Accounting treatment of insurance
This query is : Resolved
31 May 2022
It will be revenue expenditure for your business.
If the insurance paid covers more than 1 financial year, the portion of premium which have been paid for the next FY shall be treated as prepaid insurance under current assets.
Otherwise treat as revenue expenditure in P/L A/c.
If the insurance paid covers more than 1 financial year, the portion of premium which have been paid for the next FY shall be treated as prepaid insurance under current assets.
Otherwise treat as revenue expenditure in P/L A/c.
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