Proprety insurance Charges

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A user is seeking advice on how to account for a Rs. 1770 property insurance charge deducted by their bank. The discussion suggests that if the charge relates to collateral property, it should be recorded as a bank charge. If it's unrelated to the business, debiting the capital account is recommended.

Nisha Kathuria

Nisha Kathuria (Querist)
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19 September 2023 Dear Sir

Bank deducted Rs.1770/- under Proprety Insurance so please suggest Pass the entry in books of account under Bank Charges or Under Capital account.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 September 2023 Debit capital account in case it's not related to business.

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RAJA P M

RAJA P M (Expert)
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19 September 2023 Yes, I agreed with Mr CA R SEETHARAMAN Sir... I think the charges levied on Your collateral property. So, It will be account in Bank Charges...

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Nisha Kathuria

Nisha Kathuria (Querist)
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22 September 2023 Thanks to all of you

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