Prepaid insurance
This query is : Resolved
naresh kumar
(Querist)
01 March 2013
Dear expert
our firm has sold esteem car in current year and the prepaid insurance of last year for the same can be transferred in p&l account if no,
please tell me the treatment of the same.
prepaid insurance upto 28.07.2012
and car was sold on 30.06.2012
our firm has sold esteem car in current year and the prepaid insurance of last year for the same can be transferred in p&l account if no,
please tell me the treatment of the same.
prepaid insurance upto 28.07.2012
and car was sold on 30.06.2012
CA Suraj Lakhotia
(Expert)
01 March 2013
Once the car is sole, the prepaid insurance account can be closed by transferring the same to expense account and finally to p&l account.
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