Insurance
This query is : Resolved
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
pls tell me,
1) insurance premium was expense ?
2) what entry for that?
Thanks in advance
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
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 ?
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
OM SAI SRI SAI JAI JAI SAI
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