Prepaid insurance journal entry

This query is : Resolved

SARDAR RASHEED (Querist)
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19 January 2012 DEAR SIR,

I HAVE A QUERY :

INSURANCE PREMIUM PAID RS. 10000/- DATED 19.01.2012

SERVICE TAX @ 10.3% RS. 1030/-

TOTAL PAID RS. 11030.00 ( PAID )

KNOW,WHAT WILL BE THE JOURNAL ENTRY TO BE PASSED AS WE HAVE TAKE SERVICE TAX FOR FULL PAID AMOUNT AND HOW TO SHOW PREPAID EXPENSE IN THE B/S.

KINDLY GIVE YOUR VALUABLE ADVISE.

SARDAR RASHEED

SARDAR RASHEED (Querist)
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19 January 2012 NOT GOT ANY REPONSE

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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19 January 2012 Dr: Prepaid Insurance Rs.10000
Dr: Cenvat Service tax Rs.100
Dr: Cenvat E.Cess Rs.20
Dr: Cenvat SHE.Cess Rs.10

Prepaid insurance only cane debit to the extend after deducting service tax