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Prepaid insurance

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 August 2013 Dear Sir,

We have taken Marine Cargo Open Policy for the period 11-01-13 to 10-1-14 for premium of Rs. 25,285/-. I want to know, whether there is need to bifurcate such expense between prepaid and current expense ?
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CA Parul Saxena

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CA Parul Saxena (Expert)
30 August 2013 Yes 11-01-13 to 31.03.13 amount is expense for the financial year 2012-13 and the rest is prepaid expense of 2012-13.
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Querist : Anonymous

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Querist : Anonymous (Querist)
30 August 2013 Thank you sir.
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