Car insurance
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 July 2015
My company purchased car on 15/07/2015. Insurance paid on 10/07/2015 of Rs.21650/-. How to pass the journal entry.
13 July 2015
If its the first insurance of the car then capitalized it (add it to the value of car).
Entry should be:-
Asset(car) dr. (value of car+21650)
TO bank/finance(as applicable) (value of car+21650)
Entry should be:-
Asset(car) dr. (value of car+21650)
TO bank/finance(as applicable) (value of car+21650)
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