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Prepaid exp.

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(Querist)
13 March 2013 Please suggest me what accounting treatment should be made when prepaid insurance exp. made on a vehicle but vehicle was sold in current month. In this situatuion what entry should be made for the prepaid exp. for the related vehicle.

Kindly give reference of AS also.
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CA Suraj Lakhotia

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CA Suraj Lakhotia (Expert)
14 March 2013 Debit Insurance Expenses account and Credit Prepaid Insurance Account
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CA Ayush Agarwal

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CA Ayush Agarwal (Expert)
14 March 2013 Dear Hemlata,

You Paid Prepaid Insurance of vehicle.

and Marked Them as Prepaid Expenses.
Now That Prepaid Expenses Should be Added to Capital Gain/Loss on Vehicle Sold.
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CA.CS.HEMLATA SHARMA

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CA.CS.HEMLATA SHARMA (Querist)
16 March 2013 Dear Ayush,

can you please suggest me AS no. where it is mentioned.
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CA Ayush Agarwal

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CA Ayush Agarwal (Expert)
16 March 2013 Read With AS - 10.
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