Dear sir,
Our Company taken Office Insurance Policy for Rs 50000/- and period comens from 1st Jan 2011 to 1st Jan 2012.
My question is How to pass the accounting entry? is there any prepaid insurance charges for the above amount?
How much amount will be treated as expenses for FY 2010-11?
Thanks / Regards,
Suresh Chandra.
jan 31 days
feb 28 days
march 31 days
Total = 90 days
50000*90/365 = 12328.77 insurence
50000-12378.76=37671.23 prepaid insurance
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