insurance of car
This query is : Resolved
29 July 2009
whether the insurance charges paid at the time of purchase of car should be capitalised or not and what would be the treatment of insurance charges for next years.
Abhishek Mohta
(Expert)
30 July 2009
Insurance charges paid at the time of purchase of car is capitalised. Any subsequent payment of insurance is revenue expenditure and will be charged off to P&L A/c.
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