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Prepaid insurance
if insurance is paid Rs 24102/- on 15.10.12 on car purchase than at what amt prepaid insurance will be created and for how many days??
Replies (2)
Ans is by considering Period FY 2012-13
Total No of Days in 2012-13-365 Days
FY 2012-13 (15.10.2012 to 31.03.2012)-167 Days
FY 2013-14 (01.04.2012 to 15.10.2013)-198 Days
Amount of Expenditure-11027
Amount of Prepaid Insurance-13075
Little bit difference could be due to i day
| Car Insurance Account Dr | 11027* | |
| Pre-paid Insurance Account Dr | 13075 | |
| To Bank Account | 24102 | |
| (Being the amount paid towards Insurance charges on purchase of Car and proportionate amount transferred to prepaid insurance account for the year 2012-13.) |
*For Financial Year 2012-13 - No. of days accounted as expense for 167 days i.e, from 15/10/2012 to 31/03/2013.[24102*167/365]
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