New Vehicle Purchased and Insurance Premium paid for 5 yr. So, whats the accounting treatment of insurance paid for 5 yr.
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Accounting entry
Replies (2)
Insurance for the year Dr (in p&l A/c)
Deferred Insurance Expenses A/c Dr (in balance sheet)
To, Bank Account A/c
Deferred Insurance Expenses A/c Dr (in balance sheet)
To, Bank Account A/c
Add the Insurance amount to Vehicle head if Purchased a New Vehicle...
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