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First insurance on new car whether capitalise or not

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(Querist)
16 January 2013 Dear Sir/Ma'am,
Please suggest whether first insurance amount to be capitalised or debited to P&L.

If capitalise then why??
In such case whether prepaid to be booked??


Thanks in advance
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Jaydeep Parakh

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Jaydeep Parakh (Expert)
16 January 2013 Insurance amt. not capitalised ,Insurance debited to P & L.Only Asset cost+fright charges (if any) + Installation charges (if any) you can Capitalised.
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anurag

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anurag (Expert)
17 January 2013 it should be treated as an expense.
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