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stock insurance in tally

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(Querist)
13 December 2016 i was purchase insurance agaist stock its a stock insurance .. so whats is entry pass in tally erp 9 please tell me....
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
13 December 2016 Debit insurance
credit Bank , narration mention insurance on stock
If insurance falls two different financial year calculate insurance for number of days in the Financial year same can be claimed, what ever prepaid to the extent which falls in next year can be treated as prepaid insurance and same to be grouped under current assets. Once year closed same to be reversed extent of prepaid.
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VIPIN GUPTA

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VIPIN GUPTA (Expert)
13 December 2016 To be more specific you can debit Stock Insurance and factories have many type of insurance policies
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