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.
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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.
can you please suggest me AS no. where it is mentioned.
CA Ayush Agarwal
(Expert)
16 March 2013
Read With AS - 10.
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