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Fundamentals of accounting

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 February 2012 Amount of Rs 6000/- paid every year for the renewal of fire insurance policy of a company should be debited to P/L A/C or not? if not then what is to be done of it? Please Please Please help me some one...........
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BHARATH KOTHARI

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BHARATH KOTHARI (Expert)
06 February 2012 Dear queriest

As the Company is paying every Year Insurance we need to check the purpose of paying every year if it related to single year than the same is debited to P&L A/c

For Eg. Motor Vehicle Insurance


Regards
Bharath Jain
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G.Ramesh

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G.Ramesh (Expert)
07 February 2012 Agreed with Mr.Bharath
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