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Car insurance

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Querist : Anonymous

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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.
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Sandeep Dharar

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Sandeep Dharar (Expert)
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)
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CMA Gul S

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CMA Gul S (Expert)
13 July 2015 Asset Dr
to Bank Or finance co
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