Whether road tax & insurance on vehicles to be capitalized ?
Road tax paid for 15 yrs and insurance for first yr
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Road tax & insurance on vehicle
Replies (2)
Nope...
Both are revenue expenditures, insurance full amount and road tax apportioned for 1 year gets debited to P&L acc.
Vehicle license and registration fees are not included in the capital acquisition cost. They are expensed costs and should be charged to ET 56510.
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