Deduction
This query is : Resolved
28 November 2014
Are Insurance expenses incurred by Director/proprietor
to be booked in compny /firm
financial statement s like in
PnL
28 November 2014
no you can not book as exp. for director its part of his salary. and under prop. firm its part of his drawings.
28 November 2014
OK then what kind of those expenses which are showing in many of P&l accounts under the heads Insurance Exp.
29 November 2014
its like building, plant & Machinery, transit insurance, employee accidental insurance, vehicle insurance, stock insurance, cash theft open policy, stock inward/outwards open policy etc.
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