Dear Sir,
we have purchased active Two wheeler Rs.77000 and Rs 15000 as insurance charges. We book active as fixed assets Rs. 77000/- now please suggest in books of accounts can we book Rs. 15000/- insurance charges as indirect expenses or adjust with proprietor,s Capital account
Thank you
Menu
Activa Insurance Expenses
Replies (12)
Quick Summary
No...
The Insurance Charges also account in Activa account.
Means account the insurance charges in the Asset account (Activa Account).
The Insurance Charges also account in Activa account.
Means account the insurance charges in the Asset account (Activa Account).
Yes , agree with Raja PM sir , as per AS10 initial cost incurred for asset should be Capitalise, means added back in cost of an asset.
Two wheeler to be used by whom??
Activa should be for business purposes, and I think it is for business purposes , to show an asset in the books of accounts.
What is the policy period ?
normally for new vehicle, it is for 5 years .i.e when future economic benefits are there (more than 1 year) then capitalize i.e add in fixed assets
normally for new vehicle, it is for 5 years .i.e when future economic benefits are there (more than 1 year) then capitalize i.e add in fixed assets
Well question...
In the current scenario the policy terms to be 5 years.
The value also account in the Asset head (Activa). It's can't be split up for 5 years.
(The 5 years insurance like 5 years for thrid party and one year for rider)
In the current scenario the policy terms to be 5 years.
The value also account in the Asset head (Activa). It's can't be split up for 5 years.
(The 5 years insurance like 5 years for thrid party and one year for rider)
Respected Raja Sir,
So total value Of Activa Fixed assets Rs. 92000/- and we have claimed Deperication On Rs.92000 @ 15% Rs.13800/-
So total value Of Activa Fixed assets Rs. 92000/- and we have claimed Deperication On Rs.92000 @ 15% Rs.13800/-
| Originally posted by : Sandeep Jain | ||
 |
Respected Raja Sir,So total value Of Activa Fixed assets Rs. 92000/- and we have claimed Deperication On Rs.92000 @ 15% Rs.13800/- |  |
Yes, You can claim depreciation as above.
But, date of purchase of vehicle??
Sir,
29 August 2023
29 August 2023
| Originally posted by : Sandeep Jain | ||
|
Sir,29 August 2023 | |
Okaay, You can depreciate as per Your above said value....
Thank you Sir,
You are welcome...
Recent Topics :
- On which amount 200% penalty under section 270A is
- RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
- How do CA firms track SEBI/AMFI circulars and dead
- Jurisdictional validity of Sec 148 notice after fa
- Taxable Income or Not
- GST Input Tax Credit (ITC) on Camera Purchase &
- What makes CA Himanshu Singla different from other
- TAX TREATMENT AND ACCOUNTING ENTRIEOF PERQUISITES
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
Related Topics :
CAclubindia
