FIXED ASSETS
This query is : Resolved
13 July 2010
Hi....i would like to know that if i purchase a car,the insurance of car will be add in value of fixed assets or not?
13 July 2010
You can claim it revenue expenditure.
https://www.caclubindia.com/experts/purchase-of-car-entry-please-385275.asp
https://www.caclubindia.com/experts/purchase-of-car-entry-please-385275.asp
13 July 2010
Insurance is to be charged to revenue since it is valid for one year, this can not be capitalised.
13 July 2010
Insurance of car paid for 1st time to take the car out of showroom will be capitalized. Thereafter it will be treated as revenue expenditure.
13 July 2010
agree with sanjay ji
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