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Querist : Anonymous

Querist : Anonymous (Querist)

01 March 2012 Dear all

pls tell me,

1) insurance premium was expense ?
2) what entry for that?

Thanks in advance

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

01 March 2012 If the insurance paid on the assets which are related to the business(not used for the personal purpose) then it would be allowable as expenditure. The entry for it is
Insurance a/c dr *****
To Cash/Bank a/c *****
OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

03 March 2012 if insurance paid for director then what ?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

03 March 2012 It is the personal expenditure of the Director it didn't allow as expenditure and it like drawing of the director from the company.
OM SAI SRI SAI JAI JAI SAI

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