insurance premium
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 April 2010
What is the treatment of Insurance Premium on Vehicle?
Whether it will be treated as post paid expenses or pre-paid expenses?
Can this expenses booked in current financial year with full value treated as expenses?
Whether it will be treated as post paid expenses or pre-paid expenses?
Can this expenses booked in current financial year with full value treated as expenses?
28 April 2010
Insurance on vehicle need to be treated as prepaid to the extent paid for future years
28 April 2010
Absolutely right.
The insurance premium will be byfercated upto the financial year ending period which will be treated as insurance expenses and the rest will be treated as insurance prepaid. The calculation should be based on the validity of the insurance policy
The insurance premium will be byfercated upto the financial year ending period which will be treated as insurance expenses and the rest will be treated as insurance prepaid. The calculation should be based on the validity of the insurance policy
28 April 2010
AGREE WITH EXPERTS
28 April 2010
Agreed with Experts.
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