Dear Sir,
We have purchased mohindera pick up four Wheeler. Rs.1940000/-Paid to party by bank and Rs. 123000/- by cash party provided to bill detail as per below
invoice Value 1871000/-
registration certificate receipt 124000/-
insurance receipt 68000/-
insurance period 19 Feb 21 to 18 Feb 2022. I have passed the entry for invoice Rs.1871000/- under fixed assets please suggest entry in books for insurance and registration certificate. it's under exp ?
Sry, yes, it’s expenses account if you don’t have insurance ledger. Otherwise both should be updated.
CAclubindia
