Insurance on car
This query is : Resolved
27 January 2013
dear expart
If is car is used for the business is there
any claim of insurance of car as business expenses? advive me thanks.....
If is car is used for the business is there
any claim of insurance of car as business expenses? advive me thanks.....
HUZAIFA HUSSAIN
(Expert)
27 January 2013
if car is used for business purpose than any expenditure relating to such car can be claimed as business expenses.
27 January 2013
dear expart
thanks... but in case of new car, insurance
of car for the first time should be capitalized and renewel insurance treated
as revenue expenditure and debited to p/l a/c am i right or wrong? please advice me
thanks.....
thanks... but in case of new car, insurance
of car for the first time should be capitalized and renewel insurance treated
as revenue expenditure and debited to p/l a/c am i right or wrong? please advice me
thanks.....
HUZAIFA HUSSAIN
(Expert)
28 January 2013
even the initial insurance can be debited to p & l account since its validity is only for one year.
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