated as revenue expenses
CA Ravi Sisodia
(Expert)
13 May 2010
i think insurance charges of vehicle is revenue expenditure and should be transferred to P&L a/c.
14 May 2010
In my opinion Insurance charges at the time of purchase can be capitalized.
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