Friends,
Can the first time insurance charges paid
during the purchase of the motor vehicle be capitalised???
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Capitalization
Replies (9)
Yes.
yes , of course
sir i want to know that how to write figure in thousand and thousands or lac or lacs..as given balance sheet
Not only insurance charges, also registration charges and one time road tax also need to be capitalised.
No it cant be capitalised because Insurance for car is not for its intended use but for plying the car on road. one time road tax should not be capitalised a maintenence expenditure cant be capitalised by paying it for a life time
How to treat road tax during ontime purchase and after purchase on renew of vehicle
Yes it can be capitalised.
I DONT THINK INSURANCE CHARGES CAN BE CAPITALISED
IT SHOUD BE DEFERRED OVER THE NUMBER OF YEARS FOR WHICH INSURANCE HAS BEEN TAKEN
| Originally posted by :balwant singh bisht | ||
| " | sir i want to know that how to write figure in thousand and thousands or lac or lacs..as given balance sheet |
" |
Its as per the criteria given by Sch VI to the Companies Act, 1956
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