Proprety insurance Charges


This query is : Resolved 

Quick Summary
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.

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.


19 September 2023 Debit capital account in case it's not related to business.

RAJA P M (Expert)
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...

22 September 2023 Thanks to all of you


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