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How to Recover CAR Premium from Contractor ?

This query is : Resolved 
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(Querist)
06 December 2008 Dear Experts,
we have been paid car premium amount for our site which is under work in progress.
we have paid 700000/- premium amount for first four months.
Entry in books of account for Premium which we have done
ICICI-CAR A/c Dr. 700000/-
To Bank A/c 700000/-
Now we have to recover from contractor on pro-data basis for recovery of premium amount from contractor i have two option one is Debit to Contractor and give credited to ICICI-CAR A/c and second option is transferred to entire amount of premium into Car Preimum a/c(which would be a New Ledger under C.Assets) bcoz we have to recover from party.then do this entry after transferred of entire amount into new ledger.

Contractor A/c Dr
To Car Premium A/c

at the end of year we can easily find out how much money we have to recover or how much premium money we have been recover from contractor.

please guide me what i should do if u have any idea better then this plz reply me.

Thanks
Regards
Ravinder
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Taranjit Singh

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Taranjit Singh (Expert)
14 October 2009 If this query is still pending, plz send me a PM.
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