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Capitalisation of Insurance on Purchase of New Car

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(Querist)
02 February 2010 hello every one,

I want to know

Whether the insurance of new purchased car will be capitalized with value of car or not.

In AS 10 on Fixed Assets i do't found any thing regarding it.

Is any guidelines available relating to it?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
02 February 2010 Yes it has to be capitalised as the car cannot be ready for use without the insurance i. e. the car cannot leave the showroom without insurance. So expenses incidental to purchase of car should be capitalised.
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joginder

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joginder (Querist)
03 February 2010 Thax bhai
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