Prepaid exp.
This query is : Resolved
CA.CS.HEMLATA SHARMA
(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.
Kindly give reference of AS also.
CA Suraj Lakhotia
(Expert)
14 March 2013
Debit Insurance Expenses account and Credit Prepaid Insurance Account
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.
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.
Message likes :
1 times
CA.CS.HEMLATA SHARMA
(Querist)
16 March 2013
Dear Ayush,
can you please suggest me AS no. where it is mentioned.
can you please suggest me AS no. where it is mentioned.
CA Ayush Agarwal
(Expert)
16 March 2013
Read With AS - 10.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Employee secondment
- Ito add credit side of bank
- GSTR9 Annual Return
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Import of Capital Machine
- Rent agreement of House of deceased person
- Form 144 TDS Return Validation error
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
