Insurance charges
This query is : Resolved
15 April 2015
my client has purchased a new vehical for which insurance amounting to Rs. 17806 is included in invoice itself. it has also recieved insurance policy for which premium amount is 13698 for the period 5/11/2014 - 4/11/2015. what amount should be capitalized along with asset and should the premium paid be charged off as expense and prepaid or be included in cost of asset?
CA AnKiT BoHrA (AB)
(Expert)
15 April 2015
in mah view full amount should be capitalized as u have that amount in invoice itself
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